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ESTATE OF FARNAM v. C.I.R.

No. 08-3196.

583 F.3d 581 (2009)

ESTATE OF Duane B. FARNAM, Deceased, Mark D. Farnam, Personal Representative, Estate of Lois L. Farnam, Deceased, Mark D. Farnam, Personal Representative, Appellants, v. COMMISSIONER of INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Filed: October 8, 2009.

Attorney(s) appearing for the Case

Robert James Stuart, argued, Sue Ann Nelson, on the brief, Minneapolis, MN, for appellant.

Christine Durney Mason, DOJ, argued, Jonathan S. Cohen, DOJ, on the brief, Washington, DC, for appellee.

Before SMITH and SHEPHERD, Circuit Judges, and LIMBAUGH, District Judge.

LIMBAUGH, District Judge.

This is an estate tax case in which the single issue is whether certain unsecured loans made by the decedents to a family-owned corporation constitute "interests" in the corporation, as that term is used to determine the estates' eligibility for "qualified family-owned business interest" (QFOBI) deductions under I.R.C. § 2057(a). The Tax Court, hearing the case on a stipulated record, disallowed the deductions, holding that an "interest...

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