Tax Court accepts taxpayer’s dollar-for-dollar discount for built-in capital gains tax liability (sort of. . . )

A wealthy New Yorker owned the majority (82%) of a closely held C Corp, which in turned owned 94 acres of lake front property in New Hampshire, including state-of-the-art athletic facilities, horse stables, and a summer camp for girls. When the owner died, the estate’s appraiser determined a net asset (adjusted book) value for the [...]

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