t the time of her death, June had an adjusted gross estate of $16,000,000. Included in the estate were the following business interests. Fair Market Value A 30% capital interest in the JX Partnership $5,700,000 A 25% interest (i.e., 250 shares out of 1,000) in Silver Corporation 500,000 A catering service operated as a sole proprietorship 950,000 JX has 32 partners, while Silver lists 30 shareholders. None of the other partners or shareholders are related to June. Can June’s estate qualify for an election under § 6166? Explain.
t the time of her death, June had an adjusted gross estate of $16,000,000. Included in the estate were the following business interests. Fair Market Value A 30% capital interest in the JX Partnership $5,700,000 A 25% interest (i.e., 250 shares out of 1,000) in Silver Corporation 500,000 A catering service operated as a sole proprietorship 950,000 JX has 32 partners, while Silver lists 30 shareholders. None of the other partners or shareholders are related to June. Can June’s estate qualify for an election under § 6166? Explain.
Chapter19: Family Tax Planning
Section: Chapter Questions
Problem 40P
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At the time of her death, June had an adjusted gross estate of $16,000,000. Included in the estate were the following business interests.
| Fair Market Value | |
|---|---|
| A 30% capital interest in the JX |
$5,700,000 |
| A 25% interest (i.e., 250 shares out of 1,000) in Silver | |
| Corporation | 500,000 |
| A catering service operated as a sole proprietorship | 950,000 |
JX has 32 partners, while Silver lists 30 shareholders. None of the other partners or shareholders are related to June. Can June’s estate qualify for an election under § 6166? Explain.
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