Volume 4 No 8    |    Read Article

By Rusudan Shervashidze and Galia Antebi

When transactional tax advisers come across estate planning advice, amazement is often expressed over the importance given to form rather than economic substance. Value can be reduced when property is transferred to a family partnership. In Estate of Powell, the Tax Court went beyond form to look at substance in determining the scope of the decedent’s taxable estate. Galia Antebi and Rusudan Shervashidze explore the holding of the case.    See more →