Daily Tax Report ®

Arizona Man’s Complicated Estate Liable for Taxes, Court Rules

April 7, 2020, 11:07 PM

The U.S. Tax Court found that the value of an Arizona man’s farm that was sold must be included in his estate, and the estate is liable for millions in gift taxes in a complex estate plan.

Howard V. Moore, born into poverty, built a thriving Arizona farm and established five trusts and a partnership to manage his estate, according to Tuesday’s memorandum opinion. Most of his farm was contributed to the partnership to protect the farm from business risks. After Moore died, his estate sold his farm through its Family Limited Partnership and distributed $2 million to Moore’s...

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