United States Fifth Circuit

In this estate tax case, district court erred in finding as a matter of law that 1) family members cannot enter into a bona fide transaction, and 2) a transfer of assets in return for a pro rata partnership interest is not a transfer for full and adequate consideration.

Appellate Information

• Decided 05/20/2004
• Published 05/20/2004

Judges

• W. EUGENE DAVIS, Circuit Judge:, Before DAVIS, BARKSDALE and PRADO, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• William Reeder Cousins, III (argued), Robert Don Collier, Michael A. Denham, Meadows, Owens, Collier, Reed, Cousins & Blau, Dallas, TX, Charles R. Watson, Jr., Mullin, Hoard & Brown, Amarillo, TX, for Plaintiff-Appellant., Milford B. Hatcher, Jr.,Jones Day, Atlanta, GA, for American College of Trust and Estate Counsel, Amicus Curiae.


• For Appellees:
  
• Louise P. Hytken (argued), U.S. Dept. of Justice, Tax Div., Dallas, TX, Jonathan S. Cohen, U.S. Dept. of Justice, Tax Div., Washington, DC, for Defendant-Appellee.