Recent Tax Court’s decision in Smaldin V. Commissioner1 The family provides important lessons regarding the appraisal of gifts of subsidized interests in limited partnerships. In that case, Louis P. Smaldino held 10 rental properties in Southern California at the end of 2012 in Smaldino Investments, LLC (Smaldino Investments). The entity was owned through a revocable trust of Louis. A few months later, in April 2013, they transferred an effectively 49% interest to Smaldino.
