At the time of her death, June had an adjusted gross estate of $6 million. Included in

Question:

At the time of her death, June had an adjusted gross estate of $6 million.

Included in the estate were the following business interests.

Fair Market Value

A 30% capital interest in the JZ Partnership ………………………………..$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

The JZ Partnership has 32 partners, while Silver Corporation has a total of 30 shareholders. None of the other partners or shareholders are related to June. Can June’s estate qualify for an election under § 6166? Explain.

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may... Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...