Church v. United States was the first FLP case to go to court. Bruce Johnson testified as the expert witness for the taxpayer and a 57.6% discount from net asset value was determined to be appropriate and was upheld on appeals.

Giustina v. Commissioner involved the valuation of a limited partnership interest in a partnership holding timberland. The tax court determined a 77.5% discount from Net Asset Value was appropriate. This included an effective discount 70% for lack of control and 25% for lack of marketability.

Jones v. Commissioner involved an estate owning two almost identical partnerships holding ranch land. The court allowed a discount of 8% for lack of marketability on one, and discounts of 40% for lack of control 8% for lack of marketability on the other. This is a very interesting case involving the effective control of a limited partner.

Klauss v. Commissioner was a case in which Bruce Johnson testified. The case validated the use of the size premium in the calculation of the rate of return which was being challenged by the IRS.

Lappo v Commissioner involved a partnership holding approximately 41% marketable securities and 59% real estate. The court allowed discounts of 15% for lack of control and 24% for lack of marketability for a total effective discount of 35.4%.

McCord v. Commissioner involved a partnership holding approximately 66% stocks and bonds 34% real estate and oil and gas interests. The court allowed discounts of 15% for lack of control and 20% for lack of marketability for a total effective discount of 32.0%.

Peracchio v. Commissioner involved a partnership holding 100% liquid assets including cash, stocks and bonds. The court allowed discounts of 6% for lack of control and 25% for lack of marketability for a total effective discount of 29.5%.

Reichardt v. Commissioner was a tax court case in which Jim Park testified. The court ruled the assets should be included in the gross estate under Section 2036(a). The case involved a decedent that commingled partnership and personal funds.