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How A Recent Tax Case Offers Guidance To Family Offices

Law360 (February 13, 2018, 4:28 PM EST) -- It is said that every culture has a variant on the adage, “Rags to rags in three generations.” Whether wealth is new or old, however, affluent families understand that avoiding this fate means that successfully managing investments is as important as the initial wealth creation.

For this reason, many families create and staff family offices whose mission it is to invest and manage family capital. A recent case, Lender Management LLC v. Commissioner, left the Internal Revenue Service with the hole in the bagel after it challenged a family office’s position that the...
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