Working with other appraisers - valuation of FLPs holding real estate

When family limited partnerships (FLPs) became popular, appraisers attempted to value minority interests by incorporating the net asset value of the partnerships and then applying discounts for lack of control and marketability, based upon published studies or specific discounts cited in court cases. Numerous court cases (Kelley v. Commissioner 2005, Estate of Peracchio v. Commissioner 2003, et al.) have dismissed the use of these generalized studies as being non-analogous to the FLP being valued. In Estate of Peracchio v. Commissioner,