Connelly v. United States

Connelly v. United States, 602 U.S. ___ (2024), was a United States Supreme Court case in which the Court held that a corporation's contractual obligation to redeem shares is not necessarily a liability that reduces a corporation's value for purposes of the federal estate tax. When calculating the federal estate tax, the value of a decedent's shares in a closely held corporation must reflect the corporation's fair market value.[1][2]

Connelly v. United States
Decided Jun 6, 2024
Full case nameConnelly v. United States
Citations602 U.S. ___ (more)
Holding
A corporation’s contractual obligation to redeem shares is not necessarily a liability that reduces a corporation’s value for purposes of the federal estate tax. When calculating the federal estate tax, the value of a decedent’s shares in a closely held corporation must reflect the corporation’s fair market value.
Court membership
Chief Justice
John Roberts
Associate Justices
Clarence Thomas · Samuel Alito
Sonia Sotomayor · Elena Kagan
Neil Gorsuch · Brett Kavanaugh
Amy Coney Barrett · Ketanji Brown Jackson
Case opinion
MajorityThomas, joined by unanimous

References

edit
  1. ^ Connelly v. United States, 602 U.S. ___ (2024)
  2. ^ "Court sides with IRS on tax of shareholders' life-insurance policies". SCOTUSblog. 2024-06-06. Retrieved 2024-10-16.
edit

This article incorporates written opinion of a United States federal court. As a work of the U.S. federal government, the text is in the public domain. "[T]he Court is unanimously of opinion that no reporter has or can have any copyright in the written opinions delivered by this Court." Wheaton v. Peters, 33 U.S. (8 Pet.) 591, 668 (1834)