Connelly v. United States

Connelly v. United States
Supreme Court of the United States
Decided Jun 6, 2024
Full case name	Connelly v. United States
Citations	602 U.S. ___ ( more ) 144 S. Ct. 1406
Case history
Prior	70 F.4th 412 (8th Cir. 2023), aff'g 2021 WL 4281288 (E.D. Mo. Sept. 21, 2021)
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
Majority	Thomas, joined by unanimous

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]} The Court affirmed the judgment of the United States Court of Appeals for the Eighth Circuit.

References

1. Connelly v. United States, 602 U.S. ___ (2024)
2. "Court sides with IRS on tax of shareholders' life-insurance policies". SCOTUSblog. June 6, 2024. Retrieved October 16, 2024.

External links

• Text of Connelly v. United States, 602 U.S. ___ (2024) is available from: Cornell Findlaw Justia

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 .