Estate of Fortunato v. Comm'rEstate of Fortunato v. Comm'r
Tax Court holds decedent's participation in family business doesn't amount to ownership In Estate of Fortunato v. Comm'r, T.C. Memo 2010-105 (May 12, 2010), the Tax Court held that Robert Fortunato, who had previously been convicted of robbery and maintained a low profile for the rest of his life to evade creditors' claims, didn't have an ownership interest in the family business that he had developed
January 1, 2011
Tax Court holds decedent's participation in family business doesn't amount to ownership
In Estate of Fortunato v. Comm'r, T.C. Memo 2010-105 (May 12, 2010), the Tax Court held that Robert Fortunato, who had previously been convicted of robbery and maintained a low profile for the rest of his life to evade creditors' claims, didn't have an ownership interest in the family business that he had developed and operated.
During his life, Robert was convicted multiple times for robbery and spent time in prison. After his release, he found a job in the warehouse industry in New Jersey and eventually took over a warehouse company himself. However, the company ultimately failed, leaving Robert in debt to various creditors, including an Asian crime s...
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