Wendy C. Gerzog (Baltimore) has posted FLP in the Black, 127 Tax Notes 343 (Apr. 19, 2010), on SSRN.  Here is the abstract:

In Estate of Black [v. Commissioner,133 T.C. No. 15 (Dec. 14, 2009)], because the Tax Court held the Blacks’ transfers fell within the bona fide sales exception of § 2036, they were successful at avoiding the application of the provision. Thus, they were able to obtain valuation discounts for their transfers of property mostly marketable securities to their son and grandchildren. The court also decided the marital trust funding valuation date issue in the executor’s favor and allowed almost half of the claimed administrative expense deductions.