The IRS requested an additional two weeks—until January 16, 2008—to decide whether to file a motion for reconsideration en banc in Jelke v. Commissioner. “That would be asking the entire 11th Circuit to address the issue,” explains John Porter (Baker Botts, Houston). The Service likely requested the extra time to accommodate the end-of-the-year holidays. The motion for reconsideration would be the first step in the appeals process.
Porter will be joining appraisers Will Frazier (HFBE, Houston) and Michael Paschall (Banister Financial, Charlotte, NC) in the first BVR telephone conference this year. The experts will discuss the many ramifications of the Jelke reversal, one of the biggest decisions in 2007, in which the 11th Circuit approved dollar-for-dollar reduction for embedded capital gains. Register for the conference—which takes place January 17th—by clicking here.
Please let us know
if you have any comments about this article or enhancements you would like to see.