Fair Market Value Trumps IRS Valuation Tables

Business Valuation Update BVLaw
Legal and Court Case Update
August 28, 2001
estate and gift taxation
estate tax, fair market value (FMV)

Estate of Shackleford v. United States
2001 U.S. App. LEXIS 19217
Federal Court
9th Circuit
United States Court of Appeals
Lance S. Hall (for estate)<br>Mitch Hoffman (for IRS)


In 1987, Thomas J. Shackleford bought a California Lottery ticket for $1 and won the jackpot.

See Also

Shackleford v. United States

At issue is whether a statutory anti-assignment restriction on lottery payments justifies departure from the Department of Treasury's annuity tables when determining the asset's present value.