9th Circuit Vacates and Remands Tax Court's Valuation in Mitchell

Business Valuation UpdateVol. 7 No. 6
Legal and Court Case Update
June 2001

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2844 Perfumes, Cosmetics, and Other Toilet Preparations
325620 Toilet Preparation Manufacturing
estate and gift taxation
estate tax, fair market value (FMV), burden of proof
Estate of Mitchell v. Commissioner (II)
250 F.3d 696, 2001 U.S. App. LEXIS 7990
May 2, 2001
US
Federal Court
9th Circuit
United States Court of Appeals
Wardlaw

Summary

In this ongoing estate tax proceeding, the Estate of Paul Mitchell (Estate) appealed the U.S. Tax Court's decision allowing the Commissioner of the IRS to assess an additional $2,404,571 in federal estate taxes.

See Also

Estate of Mitchell v. Commissioner (II)

Full Text of Court Cases
May 2, 2001

Estate claimed Tax Court erred by failing to provide a detailed explanation of the methodology used to calculate FMV, miscalculating the value, and failing to shift the burden of proof.