Tax Court Confirms Its Position on Subsequent Events re: Contingent Claims

Business Valuation UpdateVol. 17 No. 7
Legal and Court Case Update
July 2011
federal taxation

Estate of Foster v. Commissioner
2011 WL 1598633 (U.S. Tax Ct.)
April 28, 2011
US
Federal Court
Federal
United States Tax Court
Linton Kotzin and David Eckstein (taxpayer); Mark Mitchell and Mark House (IRS)
Cohen

Summary

Tax Court denies discount due to “hazards of litigation,” and denies deduction for contingent liability claims that could not be readily ascertained at time of death, due in part to wide disparity in appraisers’ assessment of the claims.

See Also

Estate of Foster v. Commissioner

Tax Court denies discount due to “hazards of litigation,” and denies deduction for contingent liability claims that could not be readily ascertained at time of death, due in part to wide disparity in appraisers’ assessment of the claims.