Value of Lotto Payments Includes Discount for Lack of Marketability

Business Valuation Update BVLaw
Legal and Court Case Update
August 26, 2003

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6512 Operators of Nonresidential Buildings
estate and gift taxation
Estate of Gribauskas v. CIR (Gribauskas II)
No. 01-4189 (2nd Cir. 2003)
US
Federal Court
2nd Circuit
United States Court of Appeals
Graffeiland

Summary

The U.S. Court of Appeals for the 2nd Circuit reversed the Tax Court's valuation of payments from the Connecticut Lotto.

See Also

Estate of Gribauskas v. CIR (Gribauskas II)

Full Text of Court Cases
August 26, 2003

The U.S. Court of Appeals for the Second Circuit reversed the Tax Court's valuation of payments from the Connecticut Lotto. The estate valued the payments based on the gray market, inclusive of a lack of marketability discount. The Tax Court ruled that th ...