Judge Orders NJ To Refund Madoff Victim's Estate Taxes

Law360, New York (July 5, 2012, 7:28 PM EDT) -- A New Jersey Tax Court judge last week ruled that the state owes a $90,000 refund to an estate victimized by Bernard Madoff’s Ponzi scheme that argued it overpayed its taxes based on bad information about what its investments were worth.

Tax Court Judge Joseph M. Andresini overturned the state Division of Taxation’s decision to deny the refund to the Estate of Theodore Warshaw, rejecting the state’s arguments that subsequent events cannot be used to determine the value of an estate tax.

“Subsequent events may be...
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