NY Attorney Stuck With $1.3M Tax Bill After Property Sale

Law360, New York (June 09, 2014, 5:53 PM ET) -- The U.S. Tax Court on Monday saddled a New York attorney with more than $1.3 million in tax debt after he sold one property and purchased another in a supposed tax-deferred exchange, saying the sale didn't qualify for special tax treatment because the attorney’s son had conducted the transaction.

Judge Julian I. Jacobs granted a motion for summary judgment filed by the Internal Revenue Service, rejecting Frank J. Blangiardo’s argument that because his son was an attorney, his son qualified as an eligible intermediary capable of...
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