9th Circ. Nixes Estate's $30M Lawsuit Deduction

Law360, New York (March 12, 2014, 6:58 PM EDT) -- The Ninth Circuit ruled Wednesday that a woman's estate cannot claim a $30 million deduction for a lawsuit that was pending at the time of her death since the suit's value wasn't certain when she passed, upholding a U.S. Tax Court ruling.

Estates can deduct lawsuit claim values if the amounts can be determined with a “reasonable certainty,” but a three-judge panel said the $30 million deduction in question was inappropriate because the litigation was disputed at the time of the woman's death.

“The claim at...
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