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Expert Analysis

2nd Circ. Opines On Variable Prepaid Forward Contract Gains

By Lawrence Hill and Kevin Platt (December 3, 2018, 12:49 PM EST) -- On Sept. 26, the United States Court of Appeals for the Second Circuit reversed a decision from the U.S. Tax Court, which decided in 2017 that an extension of two variable prepaid forward contracts, or VPFCs did not result in taxable exchanges under Section 1001 or Section 1259.[1] In Estate of McKelvey v. Commissioner,[2] it was found that the estate of Andrew McKelvey, the founder of Monster.com, potentially owed $41 million in taxes as a result of the extensions. The case was ultimately remanded to determine whether certain gains were short-term and for calculation of certain long-term capital gains....

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