Law360, New York (April 14, 2016, 11:01 AM EDT) -- The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, which owns Carma Laboratories Inc. of Franklin, Wisconsin, the maker of Carmex skin care products, and a sale of Carma stock to an irrevocable trust in 2006 that relied on a "defined value clause." The agreed dispositions of the Tax Court cases indicate that the IRS conceded all the additional taxes and penalties it had previously asserted. But the end of this litigation still leaves questions and, perhaps, even warnings for estate planning clients and their advisers.
The cases are Estate of...
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