Wills, Trusts & Estates Prof Blog

Editor: Gerry W. Beyer
Texas Tech Univ. School of Law

A Member of the Law Professor Blogs Network

Thursday, November 1, 2012

IRS Withdraws Appeal in Wandry

IRS 2As I have previously discussed, a tax court upheld the use of formula value clauses in estate planning in Wandry v. Comm'r. Specifically, the tax court stated that "the use of a simplified formula gift clause (that is, one that did not involve disclaimer or charitable elements) as a method of avoiding an inadvertent tax gift by an IRS upwards revaluation of the value of gifted property" was appropriate. The Government appealed the decision to 10th Circuit Court of Appeals, but before the court could render a judgment, the government withdrew their appeal. At this time, there is no indication as to why the Government decided to withdraw their case.

See Charles Rubin, Wandry Appeal Withdrawn, rubinontax, Oct. 23, 2012.

Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.

http://lawprofessors.typepad.com/trusts_estates_prof/2012/11/irs-withdraws-appeal-in-wandry.html

Gift Tax, Income Tax | Permalink

TrackBack URL for this entry:

http://www.typepad.com/services/trackback/6a00d8341bfae553ef017d3d28d84f970c

Listed below are links to weblogs that reference IRS Withdraws Appeal in Wandry:

Comments

Post a comment