Wandry Appeal Withdrawn

more+
less-

I have previously written about the Wandry decision here. Wandry is a favorable Tax Court Memorandum decision that accepted 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 taxable gift by reason of an IRS upwards revaluation of the value of gifted property. The Government appealed the decision to the 10th Circuit Court of Appeals earlier this year. An appellate decision upholding Wandry would be welcomed by practitioners – a reversal would not.

Neither is going to happen now. Per the Tax Court website, the Government has voluntarily dismissed its appeal. At this point, I do not know why.

The dismissal is better than a reversal. However, I was looking forward to a more definitive ruling on the issue (one way or the other) due to the limited precedential value of a Tax Court Memorandum decision.

 

Published In: Civil Procedure Updates, Tax Updates, Wills, Trusts, & Estate Planning Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Charles (Chuck) Rubin, Gutter Chaves Josepher Rubin Forman Fleisher P.A. | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »