|
|
|
|
Collateral Estoppel Doctrine
Had Decedent transferred his ranch to his daughter prior to his death? Although the daughter claimed sole ownership of the family ranch, the issue of ownership had previously been determined in a state court action to quiet title. In that action, there was no evidence that the property, nor equipment on the ranch, had been sold or given to the daughter prior to Decedent's death. In relying on the state court determinations, the IRS was able to conclude that the property was includible in Decedent's gross estate. The estate was barred from raising the ownership issues for purposes of federal estate tax litigation because (1) the issues raised were identical to what had been decided in the earlier lawsuit; (2) a final judgment was rendered in the first suit; (3) the petitioner in the tax litigation was a party in the previous action; (4) the issues were litigated and their resolution was essential to the result of the first suit; and (5) the facts and applicable law had not changed from the time of the first litigation.
Source: Estate of Chemodurow, T.C. Memo 2001-14.
|
About Us
|
News
|
Alerts
|
Articles
|
SNSFE News
|
Calendar
|
Contact
|
Search
Register
|
Free Opinion
Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
All content Copyright © 2008 Advocate Capital Management, Inc. except where noted. All rights reserved.
20 North Wacker Drive, Suite 2900, Chicago, Illinois 60606
Telephone: 312-621-4400 | Fax: 312-621-0268
|
|
|
|
|
