The Seventh Circuit Court of Appeals has recently held that the Internal Revenue Service (IRS) did not abuse its discretion when it denied an estate’s motion to vacate a settlement. In M. Billhartz, Exr., an estate wanted to set aside an agreement it reached with the IRS about the deductibility of assets that were paid to a decedent’s children. The children alleged in their suit that the amount they were entitled to was greater than the “waiver agreement” from five years before. The estate claimed it was entitled to deductions under Internal Revenue Code Section 2053(a)(3) for additional payments made to the children and moved for the case to be restored to the original docket. The opinion of the Seventh Circuit Court can be read here.
See Wolters Kluwer, Estate Could Not Set Aside Settlement, Resource Full Law, August 31, 2015.
Special thanks to Brian Cohan (Attorney at Law, Law Offices of Brian J. Cohan, P.C.) for bringing this article to my attention.
