Answer to Question #95087 in Other for Richard Ofori

Question #95087
Just prior to his death, Jameson, a prominent attorney, was sued by a former client. The suit alleged malpractice on the part of Jameson and requested damages of $90 million. On filing the Form 706, the executor of Jameson’s estate claimed a § 2053 deduction of $30 million as to the lawsuit. The $30 million amount was based on one of the many appraisals rendered by experts regarding the probable liability of the estate on the date of Jameson’s death. Other appraisals varied by as much as $11 million. Upon audit of the Form 706 by the IRS, a deduction of $1 was allowed. After prolonged litigation and during appeal, the malpractice lawsuit was settled for $289,000.
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Expert's answer
2019-09-25T08:10:29-0400
Dear Richard Ofori, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

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