United States Second Circuit

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Estate of McKelvey v. Commissioner of Internal Revenue, 17‐2554

Reversed a decision of the Tax Court, in a case where the Internal Revenue Service claimed that a taxpayer's estate owed $41 million in back taxes for omitting capital gains relating to variable prepaid forward contracts. The Tax Court had rejected the IRS's position, but the Second Circuit reversed and remanded for further factual determinations.

Appellate Information

  • Decided
  • Published 2018/09/26


  • Newman


  • United States Second Circuit