United States Fifth Circuit

In a gift tax case, tax court rulings and judgment adverse to taxpayers are reversed where, given a majority's reversible errors in evaluating donated interest and using them in calculating gift taxes, the taxable value of certain interests given by the taxpayers was not that determined by the tax court but was that determined and used by the taxpayers. The appeals court makes further findings regarding a charitable deduction, the taxable values of certain interests, and the resulting fair market value of all interests transferred by taxpayers under an assignment agreement.

Appellate Information

• Decided 08/22/2006
• Published 08/23/2006

Judges

• WIENER, Circuit Judge:, Before GARWOOD, WIENER, and DeMOSS, Circuit Judges.

Court

• United States Fifth Circuit

Counsel

• For Appellant:
  
• John W. Porter (argued), Stephanie Loomis-Price, Baker Botts, Houston, TX, for Petitioners-Appellants., Thomas James Sawyer (argued), Jonathan S. Cohen, Tax Div. App. Section, Eileen J. O'Connor, Asst. Atty. Gen., U.S. Dept. of Justice, Robert R. Di Trolio, U.S. Tax Court, B. John Williams, Jr., Donald L. Korb, Chief Counsel, IRS, Washington DC, for CIR.