Seventh Circuit Reverses Tax Court's Ruling in the Kanter Case and Rules for Taxpayer

The Seventh Circuit joined the Fifth and Eleventh Circuits in ruling for the taxpayer and reversing the Tax Court's judgment in the Kanter case.  The Seventh Circuit instructed the Tax Court to adopt the special trial judge's report as its decision, stating that the Tax Court did not show the proper level of deference to the special trial judge's factual findings.

Posted by Marc Patterson, Associate Editor, Wealth Strategies Journal.