The recent holding of the Fifth Circuit in Levy v. United States has been appealed on writ of certiorari to the United States Supeme Court. The petitioner seeks review of the Circuit's decision in an estate tax refund suit, arguing that the Circuit Court erred in upholding the trial court's decision to allow expert testimony regarding property valuation. The petitioner argues that Daubert does not permit the trial court to admit retrospective opinion valuing real property which relies on newly created methodology that did not consider the sales comparison approach, the cost approach or the income approach, was never subject to peer review, and was never published. See, SUPREME COURT REVIEW SOUGHT IN ESTATE TAX REFUND CASE, 2011 TNT 94-19.
Hat Tip: Tax Analysts
Posted by Isaac Pflaum, Managing Editor, Wealth Strategies Journal.
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