A New York estate’s $6.5 million settlement liability cannot be deducted because the liability does not decrease the value of trust assets within the estate, nor can it be classified as a tax-deductible administrative expense from the gross estate, the Second Circuit ruled.
NY Estate’s Bid To Deduct $7M Settlement Denied By 2nd Circ.
by usoftax_admin | Mar 5, 2025 | Tax News