Beggs & Lane is pleased to announce that Partners David McGee and Marc Huff recently received a favorable opinion from the United States Court of Appeals for the Eleventh Circuit vacating an adverse judgment of the Tax Court on a petition for redetermination of deficiencies alleged by the IRS.

The case arose out of a complex tax scenario involving the sale of a partnership that operated a regional retail business. The issue before the Tax Court was the tax consequences of a deal struck by the partners for the purpose of benefiting certain leases of real property owned by the minority partners whom Beggs & Lane represented.

While the Tax Court entered a judgment in favor of the IRS, the Eleventh Circuit agreed with the minority partners’ argument that the Tax Court committed error, vacating the Tax Court’s judgment and remanding the case to the Tax Court for further proceedings.