Madoff Victim's Estate Not Entitled To Tax Refund on Worthless Asset

, New Jersey Law Journal


An estate that paid taxes based on a Bernard Madoff investment account later found to be worthless is not eligible for a refund, a state appeals court holds.

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What's being said

  • Tom

    Troubling that the state gets to keep taxes on a non existent asset. You can be darn sure that if the miss-valuation went the other way, the state would have its hand out.

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