No Easy Win For IRS In Madoff Account Tax-Refund Dispute

A U.S. Tax Court judge on Wednesday rejected the Internal Revenue Service’s attempt to net a quick win in a case over how the IRS should value a Bernie Madoff-managed account that allegedly wasn’t worth what the account owner had reported to the agency. Judge Diane L. Kroupa denied the IRS’ motion for partial summary judgment, finding that there were issues of material facts about the worth of the account, managed by Bernard L. Madoff Investment Securities LLC. More on Law360 here.