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ESTATE OF SAUNDERS v. C.I.R.

No. 12-70323.

745 F.3d 953 (2014)

ESTATE OF Gertrude H. SAUNDERS, Deceased; Richard Riegels, Co-Executor; William Saunders, Co-Executor, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Ninth Circuit.

Filed March 12, 2014.

Attorney(s) appearing for the Case

Thomas R. Daniel, Esq. (argued), Gelber, Gelber & Ingersoll, Honolulu, HI, for Petitioners-Appellants.

Kathryn Keneally , Jonathan S. Cohen , and Jennifer M. Rubin (argued), Tax Division, Department of Justice, Washington, D.C., for Respondent-Appellee.

Before: CONSUELO M. CALLAHAN and MILAN D. SMITH, JR., Circuit Judges, and ALVIN K. HELLERSTEIN, Senior District Judge.

OPINION

M. SMITH, Circuit Judge:

In this appeal from the tax court, we consider whether the Estate of Gertrude Saunders (the Estate) properly claimed a $30 million deduction on its estate tax return for a lawsuit pending at the time of Gertrude Saunders' death (the Stonehill Claim, or the Claim), even though the suit ultimately settled for a smaller sum. The Commissioner of Internal Revenue (the Commissioner) disallowed the $30 million deduction. Because...

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