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Litman Audacity

We could chalk it up to the luck of the draw or extraordinary skill in the courtroom. Either way, the victory by the taxpayers David Litman and Robert Diener in Litman v. United States1 on Aug. 22, 2007, was certainly one for the record books. Illiquidity discounts up to 50 percent are rare in tax cases, yet that's what they managed to achieve. And the securities to be discounted were not even privately

We could chalk it up to the luck of the draw or extraordinary skill in the courtroom. Either way, the victory by the taxpayers David Litman and Robert Diener in Litman v. United States1 on Aug. 22, 2007, was certainly one for the record books. Illiquidity discounts up to 50 percent are rare in tax cases, yet that's what they managed to achieve. And the securities to be discounted were not even privately held; rather they were shares of a large, profitable publicly traded

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