When bad facts make bad law, there’s a tendency to dismiss the result. The U.S. Tax Court case of Estate of Moore v. Commissioner1 raised a correct conclusion about valuation adjustment clauses but used a flawed analysis. Although Moore is a memorandum decision, meaning it’s not citable as precedent, it merits study especially because the U.S. Court of Appeals for the Ninth Circuit Court affirmed the result without potentially undermining valuation adjustment
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