Tax law — claim of right

Posted November 1, 2021 11:29 AM

Where taxpayers’ trust sold stock in violation of trust agreement and later repurchased same stock, taxpayers could not use claim of right doctrine for deduction in subsequent tax year.The 7th U.S. Circuit Court of Appeals affirmed a decision by Chief Judge James D. Peterson, Western District of Wisconsin.In January 2004, Kenneth and Ardyce Heiting created the Kenneth E. and Ardyce A. Heiting Joint Revocable Trust. The trust was administered by the trustee BMO Harris Bank. Because the Heitings could revoke the trust …

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