An estate that paid taxes based on a Bernard Madoff investment account later found to be worthless is not eligible for a refund, a state appeals court held on Monday.
Post-death circumstances bear on fair market value of an estate only when reasonably foreseeable at the time of death, and in 2006, no one suspected that Madoff was running the largest Ponzi scheme in U.S. history, the court said in Estate of Warshaw v. Director, Div. of Taxation, A-884-12.
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