Tax Court Decides First-Of-Its-Kind Capital Gain Case, But Was The Decision Correct?

The Tax Court decides between 8-15 cases each week. That's over 500 a year. And if we're lucky, maybe twice in a 12-month span does the court decide an issue of "first impression;" one that has never been addressed by the court previously. For obvious reasons, when these cases come along they deserve our attention, as they immediately establish the only known judicial interpretation of the statute.