HSSK Partner David Slossberg was quoted in the recent Forbes article about Subway restaurant co-founders Fred DeLuca and Peter Buck. The portion of the article that David commented on was related to a case he filed on behalf of Dr. Buck against the IRS, involving the valuation of thousands of acres of timberland in Maine and Vermont.
In 2018, Dr. Buck sued the IRS seeking to receive what he believed to be standard discounts for undivided fractional interests in timberland. The government took a novel position that he should not be entitled to any discounts. That position was rejected by the federal court when it denied the government’s motion for summary judgment. Thereafter, the case settled for a “number that was acceptable” to the parties.
David thought it was important to speak on the issues in the Forbes article so that the parameters of the litigation were clearly reported. He also wanted to emphasize that Dr. Buck was an original visionary who was extremely philanthropic and an avid environmentalist.
Read the Forbes article and the decision.