Monday, July 17, 2006

Gerald Peters Tax Suit Dismissed (UPDATE)

When I first posted about art dealer Gerald Peters's lawsuit against the IRS -- over tax deductions he took for works that turned out to be fakes -- I said my first reaction was "why hasn't the case been dismissed?" Well, now it has -- although the Associated Press story reporting the dismissal seems to suggest that it might have been pursuant to a settlement by the parties: "U.S. District Judge James Parker dismissed the case this week. No details of a settlement or other agreement were made public. In court filings over the past year, both parties indicated they had hoped to settle." I haven't been able to track down the decision, but will post an update if and when I do.

UPDATE: I still can't find a linkable copy of the decision, but it's a one paragrapher confirming that it was on a stipulation by the parties rather than on the merits.