Here’s a new one on me; a losing petitioner seeking a vacation of a footnote. Glade Creek Partners, LLC, Sequatchie Holdings, LLC, Tax Matters Partner, Docket No. 22272-17, filed 2/12/21, wants Judge Goeke to scrub a footnote.

Y’all will recall the Glade Creeks; what, no? Then see my blogpost “So It’s Not Perpetual,” 11/2/20. The Glade Creeks had two (count ’em, two) appraisals, and thereby hangs the cliché.

The latest bœuf only happens at p. 57 of 2020 T. C. Memo. 148, and then at footnote 16. The Glade Creeks want Judge Goeke to revise same, but Judge Goeke doesn’t say how the Glade Creeks want him to tinker therewith.

He just says no, the footnote didn’t figure into anything.

“The footnote states that the Court would not address certain issues relating to the qualifications of Mr. Clark as an appraiser and the timeliness of his appraisal that respondent had disputed but subsequently withdrew or conceded. Because of respondent’s concession, the Court did not have to resolve the issues that it stated it would not address. The footnote contains no factual findings.” Order, at p. 1.

According to Judge Goeke, the reason the Glade Creeks couldn’t get around the 20% overvaluation chop was their managing member’s knowledge that both the appraisals the Glade Creeks relied upon were too high. This had nothing to do with whether the appraiser in question was qualified, or whether his appraisal was timely.

“For resolution of good faith reliance, the issues of a qualified appraiser and a qualified appraisal are immaterial. Any inconsistency between the footnote and the parties’ stipulations or a later concession by respondent on brief is not substantial. The footnote indicates that we would not rely on either issue.” Order, at p. 1.

Taishoff says you’ll recollect that Judge Goeke roughed up IRS’ appraiser real good. No appraiser came out well, although I think y’all will agree that Mr. Clark fared best of the three.

But this is a rare vacation memo. Mr. Clark must have been really upset. Most losers want to toss the whole opinion, not just a footnote.