By The Law Offices of John Day, P.C. on Aug 16, 2024 06:13 am
In a legal malpractice case where one of plaintiffs’ own experts admitted that the law regarding a certain type of tax liability was unsettled at the time defendant attorneys advised plaintiffs, the jury verdict for defendant was upheld. In Estate of Hawk v. Chambliss, Bahner & Stophel P.C., No. E2022-01420-COA-R3-CV (Tenn. Ct. App. July 31, 2024), plaintiffs filed a legal malpractice claim against defendants related to certain tax advice. In 2003, defendants advised plaintiffs during a transaction related to the sale of the assets of two bowling alleys. A company called MidCoast Investments expressed interest in purchasing the assets, and it claimed to have a way to save plaintiffs from being liable for certain taxes related to the transfer. In a letter to plaintiffs, defendants stated that MidCoast appeared to be legitimate and that it had conducted many similar transactions. This letter suggested obtaining financial information in order to negotiate a letter of intent.
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