Opinion ID: 37073
Heading Depth: 3
Heading Rank: 1

Heading: Lack of Marketability

Text: The Estate’s argument that the Retirement Accounts’ lack of marketability should have been factored into its value fails because, as our discussion of the evidentiary issue suggests, the Estate made this argument for the first time on appeal. “Issues raised for the first time on appeal are not reviewable by this court unless they involve purely legal questions and failure to consider them would result in manifest injustice.” Varnado v. Lynaugh, 920 F.2d 320, 321 (5th Cir. 1991) (quoting United States 9 v. Garcia-Pillado, 898 F.2d 36, 39 (5th Cir. 1990)) (internal quotation marks omitted). The Estate did not argue in the proceedings below that lack of marketability is a factor that should be considered in valuing the Retirement Accounts. More specifically, the Estate failed to mention that marketability should be a factor in discounting the Retirement Accounts in its refund claim, complaint, response to the government’s motion for summary judgment, or surreply. In fact, the refund that the Estate seeks--thirty percent of the Retirement Accounts’ value-- is based solely on a discount for the Retirement Accounts’ “inherent tax liability” and not for its lack of marketability. Accordingly, we abstain from considering the Estate’s argument since the Estate raised it for the first time on appeal.