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By late February, Sylvia Golden, BVR's Legal Editor, had already described Estate of Richmond (2014 Tax Ct. Memo LEXIS 26) as "one of the most important decisions of 2014," covering a litany of valuation's most pressing topics: dividend capitalization versus net asset value (NAV) approach, discounting for BICG tax, and how to avoid an undervaluation penalty. In "Ten Takeaways from Estate of Richmond" attorney and professor of law John Bogdanski examines the immediate and long-term impacts of this tax court decision will have on the valuation profession.
Program Agenda
Basics of the case
Takeaways from the case, including:
Net asset value is the prevailing approach for valuing shares in a holding company whose assets are mostly marketable securities
Unless compelled to do otherwise, the Tax Court determines the discount for the "built-in" gain tax on a C corporation's assets using a present-value technique
In some cases, it might pay to shop for an out-of-state executor
Conclusion
Learning Objectives
Define the facts and circumstances in Estate of Richmond
Associate the decision with real world implications for valuations and appraisers
Identify which professional behaviors are affected by the decision
Define the future implications of the case
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