Court of Appeals Sides With Taxpayers on Right to Vet IRS Expert Valuation

Business Valuation UpdateVol. 23 No. 3
BVLaw Case Update
March 2017

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3599 Industrial and Commercial Machinery and Equipment, NEC
332710 Machine Shops
estate and gift taxation
expert testimony, income approach, normalization, discounted cash flow (DCF), gift tax, market approach, merger, burden of proof, s corporation, valuation methods, estate planning, arm's length
Cavallaro v. Commissioner (Cavallaro II)
2016 U.S. App. LEXIS 20713
November 18, 2016
US
Federal Court
1st Circuit
United States Court of Appeals
Timothy Maio (Ernst & Young); John Murphy (Atlantic Management Co.) (petitioners/appellants); Marc Bello, Edelstein & Co. (IRS/respondent/appellee)
Howard

Summary

Court of Appeals finds Tax Court held mistaken view of burden of proof and erred in declining to evaluate taxpayers’ multiple challenges to IRS’s expert valuation; on remand, Tax Court may consider new valuation evidence, appeals court says.

See Also

Court of Appeals Sides With Taxpayers on Right to Vet IRS Expert Valuation

Court Case Digests
November 18, 2016

Court of Appeals finds Tax Court held mistaken view of burden of proof and erred in declining to evaluate taxpayers’ multiple challenges to IRS’s expert valuation; on remand, Tax Court may consider new valuation evidence, appeals court says.