That was just one of the many questions that U.S. Tax Court judge, the Honorable David Laro, former national program manager of the IRS and current IBA Executive Director Howard Lewis, and principal of the American Business Appraisers in San Diego, Mike Eggers, deftly fended from attendees at last week’s NACVA and IBA Consultants Conference in Boston.
“Yes, undoubtedly” Judge Laro responded, with his usual cut-to-the-quick cogency. (He was also quick to remind listeners that his opinions were his own, and not those of fellow members of the federal tax bench.) “The Congress and the Service have raised the stakes for appraisers and appraisals that are significantly higher. Your field is extremely dynamic and changing all the time,” he added. “We need to rely on you. We need you to have education, experience, and exposure, and know how to render an opinion that is reliable and credible.” Judges do not undergo the same continuing education that BV experts must, but “you are helping to educate us,” Laro said. “That’s how we’re becoming more sophisticated.” For more conference coverage, see future issues of the Business Valuation Update™.
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