Was it the continued focus on fair value reporting, culminating in FASB’s recent release of FSAS 157? Or was it the IRS issuing its BV Guidelines in July—followed closely by Congress turning up the heat on appraisal standards—and appraiser penalties—in the Pension Protection Act of 2006? Or maybe the biggest news of the year came from the courts: The 5th Circuit had a busy season, reversing McCord as well as Caracci v. Commissioner. In Dela. Open MRI Radiology, the Delaware Chancery Court supported tax affecting an S Corp in a shareholder oppression case, but the Tax Court (once again) declined to tax affect S Corp earnings in an estate/gift transfer, in Dallas v. Commissioner. (Click here to search these cases, the IRS and FASB pronouncements, and more in the BVWire archives.)

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