Compromised Asset Appraisals Undo Like-Kind Tax Plan

BVLaw
Court Case Digests
September 19, 2016
4911 Electric Services
221112 Fossil Fuel Electric Power Generation
federal taxation
cost approach, discount rate, expert testimony, discounted cash flow (DCF), fair market value (FMV), like-kind exchange, uniform standards of professional appraisal practice (USPAP), internal revenue code (IRC), capital gains, income tax

Exelon Corp. v. Commissioner
2016 U.S. Tax Ct. LEXIS 26
US
Federal Court
Federal
United States Tax Court
Prof. Stewart Myers, Nancy Heller Hughes (trial experts, taxpayer/petitioner); Deloitte & Touche LLP Valuation Group (appraiser, taxpayer); Dr. Douglas J. Skinner (trial expert, IRS/respondent)
Laro

Summary

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”

See Also

Exelon Corp. v. Commissioner

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”

Compromised Asset Appraisals Undo Like-Kind Tax Plan

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”