Estate of Giustina v. Commissioner (II)

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December 5, 2014

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0811 Timber Tracts
113110 Timber Tract Operations
federal taxation
family limited partnership (FLP), tax affecting, asset approach, cash flow, discounted cash flow (DCF), estate tax, going concern, net asset value approach (NAV), timber, deficiency, company specific risk, gross v. commissioner, liquidation of partnership
Estate of Giustina v. Commissioner (II)
2014 U.S. App. LEXIS 22961
US
Federal Court
9th Circuit
United States Court of Appeals
Robert Reilly (estate/petitioner); John Thomson (IRS/respondent)
Goodwin

Summary

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.
Estate of Giustina v. Commissioner (II)
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See Also

9th Circuit Calls Tax Court Out Over ‘Imaginary Scenarios’

Legal and Court Case Update
February 2015

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.