Hess v. Commissioner

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August 20, 2003

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3559 Special Industry Machinery, NEC
332410 Power Boiler and Heat Exchanger Manufacturing
estate and gift taxation
net asset value, asset approach, discount for lack of marketability (DLOM), discounted cash flow (DCF), fair market value (FMV), gift tax, shareholder agreement, noncompete agreement, discount for lack of control (DLOC), guideline publicly-traded company method
Hess v. Commissioner
T.C. Memo 2003-251
US
Federal Court
United States Tax Court
Gregory Heebink, CFA (for taxpayer) <br> Eric Engstrom, CPA/ABV, CFA (for IRS)
Ruwe

Summary

Taxpayers gave 10 shares of HII common stock (a 10% stockholder interest) to an irrevocable trust established for their daughter. Issue was the fair market value of the stock for gift tax p ...
Hess v. Commissioner
PDF, Size: 67 KB

See Also

Tax Court Determines That Value Was 'Somewhere in the Middle' of Expert Opinions

Legal and Court Case Update
October 2003

The taxpayers' expert, Gregory Heebink, used the discounted cash flow (DCF) method and the guideline public company method.