The Tax Court valued a note received by the taxpayers in the distribution of their former business' assets. They had owned a topless bar. The court determined that the starting point for valuing the note was its face value, which it reduced by 25% for ris ...
Jeff A. Wiltzius, et al. v. CIR
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Value of Promissory Note From Sale of Topless Bar Discounted 25%
The Tax Court valued a note the taxpayers received in the distribution of their former business's assets.