A Gross Result in the Gross Case Calls Into Question Circumstances in Which Tax Affecting Is Valid

Business Valuation UpdateVol. 8 No. 1
Legal and Court Case Update
January 2002

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2086 Bottled and Canned Soft Drinks and Carbonated Waters
312111 Soft Drink Manufacturing
estate and gift taxation
daubert, income approach, tax affecting, discount for lack of marketability (DLOM), fair market value (FMV), gift tax, s corporation
Gross v. Commissioner (II)
272 F.3d 333, 2001 U.S App. LEXIS 24803
November 19, 2001
US
Federal Court
6th Circuit
United States Court of Appeals
David O. McCoy, CBA (for the taxpayer); Charles A. Wilhoite, CPA/ABV, ASA (for the taxpayer); Mukesh Bajaj, Ph.D. (for the IRS)
Clay

Summary

Appraisers may soon have to defend their tax affecting in prior S corporation valuations as a result of Gross.

See Also

Gross v. Commissioner (II)

Full Text of Court Cases
November 19, 2001

Issues involved tax affecting of the discounted cash flows of the company and the size of the marketability discount.