First Case on Asset-Backed Securities Enlists Expert Loss Causation Model

Business Valuation UpdateVol. 15 No. 8
Legal and Court Case Update
August 2009
5023 Home Furnishings
423220 Home Furnishing Merchant Wholesalers
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Heilig Meyers Co. v. Internal Revenue Service
2007 U.S. App. LEXIS 11052
May 9, 2007
US
Federal Court
4th Circuit
United States Court of Appeals
Brian P. Arthur, Brian S. Gleicher, Bruce R. Ellisen, Chuck Rosenberg, Eileen J. O'Connor, Joan Iris Oppenheimer, Michael Brown Quigley
Ernst & Young (debtor/taxpayer); Theodore Barnhill Jr. (IRS)
Wilkinson

Summary

Expert computer model helps prove loss causation in federal claims of fraud regarding asset-backed securities.

See Also

Heilig Meyers Co. v. Internal Revenue Service

Taxpayer’s fair market valuation of account receivables must "clearly reflect income" under accounting requirements of IRC §446(b).