A sampling of new case digests and court opinions added to BVLaw
These are some of the new cases involving testimony and reports by financial experts included in the BVLaw database:
Howard v. United States, 2011 WL 3796723 (C.A.9 (Wash.))(Aug. 29, 2011)
Ninth circuit upholds finding that a non-competition agreement effectively conveyed a dentist’s personal goodwill to his C corporation, such that it became the corporation’s asset for income tax purposes.
Experts: none
Judge: Clifton, Smith, and Korman
State/Jurisdiction: federal/Ninth Circuit
Court: U.S. Court of Appeals for the 9th Circuit
Type of case: federal tax
SIC Code: 8021 Offices and Clinics of Dentists
Estate of Turner v. Commissioner, 2011 WL 3835663 (U.S. Tax Court)(Aug. 30, 2011)
Tax Court includes full value of family limited partnership assets in the gross estate after finding that their nature (passive investments in cash and marketable securities) provided no legitimate, nontax reason for their consolidation or management.
Experts: Willis Investment Counsel
Judge: Marvel
State/Jurisdiction: federal
Court: U.S. Tax Court
Type of case: federal tax
SIC Code: 6733 Trusts, Except Educational, Religious, and Charitable (personal trusts, estates, and agency accounts)
AmBase Corp. v. United States, 2011 WL 3891942 (Fed. Cl.)(Aug. 31, 2011)
Federal Court of Claims accepts market value approach to valuing failed thrift in Winstar case, and rejects Gordon Growth model for failing to account for bank’s unstable earnings and its alternative investment opportunities in a “non-breach” world.
Experts: Charles Calomiris (plaintiffs); Anthony Saunders and Roy Smith (defendant)
Judge: Smith
State/Jurisdiction: federal
Court: U.S. Federal Court of Claims
Type of case: Winstar
SIC Code: 6036 Savings Institutions, Not Federally Chartered
In re Marriage of Hashemian, 2011 WL 3873861 (Cal. App. 4 Dist.)(Sept. 2, 2011)(unpub.)
California approves excess earnings and “formula” approach to valuing atypical life insurance firm, based on industry compensation and revenue data.
Experts: Glenn Mehner (joint expert); Philip Lieberman (husband) and Christopher Erwin (wife)
Judge: Moore
State/Jurisdiction: California
Court: Court of Appeals
Type of case: marital dissolution
SIC Code: 6311 Life Insurance (life insurers-direct)