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Buckelew Farm, LLC v. Comm’r

This case involved a noncash charitable contribution deduction claimed in 2013. The IRS disallowed the deduction the petitioner, Buckelew Farm LLC, claimed for its grant to the Southeast Regional Land Conservancy Inc. 

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Florida Appellate Court Excludes Personal Goodwill of All Physicians in a Group in Determining the Marital Asset

This case allowed the exclusion of the party’s personal goodwill as well as the personal goodwill of all of the other shareholders’ (practitioners’) personal goodwill in determining the marital asset value to be included in the marital estate. The importance was so great statewide that the appellate court certified this question for the Florida Supreme Court to consider.

Rosenberg v. Rosenberg

This case allowed the exclusion of the party’s personal goodwill as well as the personal goodwill of all of the other shareholders’ (practitioners’) personal goodwill in determining the marital asset value to be included in the marital estate. The importance was so great statewide that the appellate court certified this question for the Florida Supreme Court to consider.

Townsend v. Townsend

This was yet another case that emphasized the importance of the valuation expert’s responsibility to identify the amount of personal versus enterprise goodwill in a specific case.

Indiana Appellate Court Affirms the Value of Husband’s Business That Excludes Personal Goodwill but Adds Back DLOC as Parties’ Interests Must be Combined

This was yet another case that emphasized the importance of the valuation expert’s responsibility to identify the amount of personal versus enterprise goodwill in a specific case.

In re Maynard

In Texas, a community property state, there was no commercial goodwill transferred in an agreement between broker and a financial services company. Only personal goodwill was involved.

Texas Appellate Court Affirms That Higher Percentage of Commission on Legacy Clients Is Not Commercial Goodwill But Personal Goodwill

In Texas, a community property state, there was no commercial goodwill transferred in an agreement between broker and a financial services company. Only personal goodwill was involved.

Conde-Berrocal v. Conde

This was a companion case to the Rosenberg v. Rosenberg case, which was decided at the appellate court at the same time as this case by the same panel. Both cases dealt with personal goodwill in Florida in a multimember practice. The physician party in each case was part of the same practice and participated in the same sale of the company to a healthcare company. Personal goodwill was handled differently in each case in large part because the evidence submitted to the trial court was different.

Florida Appellate Court Affirms Trial Court’s Acceptance of Physician Spouse’s Expert in Calculating the Amount of Personal Goodwill

This was a companion case to the Rosenberg v. Rosenberg case, which was decided at the appellate court at the same time as this case by the same panel. Both cases dealt with personal goodwill in Florida in a multimember practice. The physician party in each case was part of the same practice and participated in the same sale of the company to a healthcare company. Personal goodwill was handled differently in each case in large part because the evidence submitted to the trial court was different.

ECB USA, Inc. v. Savencia, S.A.

This case was an example of the application of Rule 702 as to witness acceptance or exclusion. In this case, the same witness was allowed to testify in part and excluded in part.

U.S. District Court Allows Testimony in Part of Expert Witness on Certain Damages

This case was an example of the application of Rule 702 as to witness acceptance or exclusion. In this case, the same witness was allowed to testify in part and was excluded in part.

In re Gerber

The court-appointed valuation expert in this divorce case determined a control value by deducting a discounted minority interest value from the 100% fair market value. Both the trial court and appellate court accepted this methodology.

Illinois Court Adopts Valuation of Its Own Expert—Determines Control Value by Deducting Discounted Minority Value

The court-appointed valuation expert in this divorce case determined a control value by deducting a discounted minority interest value from the 100% fair market value. Both the trial court and appellate court accepted this methodology.

Connelly v. United States (II)

The U.S. Supreme Court took on this case because of a split between two circuit courts. In the first case, Blount v. Commr., the 11th Circuit Court of Appeals reversed the Tax Court and excluded the insurance proceeds that accrued as a result of the death of the shareholder. In the Connelly case, the Tax Court once again included the insurance proceeds in the estate. The 8th Circuit affirmed the Tax Court, and the Supreme Court now unanimously affirmed the 8th Circuit, thus negating the decision of the 11th Circuit in Blount.

U.S. Supreme Court Affirms Inclusion of Corporate-Owned Life Insurance in Value of Company for Estate Tax Purposes

The U.S. Supreme Court took on this case because of a split between two circuit courts. In the first case, Blount v. Commr., the 11th Circuit Court of Appeals reversed the Tax Court and excluded the insurance proceeds that accrued as a result of the death of the shareholder since there was a binding liability to pay the proceeds to the estate of the decedent. In the Connelly case, the Tax Court once again included the insurance proceeds in the estate. The 8th Circuit affirmed the Tax Court, and the Supreme Court now unanimously affirmed the 8th Circuit, thus negating the decision of the 11th Circuit in Blount.

West v. Home Depot

While this was not a business valuation- nor a finance-related case, it was one of the first cases under the December 2023 amendments of Rule 702 that specifically addressed “a historic safe harbor” allowing challenges under cross-examination in place of exclusion of witnesses.

Federal District Court (Illinois) Rules That Prior ‘Historic Safe Harbor’ No Longer Comports With Rule 702

While this was not a business valuation- nor a finance-related case, it was one of the first cases under the December 2023 amendments to Rule 702 that specifically addressed “a historic safe harbor” allowing challenges under cross-examination in place of exclusion of witnesses.

Athea v. Athea

In this divorce case, the Florida appellate court upheld the trial court’s acceptance of the husband’s valuation expert including the exclusion of personal goodwill. The court found the valuation and exclusion well supported by evidence and thereby will not be reversed. The court remanded the determination of monthly income of the wife.

Appellate Court Upholds Exclusion of Personal Goodwill—Well Supported

In this divorce case, the Florida appellate court upheld the trial court’s acceptance of the husband’s valuation expert including the exclusion of personal goodwill. The court found the valuation and exclusion well supported by evidence and thereby will not be reversed. The court remanded the determination of monthly income of the wife.

Rigas v. Rigas

In this appeal of a New York divorce case, the appellate court affirmed the award of 20% of the during-marriage appreciation of the husband’s business to the wife. The court accepted the valuation of the court-appointed appraiser and rejected the valuation by the defendant’s appraiser.

New York Appellate Court Affirms Award of 20% of Appreciation of Business During Marriage to Wife and Awards Maintenance to Wife

In this appeal of a New York divorce case, the appellate court affirmed the award of 20% of the during-marriage appreciation of the husband’s business to the wife. The court accepted the valuation of the court-appointed appraiser and rejected the valuation by the defendant’s appraiser.

Walker v. Daniels

The appellate court was left with two questions: what was the proper date of valuation for the minority shares and what was the proper value of the shares. Three brothers were in a dispute with their two sisters. The sisters were to receive compensation in the form of a buyout of their shares in a shareholder oppression dispute. The appellate court (Iowa) concurred with the trial court and affirmed its judgment.

Iowa Appellate Court Affirms Date of Value and Value of Farming Operation in Shareholder Oppression Suit

The appellate court was left with two questions: what was the proper date of valuation for the minority shares and what was the proper value of the shares. Three brothers were in a dispute with their two sisters. The sisters were to receive compensation in the form of a buyout of their shares in a shareholder oppression dispute. The appellate court (Iowa) concurred with the trial court and affirmed its judgment.

Wee v. Yangzhou Putian Shoemaking Co. (In re Unimex Corp.)

An expert’s report on debtor’s insolvency was excluded under Fed. R. Evid. 702 because the expert’s 50% discount of inventory value was a flawed assumption given that the debtor was not being liquidated and was not on its deathbed, but instead was a going concern.

Expert’s Testimony Is Excluded as to Solvency—Adjustments to the Balance Sheet of Debtor Were Inappropriate

An expert’s report on debtor’s insolvency was excluded under Fed. R. Evid. 702 because the expert’s 50% discount of inventory value was a flawed assumption given that the debtor was not being liquidated and was not on its deathbed, but instead was a going concern.

Sneed v. Sneed

In this North Carolina appellate divorce case, the court affirmed the trial court decisions, including the determination of value of the husband’s law firm interest. The witness for the wife, who was originally a court-appointed expert, testified as to the value of the law practice and included his analysis of personal-versus-entity goodwill. Both courts included all goodwill in the marital estate as per North Carolina case law. The expert witness apparently submitted a calculation of value for his testimony.

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