Iowa Supreme Court Allows Reduction in Value for Transaction Costs but Refuses to Allow a Reduction for Built-In Capital Gains Tax
This case was decided, on appeal, under the Iowa “election-to-purchase-in-lieu-of-dissolution statute.” The Iowa Supreme Court decided that, because the parties’ experts had “both included transaction costs in their valuations under a net asset approach, the district court’s failure to reduce the asset values to account for the costs to liquidate the corporation’s assets warranted reversal.” Additionally, since there was no evidence of an intention to liquidate the company or its assets, the court declined to adjust for the built-in gains tax consequences urged by the majority shareholder.
Guge v. Kassel Enters.
This case was decided, on appeal, under the Iowa “election-to-purchase-in-lieu-of-dissolution statute.” The court decided that, because the parties’ experts had “both included transaction costs in their valuations under a net asset approach, the district court’s failure to reduce the asset values to account for the costs to liquidate the corporation’s assets warranted reversal.” Additionally, since there was no evidence of an intention to liquidate the company or its assets, the court declined to adjust for the built-in gains tax consequences urged by the majority shareholder.
Montana Supreme Court Remands for Failure to Assess Tax Implications
High court says trial court erred when it failed to consider tax implications where its final order appears to make sale of family ranch a necessity; evidence suggests there are no other assets with which to buy wife’s shares of ranch corporation at FMV.
Montana Supreme Court Remands for Failure to Assess Tax Implications
High court says trial court erred when it failed to consider tax implications where its final order appears to make sale of family ranch a necessity; evidence suggests there are no other assets with which to buy wife’s shares of ranch corporation at FMV.
In re Marriage of Broesder
High court says trial court erred when it failed to consider tax implications where its final order appears to make sale of family ranch a necessity; evidence suggests there are no other assets with which to buy wife’s shares of ranch corporation at FMV.
Limited Accounting Ruled Inadequate
One of the issues in this case was whether the trial court correctly valued a partnership interest.
Concession of value constitutes substantial evidence
One issue in this marital dissolution was the value of stock for a closely held company, Bartsch Farms Inc.
Pankratz Farms v. Pankratz
At issue is breach of partnership agreement between partners and shareholders in a family farming and ranching operation.
In re the Marriage of Bartsch
Fair market asset value upheld as appropriate valuation technique for a farming corporation.
Valuations based on contradictory findings of credibility reversed
Issues in this marital dissolution included the value of the husband's one-fifth undivided interest in 5 S Partnership (5 S), a farming and ranching operation he ran with his two brothers and two brothers and two of their cousins, and the value of the husband's apartment complex.
In re the Marriage of Steinbesser
At issue is the valuation of the pre-marital and marital assets, including husband's farm and ranch.
Value of minority shares' value at issue
The husband appealed the property distribution of the dissolution of marriage decree.
In re the Marriage of Zane
Issues were whether trial court properly included all of corporation's liabilities in corporation's net value and whether court should have discounted wife's shares minority status.
Heigle v. Heigle
At issue is whether the lower court erred in appointing a court appointed expert to prepare the valuation of the marital property.
Trial court has discretion to appoint an expert for marital dissolution
The issues presented in this marital dissolution appeal concerned the chancellor's appointment of an expert witness to value the marital estate.
Taxpayer Victory on FLP Recognition
On Jan. 18, 2000, Judge Orlando Garcia of the United States District Court ruled in favor of the taxpayer in the first family limited partnership case to be tried in a federal district court.
Church v. United States (I)
At issue is whether a partnership transaction was entered into for no purpose other than to reduce the taxation of Mrs. Church's estate.
Family Limited Partnership Formed Two Days Before Death Not Sham Transaction
The primary issue in this estate tax refund action was whether Stumberg Ranch Partners Ltd. was formed for a bona fide business purpose, or was a sham transaction designed to avoid estate and gift taxes.
No Gift Tax Due When Partnership Was Formed Two Days Before Death
The U.S. District Court for the Western District of Texas rejected the IRS' position that gift tax was due on the formation of a family limited partnership formed two days before the decedent's death.
Debuff v. Debuff
At issue is the valuation of the couple's personal and farm property.
Montana Supreme Court find valuation error in trial court
In this marital dissolution, the Montana Supreme Court held that the trial court committed error when it failed to consider tax consequences and liquidation costs that would be associated wi ...
No error to use predivorce farm valuation date
The main issue in this marital dissolution was the value of the marital estate, which consisted primarily of the husband's interest in a farm partnership run with his brother.
Dowiasch v. Dowiasch
At issue is the valuation of the family farm.
Five month old appraisal held best evidence of value
The main issue in this marital dissolution was the value of the marital estate, which consisted primarily of the husband's interest in a farm partnership run with his brother. The trial cour ...
Brenengen v. Brenengen
At issue is the valuation of husband's minority interest in a family partnership.