Distilleries
This industry comprises establishments primarily engaged in one or more of the following: (1) distilling potable liquors (except brandies); (2) distilling and blending liquors; and (3) blending and mixing liquors and other ingredients.
A Tennessee Appellate Court Affirms the Allowance of a DLOM and Affirms Calculations Under the Income Approach
This case revolved around the value to be paid for a one-third interest in a business partnership for a business that produces and sells flavored “moonshine” liquor. The trial court initially resolved all issues and determined that the plaintiff was entitled to the fair value of his one-third interest in the partnership. Defendant appealed, among other things, the trial court determination of value for his interest. The appellate court remanded for elimination of the discount for lack of control. On this appeal, the plaintiff disagreed with the trial court value and believed the DLOM should also be eliminated. The appellate court affirmed the trial court. The value affirmed was a conclusion of value issued in a summary report.
Boesch v. Holeman (II)
This case revolved around the value to be paid for a one-third interest in a business partnership for a business that produces and sells flavored “moonshine” liquor. The trial court initially resolved all issues and determined that the plaintiff was entitled to the fair value of his one-third interest in the partnership. Defendant appealed, among other things, the trial court determination of value for his interest. The appellate court remanded for elimination of the discount for lack of control. On this appeal, the plaintiff disagreed with the trial court value and believed the DLOM should also be eliminated. The appellate court affirmed the trial court. The value affirmed was a conclusion of value issued in a summary report.
Boesch v. Holeman (I)
In dispute over value of dissociated partner’s one-third interest in whiskey business, appeals court says trial court erred in adopting value determination that applied discount for lack of control; applicable partnership law requires value be based on sale of entire business as a going concern.
Partnership Statute Precludes Use of Minority Discount in Buying Out Dissociated Partner
In dispute over value of dissociated partner’s one-third interest in whiskey business, appeals court says trial court erred in adopting value determination that applied discount for lack of control; applicable partnership law requires value be based on sale of entire business as a going concern.