Machine Shops
This industry comprises establishments, known as machine shops primarily engaged in machining metal parts on a job or order basis. Generally machine shop jobs are low volume using machine tools, such as lathes (including computer numerically controlled); automatic screw machines; and machines for boring, grinding, and milling.
Contract Manufacturing
This industry comprises establishments, known as machine shops primarily engaged in machining metal parts on a job or order basis. Generally machine shop jobs are low volume using machine tools, such as lathes (including computer numerically controlled); automatic screw machines; and machines for boring, grinding, and milling.
Official Comm. of Unsecured Creditors of LB Steel, LLC v. Steelcast Ltd. (In re LB Steel, LLC)
The Bankruptcy Court in this case dealt with an adversary complaint from the Official Committee of Unsecured Creditors. The committee sought to avoid and recover payments the debtor made within the 90 days leading up to the bankruptcy filing to the parent company. For reasons including that the debtor was insolvent during that 90-day period, the court decided in favor of the committee and ordered the payments avoided and ordered the parent company to repay the debtor’s estate.
Bankruptcy Court Orders Parent Company to Repay Payments Within 90 Days of Filing
The Bankruptcy Court in this case dealt with an adversary complaint from the Official Committee of Unsecured Creditors. The committee sought to avoid and recover payments the debtor made within the 90 days leading up to the bankruptcy filing to the parent company. For reasons including that the debtor was insolvent during that 90-day period, the court decided in favor of the committee and ordered the payments avoided and ordered the parent company to repay the debtor’s estate.
Scalia v. Reliance Trust Co.
In an evolving ESOP case, court says DOL’s allegations that ESOP trustee and various directors engaged in breaches of fiduciary duties and caused the ESOP to enter a prohibited transaction (i.e., overpaid for company stock) require “fact-intensive inquiry” and cannot be resolved on summary judgment.
Court Says DOL Claims in ESOP Case Require ‘Fact-Intensive Inquiry’ and Denies Motions for Summary Judgment
In an evolving ESOP case, court says DOL’s allegations that ESOP trustee and various directors engaged in breaches of fiduciary duties and caused the ESOP to enter a prohibited transaction (i.e., overpaid for company stock) require “fact-intensive inquiry” and cannot be resolved on summary judgment.
Acosta v. Reliance Trust Co.
In DOL’s overpayment case against company directors and ESOP trustee, court denies directors’ pretrial motion for dismissal of case, finding DOL advanced “plausible” case theories; court also finds ESOP defendants have no right to indemnification from estate of late owner/seller of company shares.
In ‘Overpriced ESOP Insider Transaction Case,’ Defendants’ Pretrial Motion for Indemnification Fails
In DOL’s overpayment case against company directors and ESOP trustee, court denies directors’ pretrial motion for dismissal of case, finding DOL advanced “plausible” case theories; court also finds ESOP defendants have no right to indemnification from estate of late owner/seller of company shares.
Court of Appeals Sides With Taxpayers on Right to Vet IRS Expert Valuation
Court of Appeals finds Tax Court held mistaken view of burden of proof and erred in declining to evaluate taxpayers’ multiple challenges to IRS’s expert valuation; on remand, Tax Court may consider new valuation evidence, appeals court says.
Cavallaro v. Commissioner (Cavallaro II)
Court of Appeals finds Tax Court held mistaken view of burden of proof and erred in declining to evaluate taxpayers’ multiple challenges to IRS’s expert valuation; on remand, Tax Court may consider new valuation evidence, appeals court says.
Court of Appeals Sides With Taxpayers on Right to Vet IRS Expert Valuation
Court of Appeals finds Tax Court held mistaken view of burden of proof and erred in declining to evaluate taxpayers’ multiple challenges to IRS’s expert valuation; on remand, Tax Court may consider new valuation evidence, appeals court says.
Gift Tax Case Pivots on Key Assumption Informing Valuations
Taxpayer parents incurred gift tax liability when, based on improper valuations, they agreed to merge their S corp. with their sons’ S corp. and accepted an unduly low interest in the new company while sons received an unduly high interest, Tax Court says ...
Cavallaro v. Commissioner
Taxpayer parents incurred gift tax liability when, based on improper valuations, they agreed to merge their S corp. with their sons’ S corp. and accepted an unduly low interest in the new company while sons received an unduly high interest, Tax Court says ...
Forced Buyout of ‘Frozen’ Minority Shareholder Is Excessive Remedy
Massachusetts Supreme Court declares a forced buyout an excessive remedy for minority shareholder “frozen out” of close corporation.
Brodie v. Jordan
Massachusetts Supreme Court declares a forced buy-out an excessive remedy for minority shareholder “frozen out” of close corporation.
Sharon Kay Landers v. Michael Ray Landers
The Oklahoma Court of Appeals reversed the lower court's valuation of a machine shop. It ruled that goodwill was an asset includible in the marital estate. It concluded that a valuation of the business as a going concern at less than the value of its eq ...
Business Goodwill Included in Valuation of Machine Shop
The Oklahoma Court of Appeals reversed the lower court's valuation of a machine shop. It ruled that goodwill was an asset includible in the marital estate. It concluded that a valuation of the business as a going concern at less than the value of its eq ...
Raymond E. Thorne v. Donald H. Bauder, et al.
The Colorado Court of Appeals ruled that a business broker's appraisal was a material fact which should have been disclosed during negotiations between the majority and minority shareholders in this breach of fiduciary duty action. The court considered a ...
Business Broker’s Opinion of Value Is a Material Fact Required to Be Disclosed to Minority Shareholders
The Colorado Court of Appeals ruled that a business broker's appraisal was a material fact that should have been disclosed during negotiations between the majority and minority shareholders in this breach of fiduciary duty action.
Brooks v. Brooks
The issue in this case was the valuation of a family business and the classification of goodwill as a marital asset.