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Mississippi High Court Clarifies Best Practice for Lost Profits Calculation

In usurped-corporate-opportunity case, high court upholds trial court’s lost profits calculation based on actual numbers of company benefitting from wrongdoing, although best way is to project future profits or consider past profits of damaged business.

Lane v. Lampkin (III)

In usurped-corporate-opportunity case, high court upholds trial court’s lost profits calculation based on actual numbers of company benefitting from wrongdoing, although best way is to project future profits or consider past profits of damaged business.

Mississippi High Court Clarifies Best Practice for Lost Profits Calculation

In usurped-corporate-opportunity case, high court upholds trial court’s lost profits calculation based on actual numbers of company benefitting from wrongdoing, although best way is to project future profits or consider past profits of damaged business.

High Court Finds Trial Court’s Damages Assessment Unsound

State high court strikes down trial court’s damages assessment because it included values from a business valuation when the applicable law required an analysis of the entire loss suffered by a corporation owing to a partner’s breach of fiduciary duty.

Lane v. Lampkin (II)

State high court strikes down trial court’s damages assessment because it included values from a business valuation when the applicable law required an analysis of the entire loss suffered by a corporation owing to a partner’s breach of fiduciary duty.

What Rationale for Net Book Value in Damages Analysis?

Appeals court finds trial court did not err when it incorporated net book value calculation in its lost profits analysis in a case claiming breach of fiduciary duty and usurpation of business opportunity; dissent says damages calculation is “illogical.”

Lane v. Lampkin (I)

Appeals court finds trial court did not err when it incorporated net book value calculation in its lost profits analysis in a case claiming breach of fiduciary duty and usurpation of business opportunity; dissent says damages calculation is “illogical.”

Deposits of FLP Income to Personal Bank Account Cause Disallowance of Gifts

The decedent, Dorothy Schauerhamer, established three partnerships to which she gifted assets, primarily commercial real estate.

Schauerhamer v. Commissioner

At issue is whether the value of certain assets transferred to family partnerships is includable in the decedent's gross estate.

Family Limited Partnership Disregarded Where Decedent Used Partnership Funds for Personal Expenses

The Tax Court concluded that three family limited partnerships should be disregarded and the value of their assets included in the value of the decedent's gross estate under IRC sec. 2036.

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