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5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Estate of Streightoff v. Commissioner (II)

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

In estate tax dispute, Tax Court agrees with IRS that decedent transferred limited partner interest, not assignee interest, to revocable trust; under partnership agreement, limited partner had rights not available to assignee; court rejects discount for lack of control and adopts IRS’ DLOM rate.

Estate of Streightoff v. Commissioner (I)

In estate tax dispute, Tax Court agrees with IRS that decedent transferred limited partner interest, not assignee interest, to revocable trust; under partnership agreement, limited partner had rights not available to assignee; court rejects discount for lack of control and adopts IRS’ DLOM rate.

Buyout Agreement Short-Circuits Court’s Scrutiny of Appraisals

Court says determination of repurchase price of departing partner’s stake is subject to operating agreement giving defendants absolute control over valuation; absent bad faith conduct, court declines to scrutinize appraisals underlying buyout offer.

Valuations Underpin DE Chancery’s Ruling in Going-Private Merger

DE Supreme Court affirms use of business judgment review where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor confirmed merger was favorable to minority stockholders.

Valuations Underpin DE Chancery’s Ruling in Going-Private Merger

DE Chancery adopts business judgment review standard where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor demonstrate merger was favorable to minority stockholders.

Leone v. Owsley

Court says determination of repurchase price of departing partner’s stake is subject to operating agreement giving defendants absolute control over valuation; absent bad faith conduct, court declines to scrutinize appraisals underlying buyout offer.

Court Likens ‘Book of Business’ to Professional Goodwill

Appeals court says financial analyst spouse’s ability to induce clients to follow her when switching employer resembles goodwill in professional practices and represents a divisible community asset; trial court erred when it found analyst’s book of busine ...

Kahn v. M&F Worldwide Corp.

DE Supreme Court affirms use of business judgment review where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor confirmed merger was favorable to minority stockholders.

Finby v. Finby

Appeals court says financial analyst spouse’s ability to induce clients to follow her when switching employer resembles goodwill in professional practices and represents a divisible community asset; trial court erred when it found analyst’s book of busine ...

In re MFW Shareholders Litig.

DE Chancery adopts business judgment review standard where controlling stockholder buyout includes two procedural protections for minority and finds valuations from independent financial advisor demonstrate merger was favorable to minority stockholders.

Estate of Stone v. Commissioner

Tax Court holds transfer of woodlands to FLP outside reach of Section 2036(a); “bona fide sale” was present even though partnership conducted no business or investment activity, had no bank account, and caused no change in use or enjoyment of property.

Estate of Stone v. Commissioner

A husband and wife owned 740 acres of undeveloped woodland, which, on the advice of their attorney, they transferred to a family limited partnership (FLP). They each retained a 1% general partnership interest, but over the years began gifting limited part ...

Major Victory for Taxpayer and Appraiser in Classic FLP Case

Taxpayer wins major, multimillion-dollar victory for appraisal of FLP assets in estate tax case, including court’s adoption of substantial discounts for lack of control and lack of marketability.

Murphy v. U.S.

Taxpayer wins major, multi-million dollar victory for appraisal of FLP assets in estate tax case, including court’s adoption of substantial discounts for lack of control and lack of marketability.

In re Buonamici

IN THE COURT OF CHANCERY FOR THE STATE OF DELAWARE IN THE MATTER OF ) TIMOTHY BUONAMICI, JR. ) C.M. No. 04116-N-VCP MEMORANDUM OPINION Date Submitted: April 1, 2008 Dated Decided: August 11, 2008 James F. Harker, Esquire, COHEN SEGLIAS PALLAS GREENHALL & FURMAN, P.C., Wilmington, Delaware, Attorney for Petitioner Gary A. Bryde, Esquire, GARY A. BRYDE, P.A., Hockessin, Delaware, Attorney for Guardian PARSONS, Vice Chancellor. This matter is before me on exceptions to ...

Jelke Overruled: 11th Circuit Approves 100% Discount for Imbedded Capital Gains

11th Circuit rejects Jelke and adopts dollar-for-dollar discount for contingent capital gains tax liability.

Estate of Jelke v. Commissioner (II)

Eleventh Circuit rejects Jelke and adopts dollar-for-dollar discount for contingent capital gains tax liability.

Saye v Old Hill Partners, Inc.

On June 18, 2003, Plaintiff, Jeffrey M. Saye (“Saye”), commenced this action, alleging that Defendant, Old Hill Partners, Inc. (“OHP”) violated certain agreements under which OHP was to repurchase Saye’s shares in OHP and grant an option for Saye to p ...

A Frustrated 7th Circuit Remands Tax Court’s Remands Tax Court’s Mark-to-Market Interest Swap Valuation

7th Circuit overturns Tax Court’s fair market valuation of interest swaps, saying it didn’t give due deference to Commissioner’s calculations.

JP Morgan Chase & Co. v. Commissioner of Internal Revenue

Seventh Circuit overturns Tax Court’s fair market valuation of interest swaps, saying it didn’t give due deference to Commissioner’s calculations.

Disparity Between Valuations of Hedge Funds of Unlisted Securities Not Misleading by Itself; Self-Dealing Needed for Fraud

Beacon Hill Asset Management LLC (Beacon Hill), an investment manager of hedge funds that invested in mortgage-backed and related securities, allegedly overstated the net asset values (NAV) of three funds from March 2000 through September 2002 by as much as 61.22%.

Fraternity Fund Ltd. v. Beacon Hill Asset Management LLC

One of the issues was whether Beacon Hill's valuations were fraudulent because they deviated from valuations done by independent appraisers/brokers.

In re the Marriage of Duncan

At issue is the valuation of husband's interest in an investment advisory business.

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