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Corwin v. KKR Fin. Holdings LLC

Regarding breach of fiduciary duty claims, Delaware Supreme Court says business judgment rule (lower standard of review) applies where disinterested stockholder majority approves merger with third party and vote was uncoerced and fully informed.

Giaimo v. Vitale (II)

In dissenting shareholder case, appellate court affirms application of DLOM to statutory fair value of real estate holding companies, as well as present-value discount for taxes on built-in gains (BIG).

Valuing a Hypothetical Asset Renders Appraisal ‘Meaningless’

Tax Court says petitioner failed IRC’s section 170 requirements for charitable contribution deduction because his claim leaned on appraisals of the donated building that were not qualified; neither valuation was timely or established the asset’s fair mark ...

Alli v. Commissioner

Tax Court says petitioner failed IRC’s section 170 requirements for charitable contribution deduction because his claim leaned on appraisals of the donated building that were not qualified; neither valuation was timely or established the asset’s fair mark ...

Can Defendant Disclaim Its Own Projections to Undo Expert’s Valuation?

Appeals court strikes down $28.2 million award to minority owner finding expert’s determination of the present value of the owner’s interest in income-producing properties relied on majority owner’s unreliable internal projections; although a party’s effo ...

Court Credits Expert’s Cash Flow Analysis in Solvency Determination

Bankruptcy Court credits trustee’s expert’s cash flow analysis in finding “billionaire” debtor was insolvent at the time she signed a guarantee for a $13 million loan defendant made to her son; because the transfer was fraudulent, the court sets aside the ...

Citrin Holdings, LLC v. Minnis

Appeals court strikes down $28.2 million award to minority owner finding expert’s determination of the present value of the owner’s interest in income-producing properties relied on majority owner’s unreliable internal projections; although a party’s effo ...

Samson v. Western Capital Partners LLC (In re Blixseth)

Bankruptcy Court credits trustee’s expert’s cash flow analysis in finding “billionaire” debtor was insolvent at the time she signed a guarantee for a $13 million loan defendant made to her son; because the transfer was fraudulent, the court sets aside the ...

NY Court Ratifies DLOM in Fair Value of Real Estate Companies

In dissenting shareholder case, appellate court affirms application of DLOM to statutory fair value of real estate holding companies, as well as present-value discount for taxes on built-in gains (BIG).

IRS Challenges Family LLC as Indirect Gift, Including 58% Marketability Discount

Court finds $2.5 million cash transfers to family limited company are indirect gifts, subject to gift tax for full value, excluding 58% marketability discounts.

Heckerman v. Commissioner

Court finds $2.5 million cash transfers to family limited company are indirect gifts, subject to gift tax for full value, excluding 58% marketability discounts.

‘Fundamental Accuracy’ of Report Fails to Overcome Arbitrary Minority Discount

Minor errors in appraiser’s testimony weren’t fatal—but application of an “arbitrary” minority discount to real estate holding company was.

Pickard v. Pickard

Minor errors in appraiser’s testimony weren’t fatal—but application of an “arbitrary” minority discount to real estate holding company was.

Sufficient evidence must support valuation date

In this marital dissolution case, the issue was the appropriate valuation date for the parties’ 85 operating entities, which, in turn, owned more than 100 residential rental real estate properties.

Scharfman v. Scharfman

In this marital dissolution case, the issue was the appropriate valuation date for the parties' 85 operating entities, which, in turn, owned more than 100 residential rental real estate properties.

Businesses started before legal separation are marital

The issue in this marital dissolution was the classification of three business interests either as the husband's separate property or as marital property.

Kauffman v. Kauffman

At issue is the identification and valuation of the marital property.

Assets transferred to FLP part of estate

Prior to his death, decedent transferred his life interest in his residence, rental properties and other real properties, and investment accounts to the Reichardt Family Trust and Reichardt ...

Blockage Discount Appropriate for Apartment House

The taxpayer was granted a 20% fractional interest discount and an 11% blockage discount with apartment house properties, based on comparable sales and an analysis of market conditions and the economy.

Estate of Reichardt v. Commissioner

114 T.C. No. 9 UNITED STATES TAX COURT ESTATE OF CHARLES E. REICHARDT, DECEASED, WILLIAM D. REICHARDT, INDEPENDENT EXECUTOR, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent Docket No. 1224-98. Filed March 1, 2000. Decedent (D) had two children, C and W. On June 17, 1993, D formed a revocable family trust (the trust) and a family limited partnership (the partnership). The trust was the general partner of the partnership. D, C, and W were ...

Value of Assets Transferred to a Limited Partnership Is Included in Decedent’s Gross Estate

The Tax Court determined that the estate must include the value of partial interests in real property in its gross estate under IRC sec. 2036. The decedent owned interests and life interest in real property. He had the power to consume the property in w ...

Assets Controlled by Decedent After Transfer to FLP Part of Estate

Prior to his death, decedent transferred his life interest in his residence, rental properties and other real properties, and investment accounts to the Reichardt Family Trust and to Reichardt Partners Ltd., a family limited partnership of which the trust was the only general partner.

Weinberg v. Commissioner

At issue is the fair market value of a limited partnership interest over which the decedent had a general power of appointment on the date of her death.

Tax Court Rejects QMDM and Use of Single Comparable

In this estate tax matter, the Tax Court addressed basic valuation issues dealing with minority interest and illiquidity discounts in the context of a limited partnership interest.

Estate of Brocato v. Commissioner

At issue is whether respondent is equitably estopped from assessing additional estate tax, and if not, the proper amount of blockage and fractional interest discounts to be applied to petitioner’s nine real properties must be determined.

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