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Real Estate Agencies

This industry comprises establishments primarily engaged in acting as agents and/or brokers in one or more of the following: (1) selling real estate for others; (2) buying real estate for others; and (3) renting real estate for others.

Business Brokerage Offices

This industry comprises establishments primarily engaged in acting as agents and/or brokers in one or more of the following: (1) selling real estate for others; (2) buying real estate for others; and (3) renting real estate for others.

Lymburner v. Axhelm

In a divorce case in Alaska, the Supreme Court determined that the wife’s expert’s valuation was superior to the husband’s expert’s valuation. Thus, the value of the business was not at issue on a remand. What was at issue was whether some or all of the businesses were separate property rather than marital property as the lower court ruled.

Alaska Supreme Court Remands for Determination of Marital Property But Affirms Lower Court’s Acceptance of Wife’s Business Value

In a divorce case in Alaska, the Supreme Court determined that the wife’s expert’s valuation was superior to the husband’s expert’s valuation. Thus, the value of the business was not at issue on a remand. What was at issue was whether some or all of the businesses were separate property rather than marital property as the lower court ruled.

Pemberton v. Pemberton

In this complex Minnesota divorce case, the appellate court was taxed with multiple issues to decide. Among those issues was the value of the two businesses the husband owned in whole or part. The district court determined values based on the wife’s expert’s valuation report. The husband’s expert was not engaged to give a valuation opinion. The appellate court did not take the husband’s expert’s criticisms and comment on value into account. The appellate court also found no error in the district court dividing the combined 2020 tax liabilities for the parties in two and allocating half to each party, nor in its decision not to allocate the husband’s excess tax paid as a result of filing separately in 2018 and 2019.

Appellate Court Affirms Value of Businesses and Tax Liability Issue

In this complex Minnesota divorce case, the appellate court was taxed with multiple issues to decide. Among those issues was the value of the two businesses the husband owned in whole or part. The district court determined values based on the wife’s expert’s valuation report. The husband’s expert was not engaged to give a valuation opinion. The appellate court did not take the husband’s expert’s criticisms and comment on value into account. The appellate court also found no error in the district court dividing the combined 2020 tax liabilities for the parties in two and allocating half to each party, nor in its decision not to allocate the husband’s excess tax paid as a result of filing separately in 2018 and 2019.

Buccieri v. New Hope Realty, Inc.

This case arose out of a dispute between the surviving family and a trustee of the founders of New Hope Realty Inc. The parties could not agree on the management and operations of New Hope Realty. On July 7, 2020, a dissolution proceeding was commenced. The defendants elected to purchase the plaintiffs’ shares. Subsequently, the parties could not agree as to the fair value of the plaintiffs’ interest. The plaintiffs asked the court to determine the value. The court held hearings including testimony from expert witnesses from both parties and determined the fair value.

Court Determines Fair Value of 50% Interest in Real Estate Company—Parties Could Not Agree on Value

This case arose out of a dispute between the surviving family and a trustee of the founders of New Hope Realty Inc. The parties could not agree on the management and operations of New Hope Realty. On July 7, 2020, a dissolution proceeding was commenced. The defendants elected to purchase the plaintiffs’ shares. Subsequently, the parties could not agree as to the fair value of the plaintiffs’ interest. The plaintiffs asked the court to determine the value. The court held hearings including testimony from expert witnesses from both parties and determined the fair value.

Guttman v. Guttman

The one-third partner of a real estate partnership, Bruce Guttman (Bruce), sued for dissolution. The two majority partners initiated a statutory procedure to buy out Bruce. All three appraisals were very close to $38 million. Feeling the valuations to be too low, Bruce sought to withdraw his complaint without prejudice. The trial court, on a motion from the majority partners, vacated Bruce’s dismissal. The appellate court affirmed the trial court.

One-Third Partner Sued to Have Partnership Dissolved, Asked to Vacate His Dissolution Assertion

The one-third partner of a real estate partnership, Bruce Guttman (Bruce), sued for dissolution. The two majority partners initiated a statutory procedure to buy out Bruce. All three appraisals were very close to $38 million. Feeling the valuations to be too low, Bruce sought to withdraw his complaint without prejudice. The trial court, on a motion from the majority partners, vacated Bruce’s dismissal. The appellate court affirmed the trial court.

Court Grants Insurance Company’s Motion to Dismiss Plaintiff’s Complaint That It Suffered Covered Loss of Income Due to COVID-19 Restrictions

In this business interruption case resulting from mandatory restrictions to control COVID-19, the court grants a motion to dismiss claims of the plaintiff. The plaintiff’s arguments that it suffered physical loss or damage to its properties did not sway the court. Nor did its arguments that the civil authority provisions and virus exclusion in the policy were not applicable to deny its claims.

Equity Planning Corp. v. Westfield Ins. Co.

In this business interruption case resulting from mandatory restrictions to control COVID-19, the court grants a motion to dismiss claims of the plaintiff. The plaintiff’s arguments that it suffered physical loss or damage to its properties did not sway the court. Nor did its arguments that the civil authority provisions and virus exclusion in the policy were not applicable to deny its claims.

Coster v. UIP Companies, Inc.

In breach of fiduciary duty action, court says stock sale passes enhanced fairness review; appraiser valuing real estate investment services company before sale is eminently qualified and knowledgeable about industry; capitalized cash flow method “generated a reliable indicator” of company’s value.

Valuation Underlying Controversial Stock Sale Satisfies Highest Scrutiny

In breach of fiduciary duty action, court says stock sale passes enhanced fairness review; appraiser valuing real estate investment services company before sale is eminently qualified and knowledgeable about industry; capitalized cash flow method “generated a reliable indicator” of company’s value.

Blind Reliance on Client Data and Wide-Ranging Values Gut New Venture Valuation

In a securities fraud action, appeals court upholds class certification; trial court did not err when it found direct evidence of price impact by way of event study was not necessary to show market efficiency where there was strong indirect evidence.

Lightbox Ventures, LLC v. 3 RD Home Ltd.

Court excludes lost profits calculation and valuations of new venture; experts’ unquestioning adoption of plaintiff’s data and assumptions, the large range of valuations proffered, and disclaimers accompanying valuations undermine opinions’ meaningfulness.

Kassab v Kasab

In determining the fair value of petitioner’s interest in two family businesses that hold real estate, New York court (Second Department) adopts expert’s decision not to apply marketability discount, noting valuation “already relies upon market exposure.”

Court Adopts DLOM-Free Valuation of Realty Holding Company

In determining the fair value of petitioner’s interest in two family businesses that hold real estate, New York court (Second Department) adopts expert’s decision not to apply marketability discount, noting valuation “already relies upon market exposure.”

Manipulation of Valuation of Bequeathed Stock Sinks Charitable Contribution Claim

Tax Court says executor of estate in series of post-death measures changed the value and size of decedent’s stock donation and may not claim date-of-death value of assets not actually transferred to family foundation; court affirms estate tax deficiency.

Estate of Dieringer v. Commissioner

Tax Court says executor of estate in series of post-death measures changed the value and size of decedent’s stock donation and may not claim date-of-death value of assets not actually transferred to family foundation; court affirms estate tax deficiency.

Indiana Considers Fair Value Standard in Divorce

Indiana appellate court considers adopting fair value standard in divorce.

Alexander v. Alexander

Indiana appellate court considers adopting fair value standard in divorce.

Mary Jo Rupert v. Alonzo C. Rupert

The Ohio Court of Appeals, Third District affirmed the trial court’s order to liquidate a business’ assets, thus, destroying the business’ goodwill, which testimony indicated had a substantial value.

Goodwill Value Ignored When Business Is Liquidated

The Ohio Court of Appeals, 3rd District, affirmed the trial court’s order to liquidate a business’ assets, thus, destroying the business’ goodwill, which testimony indicated had a substantial value.

Metro Leasing and Development Corporation v. CIR (II)

The U.S. Court of Appeals underscored that the independent investor test is but one of several factors to be considered when determining reasonable and deductible compensation under sec. 162 and is not dispositive of the issue.

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