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More Thorough Expert Persuades Court in Valuing CPA Firm

Court affirms reliance on income approach to value solo CPA practice, including distinction between personal and enterprise goodwill, but rejects trial court’s finding that 25% of the firm was the husband’s separate property, based on his demonstrated int ...

In re Marriage of Hanscam

Court affirms reliance on income approach to value solo CPA practice, including distinction between personal and enterprise goodwill, but rejects trial court’s finding that 25% of the firm was the husband’s separate property, based on his demonstrated int ...

Mulcahy, Pauritsch, Salvador & Co. v. Commissioner

Tax Court says, under independent investor test, taxpayer is not entitled to presumption that deductions for “consulting fees” are reasonable compensation; firm’s expert relied on irrelevant statistics to support reasonable compensation for services claim ...

Appraiser Provides Accurate Measure of Debt-Ridden CPA Firm in Divorce

Court values accounting practice as a partnership, when it is a corporation "in name only."

Scott v. Scott

Court values accounting practice as a partnership, when it is a corporation "in name only."

Louisiana clarifies professional practice goodwill valuation

In this marital dissolution, the issue was the value of wife’s interest in her CPA practice (CPA practice) and the value of the couple’s funeral home (Gill LLC) that was operated by husband.

Gill v. Gill

In this marital dissolution, the issue was the value of wife’s interest in her CPA practice (CPA practice) and the value of the couple’s funeral home (Gill LLC) that was operated by husband.

Balance Sheet Dated Two Months After Shareholder Withdrawal Not Evidence of Fair Value on Date of Withdrawal

The issue in this case was whether the trial court erred in determining the value of a 50% shareholder interest in a professional corporation on the date the shareholder withdrew from the corporation.

Spivey v. Page

This appeal involves a question of valuation of the shares of a withdrawing shareholder from a professional corporation. We reverse the trial court’s determination that the shares had no value and hold that the valuation should have been made as of the ...

Court values and distributes partner's interest in enterprise goodwill of Ernst & Young

One of the issues in this marital dissolution was the value of the husband's partnership interest in the accounting firm of Ernst & Young ("E&Y"), including his interest ...

Fishman v. Fishman

The issue in this case was whether husband's interest in Zelenkofske Axelrod Consulting , was a marital asset.

Bobrow v. Bobrow

One of the issues in this marital dissolution was the value of the husband's partnership interest in the accounting firm of Ernst & Young ("E&Y").

Fishman v. Fishman

The issue in this case was whether husband's interest in Zelenkofske Axelrod Consulting, was a marital asset.

In Re Stephen L. Vecchitto

At issue is the valuation of 220 shares of stock of a closely-held corporation.

In Re Stephen L. Vecchitto

The trustee sued a Chapter 7 bankruptcy debtor to avoid the transfer of certain shares of stock that debtor declared valueless.

Covenant Not to Compete Key to Intangible Asset Value

The principal issue underlying these consolidated cases is the fair market value of the corporation's assets on the date of distribution.

William Norwalk, et al. v. CIR

The Tax Court concluded that without non-compete agreements executed in favor of the company, the goodwill in a professional accounting practice was the property of the accountant. Therefore, it rejected the IRS's position that goodwill was distributed t ...

John T. & Linda L. Hewitt (Hewitt I) v. CIR

The full Tax Court concluded that a taxpayer who donated stock to a charitable organization was not entitled to a deduction greater than their basis in the stock. The stock was closely held and thinly traded through the company. The taxpayer failed to c ...

Qualified Appraisal Required to Substantiate Value of Charitable Donation

The full Tax Court concluded that a taxpayer who donated stock to a charitable organization was not entitled to a deduction greater than their basis in the stock.

More Court Cases ... Bankruptcy: Makula

On his Chapter 7 bankruptcy petition, John Makula valued his 67 partnership units in Thomas Havey & Co., an Illinois accounting partnership, at a total of $67,000.

Makula v. Sanwa Business Credit Corp.

At issue is the admittance of expert testimony.

Meyer v. Lofgren

The valuation issue is whether goodwill should be considered in valuing an accounting partnership.

Meyer v. Lofgren

At issue is the whether goodwill should be included in the fair value of a CPA partnership.

Appellate court upholds no CPA practice goodwill

Wife's expert, Patricia Piteo of Cohen & Co., valued husband's 80% partnership interest in Flauto and Kitelinger, CPAs, at $214,700 by considering assets such as accounts receivable, unbilled work in progress, and goodwill.

Flauto v. Flauto

At issue is the valuation of husband's accounting business.

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