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Expert’s Failure to Explain Basis for Compensation Analysis Renders Testimony Inadmissible

In condemnation case requiring fair market value analysis to determine compensation due to landowners, court excludes defense expert testimony, citing failure to follow mandated methodology and standard of value; court calls aspects of loss calculation based on income approach “disturbing.”

Rover Pipeline LLC v. 10.55 Acres

In condemnation case requiring fair market value analysis to determine compensation due to landowners, court excludes defense expert testimony, citing failure to follow mandated methodology and standard of value; court calls aspects of loss calculation based on income approach “disturbing.”

Tax Court Corrects Prior Valuation of LP Interest to Startling Result

On remand Tax Court recalculates decedent’s minority LP interest in family partnership by relying entirely on DCF value and giving no weight to value of company’s timberland assets; newly calculated value is half the original value.

Tax Court Corrects Prior Valuation of LP Interest to Startling Result

On remand Tax Court recalculates decedent’s minority LP interest in family partnership by relying entirely on DCF value and giving no weight to value of company’s timberland assets; newly calculated value is half the original value.

Estate of Giustina v. Commissioner (Giustina III)

On remand Tax Court recalculates decedent’s minority LP interest in family partnership by relying entirely on DCF value and giving no weight to value of company’s timberland assets; newly calculated value is half the original value.

9th Circuit Calls Tax Court Out Over ‘Imaginary Scenarios’

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.

Estate of Giustina v. Commissioner (II)

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.

Court Pans Valuation Based on Expert’s Fiction, Not Fact

High court rejects valuation of husband’s interest in closely held company where wife’s expert transformed it from one owned by four people into one managed by one person to increase its overall value.

Ward v. Ward

High court rejects valuation of husband’s interest in closely held company where wife’s expert transformed it from one owned by four people into one managed by one person to increase its overall value.

Tax Court Rejects GPCM, Dissects DCF in Valuing Minority LP Interest

Tax Court calculates value of a 41% family limited partnership (timberland assets) using a net asset value and DCF approach, the latter including a 25% DLOM and 16% discount rate, adjusted for unique risks.

Estate of Giustina v. Commissioner (I)

Tax Court calculates value of a 41% family limited partnership (timberland assets) using a net asset value and DCF approach, the latter including a 25% DLOM and 16% discount rate, adjusted for unique risks.

7th Circuit Affirms Tax Court; Gifts Were of Future Interests

This opinion is the 7th Circuit Court of Appeals’ ruling on appeal from the Tax Court opinion of Hackl v. Commissioner, 118 T.C. 279 (U.S. Tax Ct. 2002).

Hackl v. Commissioner (II)

Issue was whether restrictions on transfer in operating agreement meant that the gifted shares were "essentially without immediate value to the donees."

Lack of Present Economic Benefit Results in Finding of Future Interest

In the April 2002 issue of Shannon Pratt's Business Valuation Update, Owen Fiore and Erin Wilms discussed various attacks by the IRS on pass-through entities.

11th Circuit Affirms Shepherd v. Commissioner

This gift tax case is an appeal from the Tax Court's December 2000 decision, which was abstracted in the December 2000 issue of Shannon Pratt's Business Valuation Update®, at page 5.

Hackl v. Commissioner (I)

The issue was whether the gifts were present interests or future interests under Section 2503(b) of the tax code.

Gifts of Future Interest Do Not Qualify for Sec. 2503(b) Exclusion

The full Tax Court considered whether gifted LLC units subject to a restrictive operating agreement were gifts of a present or future interest in the gifted property for the purposes of the annual gift tax exclusion.

Shepherd v. Commissioner (II)

Issues were characterization of ifts as indirect gifts and proper application of stipulated combined minority and marketability discount.

Tax Court Adopts 60% Fractional Interest Discount

This estates of John and Sarah Baird were consolidated for this proceeding.

Estate of Baird v. Commissioner

Business Valuation and Taxes: Procedure, Law and Perspective ...

Michael Viner, et al. v. Charles A. Sweet, et al.

The California Court of Appeal, Second District considered whether the lower court appropriately admitted Viner’s economic expert in this legal malpractice case arising from a business sale. The expert was an accountant and appraiser, but did not have exp ...

Industry Experience Is Not Required for Admission of Economic Expert

The California Court of Appeal, 2nd District, considered whether the lower court appropriately admitted Viner’s economic expert in this legal malpractice case arising from a business sale.

Conrad George Olsen v. CIR

The Tax Court concluded that the payment of an equitable distribution award by the purchaser of property awarded to the taxpayer in a divorce did not qualify for IRC Sec. 1041 nonrecognition treatment because the transaction did not meet the requirements ...

Third-Party Transaction Not Available for Nonrecognition Treatment

The Tax Court concluded that the payment of an equitable distribution award by the purchaser of property awarded to the taxpayer in a divorce did not qualify for IRC Sec. 1041 nonrecognition treatment.

Holding Company Valued Using Asset Method; Small Marketability Discount Applied

The primary issue in this estate tax matter was the fair market value of decedent's 98% stock interest in Johnco Inc., a holding company with timberland as its principal asset.

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