Demand for Executive Compensation Data Lacks ‘Proper Purpose’
Appeals court finds no error in trial court’s rejection of plaintiff’s demand for inspection of corporate records on executive compensation, where expert testimony showed information was not necessary to value plaintiff’s minority interest in company.
Pearson v. Westervelt Co.
Appeals court finds no error in trial court’s rejection of plaintiff’s demand for inspection of corporate records on executive compensation, where expert testimony showed information was not necessary to value plaintiff’s minority interest in company.
Capital Gains Tax Determined on Value of Property Before Distribution to Transitional Limited Partnership
Pope & Talbot Inc. distributed certain real property to Pope Resources, a newly formed Delaware limited partnership.
Pope & Talbot, Inc. v. Commissioner of Internal Revenue
At issue is the fair market value of the property the plaintiff distribtued to a limited partnership.
Aggregate Value of Publicly Traded Partnership Units Is Not Equal to the Value of the Underlying Assets
The 9th Circuit affirmed the Tax Court's decision to calculate the tax due under IRC sec. 311 based on the fair market value of property the corporation transferred to a limited partnership.