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Exelon Corp. v. Commissioner

Appeals court upholds Tax Court’s ruling that taxpayer’s transactions do not represent section 1031 like-kind exchanges because taxpayer never assumed ownership of replacement plants; improper input from taxpayer’s law firm tainted appraisals used to show otherwise; accuracy penalty is justified.

Appeals Court Upholds Tax Court’s Section 1031 Decision Pivoting on ‘Tainted Appraisals’

Appeals court upholds Tax Court’s ruling that taxpayer’s transactions do not represent section 1031 like-kind exchanges because taxpayer never assumed ownership of replacement plants; improper input from taxpayer’s law firm tainted appraisals used to show otherwise; accuracy penalty is justified.

Compromised Asset Appraisals Undo Like-Kind Tax Plan

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”

Debtors’ Balance Sheet Not Reliable Indicator of Assets’ Market Value

Court says debtors “appear to be hopelessly insolvent” and rejects shareholders’ call for equity committee; debtors’ prepetition published financials are not “dependable evidence” of assets’ fair market value, even if investors relied on balance sheets.

Compromised Asset Appraisals Undo Like-Kind Tax Plan

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”

Exelon Corp. v. Commissioner

Tax Court says taxpayer’s transactions fail to meet Section 1031 requirements for income tax deferral; legal advisor’s ongoing interference with appraisal process compromised asset appraisals undergirding transactions to the point they became “useless.”

Debtors’ Balance Sheet Not Reliable Indicator of Assets’ Market Value

Court says debtors “appear to be hopelessly insolvent” and rejects shareholders’ call for equity committee; debtors’ prepetition published financials are not “dependable evidence” of assets’ fair market value, even if investors relied on balance sheets.

In re Sunedison, Inc.

Court says debtors “appear to be hopelessly insolvent” and rejects shareholders’ call for equity committee; debtors’ prepetition published financials are not “dependable evidence” of assets’ fair market value, even if investors relied on balance sheets.

Highest Court Rebukes Trial Court Over Flat-Out Bar of DCF Approach

State high court says trial court’s categorical rejection of DCF method to value a special purpose plant for tax assessment purposes is improper where parties’ “experienced and knowledgeable” experts relied on it; court remands for new trial on valuation.

Wheelabrator Bridgeport, L.P. v. City of Bridgeport

State high court says trial court’s categorical rejection of DCF method to value a special purpose plant for tax assessment purposes is improper where parties’ “experienced and knowledgeable” experts relied on it; court remands for new trial on valuation.

Invocation of EMVR Subject to Higher Degree of Proof

In ruling on defendants’ post-trial motion, district court finds plaintiff’s expert improperly invoked the entire market value rule (EMVR) in calculating lost profits because customers did not decide to buy a system containing the patented device simply t ...

Electro-Mechanical Corp. v. Power Distribution Products, Inc.

In ruling on defendants’ post-trial motion, district court finds plaintiff’s expert improperly invoked the entire market value rule (EMVR) in calculating lost profits because customers did not decide to buy a system containing the patented device simply t ...

Bankruptcy Expert Claims DCF Indicates Market Value Better Than the Market

Court authorizes $1.1 billion asset sale of the debtors, despite DCF by lenders’ expert that shows $13.8 billion value.

In re Boston Generating

Court authorizes $1.1 billion asset sale of the debtors, despite DCF by lenders’ expert that shows $13.8 billion value.

Entire Settlement Payment Is Purchase Price

One of the issues for the Tax Court was whether $4,856,922 of a $19,886,922 settlement made by Indeck Energy Services, Inc. to Michael P. Polsky was interest deductible by Indeck and recognizable as ordinary income to Polsky or whether it was part of the purchase price for shares of Indeck stock held by Polsky.

Indeck Energy Services, Inc. v. Commissioner

Issues are whether part of settlement payment constitutes interest deductible by Indeck and recognizable as ordinary income by petitioners, and whether penalties apply.

6th Circuit Allows Capital Gains Discount

The issue in this estate tax appeal is whether the petitioners were entitled to apply a discount for a built-in capital gains tax liability on real estate in valuing the stock of the corporation owning the real estate.

Section 1033 Election Does Not Prohibit Built-In Capital Gains Tax Deduction

The U.S. Court of Appeals for the Sixth Circuit reversed the Tax Court's decision denying the estate a deduction for built-in capital gains taxes embedded in four parcels for real property held by two closely held corporations. The parcels were under the ...

Estate of Welch v. Commissioner (II)

At issue is whether the estate had the right to discount the value of corporate stock to reflect a built-in capital gains tax liability on corporate real estate.

6th Circuit Estate Tax Appeal Allows Capital Gains Discount

The issue in this estate tax appeal is whether the petitioners were entitled to apply a discount for a built-in capital gains tax liability on real estate in valuing the stock of the corporation owning the real estate.

Allegheny Energy, Inc. v. DQE, Inc.

The U.S. Court of Appeals for the Third Circuit reversed the district court and ordered a preliminary injunction prohibiting DQE Inc. from taking any action.

Benefits of Merger Are Not Subject to Financial Valuation

The U.S. Court of Appeals for the 3rd Circuit reversed the district court and ordered a preliminary injunction prohibiting DQE Inc. from taking any action that would disqualify pooling of interest accounting treatment.

Court uses cost approach for "specialty properties"

Petitioner is a public utility company which owns and operates an electrical- generation, -transmission and -distribution system. The company took issue with four of its properties being cat ...

Niagara Mohawk Power Corp. v. Assessor of Geddes

The company took issue with four of its properties being categorized as specialty properties, thus resulting in overvaluation.

More Cases … Income Tax: Utilicorp United

The IRS determined that Utilicorp improperly included in the depreciable cost of goodwill or going concern value.

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