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Biton v. Kreinis

In dispute over fair value of plaintiff’s shares, court agrees with parties’ experts on use of capitalization of earnings method to value company; court rejects defense expert’s use of QuickBooks data and post-valuation-date revenue as representative annual revenue; applies key-person discount.

In Fair Value Determination, Court Says SSVS Discourages Use of Post-Valuation-Date Data

In dispute over fair value of plaintiff’s shares, court agrees with parties’ experts on use of capitalization of earnings method to value company; court rejects defense expert’s use of QuickBooks data and post-valuation-date revenue as representative annual revenue; applies key-person discount.

Lack of Valuation Credentials Does Not Disqualify Expert, but Failure to Perform Valuation Does, Court Finds

Court finds proposed expert testimony inadmissible under Rule 702 and Daubert where expert did not himself prepare the value determination, conceded any estimate of value by his firm was prepared for marketing purposes, and where damages model that expert testimony supported was fatally flawed.

Eurochem North America Corp. v. Ganske

Court finds proposed expert testimony inadmissible under Rule 702 and Daubert where expert did not himself prepare the value determination, conceded any estimate of value by his firm was prepared for marketing purposes, and where damages model that expert testimony supported was fatally flawed.

Stocker v. Stocker

Trial court did not err in adopting income-based valuation offered by husband’s expert; appeals court calls husband’s attack on his own expert “counterintuitive” where expert explained the value of the company was in its cash flow rather than its assets.

Court Rebuffs Litigant’s Attack on Own Expert’s Income-Based Valuation

Trial court did not err in adopting income-based valuation offered by husband’s expert; appeals court calls husband’s attack on his own expert “counterintuitive” where expert explained the value of the company was in its cash flow rather than its assets.

‘Fanciful’ Projections Make DCF an Unreliable Tool in Appraisal Proceeding

In statutory appraisal, Chancery decides to “defer” to deal price, citing a robust sales process and well-functioning market; petitioners’ DCF analysis was not a useful valuation tool where it was based on, “at best, fanciful” management projections.

‘Fanciful’ Projections Make DCF an Unreliable Tool in Appraisal Proceeding

In statutory appraisal, Chancery decides to “defer” to deal price, citing a robust sales process and well-functioning market; petitioners’ DCF analysis was not a useful valuation tool where it was based on, “at best, fanciful” management projections.

In re PetSmart, Inc.

In statutory appraisal, Chancery decides to “defer” to deal price, citing a robust sales process and well-functioning market; petitioners’ DCF analysis was not a useful valuation tool where it was based on, “at best, fanciful” management projections.

9th Circuit Follows Up on Value of Fractional Interest in Major Art Collection

9th Circuit rejects estate’s appeal of 5% discount for a 50% undivided fractional interest in art collection, based on insufficient appraisal evidence to carry the taxpayer’s burden of proof to show that IRS assessment was wrong.

Stone v. U.S. (II)

Ninth Circuit rejects estate’s appeal of 5% discount for a 50% undivided fractional interest in art collection, based on insufficient appraisal evidence to carry the taxpayer’s burden of proof to show that IRS assessment was wrong.

Parties Unable to Settle Discount for Fractional Interest in Artwork

Finding that the estate failed to carry its burden to prove support for 35% discount in fractional (50%) interest in art, the court confirms IRS 5% discount.

Do BV Methods Apply to Determining Discount for Fractional Interest in Art?

Court considers limits to business valuation “science” for determination of discounted value of fractional interest in art.

Stone v. United States

Finding that the estate failed to carry its burden to prove support for 35% discount in fractional (50%) interest in art, the Court confirms IRS 5% discount.

Stone v. U.S. (I)

Court considers limits to business valuation “science” for determination of discounted value of fractional interest in art.

Janis v Commissioner

Sidney Janis owned and operated a well-known art gallery in New York City. In 1988, he transferred ownership of the gallery to a trust, naming himself and his sons, Conrad and Carroll, trustees. Sidney Janis died a year later, leaving Conrad and Carroll ...

In re the Marriage of Tesoriero

This is a marital dissolution proceeding in which a wife challenges an order for the sale of a community asset and various other portions of the judgment. We reject most of her claims of error, modify the judgment and, as modified, affirm.

Key-person and marketability discounts lumped together

In this marital dissolution, the issue was the value of the family business, which, in part, sold puppies.

Frawley v. Frawley

In this marital dissolution the issue was the value of the family business which, in part, sold puppies.

Intrinsic Value Appropriate in Marital Dissolution so No Discounts Applied

The issues in this case were whether, in valuing husband’s business interest, the trial court abused its discretion by failing to apply (1) a discount for lack of control (2) a discount for capital gains tax consequences (3) salary adjustments.

Owens v. Owens

Seeing that a sale of husband's interest in his corporation was not probable, the judge did not allow a minority interest to be applied.

613 Fairview Ave., LLC v. Pong's Corp. Inc.

The Washington Court of Appeals determined that the new business rule did not preclude an award of lost profits based on a breach of a commercial lease to a franchisee who was unable to open its franchise as a result of the breach.

Tax Court Details Noncompete Covenant

The issue in this case is whether State Supply, a distributor of beauty supply products organized as an S corporation, may amortize $2.5 million for noncompete covenants.

Thompson, C v. Commissioner (II)

Case name: Thompson v. Commissioner Citation: 1997 Tax Ct. Memo LEXIS 341 At issue is whether State Supply may amortize $ 2.5 million, or some lesser amount, for covenants not to compete.

Michael v. Michael

Issue was the fair market value of the parties' 92% interest in Michael Machine. Includes discussion of Revenue Ruling 59-60.

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