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5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Estate of Streightoff v. Commissioner (II)

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Ohio Court Affirms Facts of Case Don’t Require ‘Double-Dipping Offset’

Ohio appeals court upholds trial court’s spousal support determination based on husband’s average, rather than normalized, income, finding “equity did not require a double-dipping offset”; court agrees with sister court’s ruling in Gallo that applicable statute does not prohibit double dipping.

Kim v. Kim

Ohio appeals court upholds trial court’s spousal support determination based on husband’s average, rather than normalized, income, finding “equity did not require a double-dipping offset”; court agrees with sister court’s ruling in Gallo that applicable statute does not prohibit double dipping.

Papin v. Papin

High court upholds classification and valuation of husband’s investment management business, noting business consists of book of business, which can exist without owner, and owner’s skills and expertise, which are his separate property; proceeds from sale of book of business are community property.

Trajectory of Owner’s Investment Management Business Raises Characterization and Valuation Issues

A complex divorce case in front of the Idaho Supreme Court featuring an investment management business that the husband had set up before and sold during the marriage raised noteworthy issues about the nature of the business and the characterization and valuation of its various components (book of business vs. owner’s skills). A related flashpoint was whether the nonowner spouse was entitled to any appreciation (enhancement) in the value of the business that occurred ...

5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

In estate tax dispute, Tax Court agrees with IRS that decedent transferred limited partner interest, not assignee interest, to revocable trust; under partnership agreement, limited partner had rights not available to assignee; court rejects discount for lack of control and adopts IRS’ DLOM rate.

Estate of Streightoff v. Commissioner (I)

In estate tax dispute, Tax Court agrees with IRS that decedent transferred limited partner interest, not assignee interest, to revocable trust; under partnership agreement, limited partner had rights not available to assignee; court rejects discount for lack of control and adopts IRS’ DLOM rate.

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

SEC’s Daubert Challenge to Securities Valuation Testimony Fizzles

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

Court Distinguishes Between Goodwill and Trail Income in Solo Practice Valuation

Professional practice, sole proprietorship, goodwill, valuation, marital property, equitable distribution, valuation method, income, child support, double counting ...

SEC v. Nutmeg Group, LLC

In an SEC case requiring valuation of restricted securities, court admits most of the testimony of parties’ experts; experts need not be specialists in given field and need not demonstrate familiarity with USPAP or SSVS to qualify under Daubert, court fin ...

Fuller v. Fuller

Appeals court says trail income generated by solo financial planning practice is different from professional goodwill; it can be sold separately or assigned, and there exists a formula for valuing it; trial court was right to consider it a marital asset.

Court Distinguishes Between Goodwill and Trail Income in Solo Practice Valuation

Appeals court says trail income generated by solo financial planning practice is different from professional goodwill; it can be sold separately or assigned, and there exists a formula for valuing it; trial court was right to consider it a marital asset.

Comparable Transaction Exposes Error in Court’s Enterprise Goodwill Ruling

Appeals court strikes divorce ruling adopting income-based valuation of enterprise value of owner’s financial services business, valuation conflicts with data from similar transaction that occurred close to valuation date and involved owner-spouse.

In re Marriage of Johnson

Appeals court strikes divorce ruling adopting income-based valuation of enterprise value of owner’s financial services business, valuation conflicts with data from similar transaction that occurred close to valuation date and involved owner-spouse.

Court Declines to Attribute Commercial Goodwill to Solo Practice

Appeals court affirms trial court’s ruling finding that, without noncompete from owner-spouse, under FMV standard, financial advisor’s solo practice fetches only net book value of its tangible assets; most of value lies in owner-spouse’s personal goodwill ...

K.T. v. M.T.

Appeals court affirms trial court’s ruling finding that, without noncompete from owner-spouse, under FMV standard, financial advisor’s solo practice fetches only net book value of its tangible assets; most of value lies in owner-spouse’s personal goodwill ...

Court Rejects Double-Dip Claim, Emphasizing Owner’s General Earning Capacity

Appellate court says trial court did not double dip where it predicated its alimony order on husband’s general earning capacity, independent of husband’s employment at companies that were marital assets subject to property division.

Callahan v. Callahan

Appellate court says trial court did not double dip where it predicated its alimony order on husband’s general earning capacity, independent of husband’s employment at companies that were marital assets subject to property division.

Buyout Agreement Short-Circuits Court’s Scrutiny of Appraisals

Court says determination of repurchase price of departing partner’s stake is subject to operating agreement giving defendants absolute control over valuation; absent bad faith conduct, court declines to scrutinize appraisals underlying buyout offer.

Leone v. Owsley

Court says determination of repurchase price of departing partner’s stake is subject to operating agreement giving defendants absolute control over valuation; absent bad faith conduct, court declines to scrutinize appraisals underlying buyout offer.

Court Likens ‘Book of Business’ to Professional Goodwill

Appeals court says financial analyst spouse’s ability to induce clients to follow her when switching employer resembles goodwill in professional practices and represents a divisible community asset; trial court erred when it found analyst’s book of busine ...

Finby v. Finby

Appeals court says financial analyst spouse’s ability to induce clients to follow her when switching employer resembles goodwill in professional practices and represents a divisible community asset; trial court erred when it found analyst’s book of busine ...

Bricklayers and Trowel Trades International Pension Fund v. Credit Suisse First Boston

District court strike’s expert event study, purporting to support a “fraud on the market theory,” for “flouting” accepted methodology, including “cherry-picking” the event dates and failing to account for confounding factors.

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