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American Poolplayers Association (APA)

This industry comprises establishments (except amusement parks and arcades; gambling industries; golf courses and country clubs; skiing facilities; marinas; fitness and recreational sports centers; and bowling centers) primarily engaged in providing recreational and amusement services.

Ticket Services

This U.S. industry comprises establishments (except travel agencies, tour operators, and convention and visitors bureaus) primarily engaged in providing travel arrangement and reservation services.

Golf Driving Ranges

This industry comprises establishments (except amusement parks and arcades; gambling industries; golf courses and country clubs; skiing facilities; marinas; fitness and recreational sports centers; and bowling centers) primarily engaged in providing recreational and amusement services.

Billiards

This industry comprises establishments (except amusement parks and arcades; gambling industries; golf courses and country clubs; skiing facilities; marinas; fitness and recreational sports centers; and bowling centers) primarily engaged in providing recreational and amusement services.

Tax Court (Grudgingly) Allows Tax Affecting Under the SEAM Method

This was a gift tax valuation case the U.S. Tax Court decided. Gifts of minority interests in The Biltmore Co. were made from the its shareholders, the Cecils, to their children and grandchildren. The IRS audited the gift tax returns and assessed deficiencies for reporting too low fair market values of the gifts of The Biltmore Co. stock. Both sides presented experts to value the gifted interests. The experts agreed that the cash flows should be tax affected. The court accepted the tax affecting while allowing that it was not an admission by the Tax Court that tax affecting should apply in all cases. The Tax Court made changes to the values presented and cobbled together a final value that resulted in refunds to the taxpayers/petitioners.

Estate of Cecil v. Comm’r

This was a gift tax valuation case the U.S. Tax Court decided. Gifts of minority interests in The Biltmore Co. were made from the its shareholders, the Cecils, to their children and grandchildren. The IRS audited the gift tax returns and assessed deficiencies for reporting too low fair market values of the gifts of The Biltmore Co. stock. Both sides presented experts to value the gifted interests. The experts agreed that the cash flows should be tax affected. The court accepted the tax affecting while allowing that it was not an admission by the Tax Court that tax affecting should apply in all cases. The Tax Court made changes to the values presented and cobbled together a final value that resulted in refunds to the taxpayers/petitioners.

Buy-Sell Agreement Fuels War Over Workable Stock Appraisal Method

In litigation over buy-sell agreement appellate court affirms that prior case law and the court’s decision do not mandate net asset valuation to determine value of plaintiff’s shares in defendant’s closely held corporation; the appropriate valuation metho ...

Sullivan v Troser Management, Inc.

In litigation over buy-sell agreement appellate court affirms that prior case law and the court’s decision do not mandate net asset valuation to determine value of plaintiff’s shares in defendant’s closely held corporation; the appropriate valuation metho ...

Lost Profits Calculations Turn on Clear Evidence of Benchmark Lost Revenues

Successful lost profits analysis turns on clear evidence of lost revenue and other key assumptions.

Two New Lottery Cases: The Odds of Discounting From Annuity Tables Decrease

6th Circuit finds that government annuity tables do not accurately reflect fair market value of lottery payments and continues case for expert evidence.

Davis v. United States

Second Circuit finds that although IRC annuity tables do not account for lack of marketability of lottery payments, the discount is not so substantial as to warrant departure therefrom.

Negron v. United States (I)

Sixth Circuit finds that government annuity tables do not accurately reflect fair market value of lottery payments, and continues case for expert evidence.

In the Matter of the Dissolution of Midnight Star Enterprises

Petition for dissolution of a partnership was brought by the general partner. The circuit court found the fair market value of the partnership was $6.2 million and ordered the majority partners to buy the business for that price within ten days or it woul ...

Steven F. Bright, et al. v. Harold Addison, et al.

The Texas Court of Appeals affirmed a trial court’s admission of lost profits testimony. It found that the testimony regarding lost profits had a sufficiently reliable basis when the damages were computed using 20-months of actual operating history for th ...

Parties Held to GAAP Valuation Methodology Under Buy-Sell Agreement

An employee sued his former employer, claiming it breached the implied covenant of good faith and fair dealing.

Kenny Maple v. Kevin Wilson, et al.

The Iowa Court of Appeals affirmed the trial court’s decision to deny lost profits in this breach of contract case.

Smith v. Grand Canyon Expeditions Company

Appellant argues that net book value arrived at by Grand Canyon too low despite buy-sell agreement specifying net book value as accepted valuation method.

Smith v. Sahagian

At issue is the valuation of husband's business, American Entertainment.

Consistent Treatment of Shareholder Loans Is Necessary

In this marital dissolution, the wife objected to the trial court's valuation of the husband's business. The Court of Appeals reversed because the corporation's balance sheet submitted into ...

Christians v. Christians

At issue is the valuation of husband's flying trapeze business.

All assets must be included in net asset method valuation

The Florida District Court of Appeals determined that the trial court erred, in part, in its valuation of husband's business, Flying Trapeze, Inc. The trial court used the net asset method t ...

In Re Kool, Mann, Coffee and Co.

At issue is the valuation of a marina/houseboat business.

In Re Kool, Mann, Coffee and Co.

Buyers purchased a marina business under fraudulent misrepresentation.

Ferraro v. Ferraro

At issue is the valuation of husband's development corporation.

Court's valuation based upon evidence upheld on appeal

The trial court valued husband's business at $900,000 and awarded wife one-half of the value, or $450,000.

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