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Telfer v. Telfer

In context of determining appreciation in value, appeals court says trial court did not err when it applied DLOM in valuing partial interests in businesses representing wife’s separate property; DLOM use is within trial court’s discretion and depends on facts of the case.

Tennessee Appeals Court Defers to Trial Court on DLOM Use in Divorce

In context of determining appreciation in value, appeals court says trial court did not err when it applied DLOM in valuing partial interests in businesses representing wife’s separate property; DLOM use is within trial court’s discretion and depends on facts of the case.

New Tennessee law streamlines DLOM use in divorce valuation

When and whether to apply a discount for marketability in divorce valuations has been an open question in Tennessee, owing to some confusing court rulings. However, a recent amendment to the Tennessee Code seeks to provide clarity to valuators handling divorce cases in this jurisdiction.

Ambiguous expert report prompts order to revalue minority interest

A recent Wisconsin case illustrates that a shareholder agreement in place is no guarantee for a smooth buyout of the minority shareholder. The case also includes a caution to experts to strive for clarity in their expert reports.

Reasonable Compensation Analysis Ignores Objective Evidence, Tax Court Says

Tax Court dismisses taxpayer expert’s reasonable compensation analysis as not helpful to trier of fact; court points to failure to consider objective evidence and detects willingness to “validate and confirm” the amounts reported on taxpayer’s returns.

Reasonable Compensation Analysis Ignores Objective Evidence, Tax Court Says

Tax Court dismisses taxpayer expert’s reasonable compensation analysis as not helpful to trier of fact; court points to failure to consider objective evidence and detects willingness to “validate and confirm” the amounts reported on taxpayer’s returns.

Transupport, Inc. v. Commissioner

Tax Court dismisses taxpayer expert’s reasonable compensation analysis as not helpful to trier of fact; court points to failure to consider objective evidence and detects willingness to “validate and confirm” the amounts reported on taxpayer’s returns.

Mann v. Mann

In appreciation of value case, court agrees with wife’s expert that calculation of marital portion of wife’s interest in family business requires quantification of personal goodwill attributable to wife based on value of noncompete to potential buyer in arm’s-length transaction.

Court Adopts Appreciation Analysis That Places ‘Specific Dollar Value’ on Goodwill

In appreciation of value case, court agrees with wife’s expert that calculation of marital portion of wife’s interest in family business requires quantification of personal goodwill attributable to wife based on value of noncompete to potential buyer in arm’s-length transaction.

5th Circuit backs district court's fair market value determination in ESOP dispute

The district court's determination of overpayment was a function of the contract price and the stock’s fair market value on each of three transaction dates. For its FMV determination, the court considered the testimony of three noted valuation experts retained by the plaintiffs, the DOL, and the defendants respectively. Different experts used different methods, different assumptions, different estimates, and they reached different conclusions. But they all used multiple approaches to produce several FMV estimates on the transaction dates. To arrive at a final value determination, or range of values, they all averaged or weighted the results.

Court Rejects Flat Prohibition Against Double Dipping

Appeals court finds Ohio statute requires trial court to consider income from all sources in calculating spousal support and overrules Heller I to extent Heller imposes a flat prohibition against double dipping; mandate is to ensure fairness and equity.

What Role for Revenue Ruling 59-60 Factors in Valuing Closely Held Business?

Expert’s use of Revenue Ruling 59-60 for valuation of closely held business and for damages calculation does not render opinion inadmissible under Daubert, court says, noting that scope of revenue ruling goes beyond valuation of estate and gift taxes.

Gallo v. Gallo

Appeals court finds Ohio statute requires trial court to consider income from all sources in calculating spousal support and overrules Heller I to extent Heller imposes a flat prohibition against double dipping; mandate is to ensure fairness and equity.

Zelouf Court Reasserts Its Objection to DLOM

New York court rejects majority owners’ post-trial objection to prior ruling against DLOM based on unlikelihood of sale of the business; court is guided by fairness, noting “a DLOM here would be the economic equivalent of imposing a minority discount.”

J&M Distrib., Inc. v. Hearth & Home Techs., Inc.

Expert’s use of Revenue Ruling 59-60 for valuation of closely held business and for damages calculation does not render opinion inadmissible under Daubert, court says, noting that scope of revenue ruling goes beyond valuation of estate and gift taxes.

Court Hitches DLOM Application to Probability of Sale

In fair value appraisal proceeding, New York court finds DLOM inappropriate given low probability of sale of family business and finds assumption of hypothetical impediments to sale irrelevant; New York law does not mandate DLOM in every circumstance.

Valuation Combines Elements of Rival Experts’ Cash Flow Analyses

Appeals court defers to trial court’s method of applying one expert’s cap rate to other expert’s cash flow analysis when valuing spouse’s interest in closely held company and says “purposeful” application of minority discount has support among valuators.

Zelouf International Corp. v. Zelouf (II)

New York court rejects majority owners’ post-trial objection to prior ruling against DLOM based on unlikelihood of sale of the business; court is guided by fairness, noting “a DLOM here would be the economic equivalent of imposing a minority discount.”

High Valuations Complicate Division of Sizable Marital Estate

Appeals court affirms trial court’s above fair market value determinations regarding husband’s interests in various family businesses and the resulting equalization judgment but rejects trial court’s means with which to enforce payment of judgment.

Zelouf International Corp. v. Zelouf (I)

In fair value appraisal proceeding, New York court finds DLOM inappropriate given low probability of sale of family business and finds assumption of hypothetical impediments to sale irrelevant; New York law does not mandate DLOM in every circumstance.

Can You Trust a Valuation That Falls Short of AICPA Standards?

Appeals court finds error in trial court’s refusal to value business; even if limited data caused expert’s estimate to fall short of AICPA standard, it was based on the market approach, a “sound and reasonable method to value a closely-held business.”

Browne v. Browne, Jr.

Appeals court defers to trial court’s method of applying one expert’s cap rate to other expert’s cash flow analysis when valuing spouse’s interest in closely held company and says “purposeful” application of minority discount has support among valuators.

Crider v. Crider

Appeals court affirms trial court’s above fair market value determinations regarding husband’s interests in various family businesses and the resulting equalization judgment but rejects trial court’s means with which to enforce payment of judgment.

Hugh v. Hugh

Appeals court finds error in trial court’s refusal to value business; even if limited data caused expert’s estimate to fall short of AICPA standard, it was based on the market approach, a “sound and reasonable method to value a closely-held business.”

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