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SCOTUS sides with IRS in COLI valuation dispute

The U.S. Supreme Court has unanimously sided with the 8th Circuit and ruled that company-owned life insurance (COLI) proceeds used to redeem the deceased shareholder’s stock should be included for purposes of valuing the corporation for estate tax purposes.

BV News and Trends May 2024

A monthly roundup of key developments of interest to business valuation experts.

SCOTUS struggles with COLI valuation case

Last week, the U.S. Supreme Court heard oral arguments in the Connelly case, which involves the question of how corporate-owned life insurance (COLI) designed to fund the redemption of a deceased shareholder’s stock impacts the fair market value of the subject company and the value of the decedent’s gross estate.

BV News and Trends March 2024

A monthly roundup of key developments of interest to business valuation experts.

Live today! SCOTUS arguments in the COLI valuation case

A live audio feed of oral arguments to the U.S. Supreme Court in the Connelly case will be broadcast today, March 27.

COLI valuation case now on SCOTUS’ calendar

March 27 is the date the U.S. Supreme Court will hear arguments in the Connelly case, according to the court’s calendar.

Today! Hitchner’s annual BV update webinar

BVWire looks forward to Jim Hitchner’s annual webinar where he reviews new concepts, data, models, and methods that have emerged in business valuation over the past year.

Connelly case kicks off Heckerling conference

At the Heckerling Institute on Estate Planning in Orlando, Fla., earlier this month, the first session was a panel on key court cases of 2023, and “valuation was top of mind for many federal courts,” according to coverage in WealthManagement.com.

Grabowski analyzes COLI valuation issue SCOTUS will decide

The U.S. Supreme Court has agreed to hear a case involving a valuation issue in order to resolve a circuit split.

BV News and Trends June 2022

A monthly roundup of key developments of interest to business valuation experts.

AICPA offers free webcast on estate/gift valuations

A two-and-a half-hour webcast on estate and gift valuations is available free of charge from the AICPA.

15 Cautionary Areas to Review in ESOP Valuations

Business valuation practitioners perform private-company equity appraisals for many applications including gift/estate tax planning, transaction opinions, and financial reporting; yet ESOP valuation assignments present complex challenges. Not only is the purpose of the appraisal unique, but the particular client, an ESOP trustee (acting as a fiduciary), also has many ESOP-specific disclosures and requirements. A well-developed ESOP valuation report may not simply achieve the appraisal prescription set forth in Revenue Ruling 59-60 or USPAP compliance. Join ...

Prince estate and IRS settle valuation dispute

The IRS and Comerica Bank and Trust, the administrator of the estate of rock star Prince, have agreed to settle their dispute and agree on an estate value of $156.4 million, according to settlement documents submitted in the case.

BV News and Trends October 2021

A monthly roundup of key developments of interest to business valuation experts.

Gift and Estate Tax Valuation Update

Join Barry Sziklay for important 2021 income and transfer tax valuation cases as well as the valuation aspects of the adequate disclosure regulations required to report a gift for federal transfer tax purposes and start the statute of limitations running. Internal Revenue Code (IRC) Chapter 14 valuations, Special Valuation Rules §§ 2701-2704, will be addressed in a summary fashion given the complexities of the rules required for a valuation to meet the requirements of Chapter ...

Prince estate valuation featured on latest AICPA podcast

In the shadow of the recent court decision in the Michael Jackson estate valuation dispute, the estate of pop star Prince is currently locked in a fierce estate and gift tax dispute.

Power Panel: Estate of Michael J. Jackson v. Commissioner

Are you ready for a thriller? Join us for this Power Panel with three experts who worked on the Estate of Michael of Jackson case: Jay Fishman, Mark Roesler, and David Dunn. Bring your questions and learn about complexities of large cases, celebrity valuations, and what valuation experts can take away from this published case.

Federal Tax Litigation, Expert Witnesses, and the IRS

Michael Gregory will address key rules for federal expert witnesses, valuation issues with the IRS, identify key recent BV federal cases, and introduce you to what to expect in 2022. This session will also share information you need from a business valuer that mediates, negotiates, and facilitates alternative dispute resolution to give clients timely closure with significant savings with the IRS and others. After this session you will be able to: reference key federal statutes ...

Tax changes to watch for under the Biden administration

Other than the possibility of changing corporate tax rates, there is “nothing of earth-shattering importance” in terms of tax, estate, and regulatory changes expected from the Biden administration—for now, anyway—according to a panel of valuation experts on a recent BVR webinar.

BVU News and Trends March 2021

A monthly roundup of key developments of interest to business valuation experts.

Tax Court allows for ‘slight’ discount for lack of control for majority interests in real estate holding companies

In a gift and estate tax dispute, the estate and Internal Revenue Service agreed to apply discounts for lack of control and marketability to the majority interests in a number of real estate holding companies.

Prince estate and IRS embroiled in fierce valuation dispute

A recent article in the Star Tribune says the executor of the estate of Prince, the late world-famous rock star, and the Internal Revenue Service are currently locked in a fierce estate and gift tax dispute.

Pandemic Triggers Chances for Valuers in Exit Planning

One of the key takeaways from the recent ENGAGE 2020 conference sponsored by the AICPA was one of particular interest to business valuers. “The pandemic has created some temporary financial planning opportunities,” says Steve Siegel, JD, LLM, president of The Siegel Group. “If you have a client who plans to pass their business along to a child one day—while business values are low, this is a useful time to get a new business appraisal. If you wait, values may recover, and federal tax laws may be less generous to business owners seeking to transfer their interests to family members.”

Mission Critical in Divorce: 10 Key Insights in 50 Minutes-a Free AAML/BVR Virtual Divorce Conference Preview

Brought to you by the American Academy of Matrimonial Lawyers (AAML) and Business Valuation Resources (BVR), this free preview for the Virtual Divorce Conference brings together attorneys, valuation professionals, and industry experts in a one action-packed, 60-minute session. Get short compelling lessons that you need to know now. This year’s conference focuses on the topics most impacted by divorce, and anyone serving business owners involved in matrimonial dissolution can get access to this premium preview ...

Nelson v. Commissioner

In gift tax case, Tax Court finds donor transferred percentages in limited liability company rather than fixed dollar amounts based on language in transfer instruments; further, where transferred minority interests include elements of control, minority discount should be reduced, not eliminated.

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