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BV News and Trends August 2021

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

Interesting question on the Michael Jackson case

There were three main valuation matters in the case of the Michael Jackson estate versus the IRS, and the estate prevailed in two of them (see our most recent coverage here).

Michael Jackson case featured on BVR ‘power panel’ July 27

Experts involved in the high-profile case involving the Michael Jackson estate versus the IRS will discuss the contentious valuation issues in the case during a BVR webinar, Power Panel: Estate of Michael J. Jackson v. Commissioner.

Tax Court resists tax affecting in Michael Jackson case

Although the U.S. Tax Court recently handed the Michael Jackson estate a decisive victory regarding the estate’s tax liability, the court did not side with the estate on tax affecting, an issue that has preoccupied valuators, many of whom are proponents of the practice, for a long time.

In Jackson case, Tax Court dismisses IRS expert’s revenue projections as ‘simply not reasonable’

When Michael Jackson died, his image and likeness was besmirched, and yet, once competent executors took charge, they were able to make a lot of money for the estate in the immediate post-death years.

Tax Court issues highly anticipated ruling in Michael Jackson case

In the long-running litigation between the estate of the late megastar Michael Jackson and the Internal Revenue Service, the U.S. Tax Court recently issued its opinion on the value of Jackson’s image and likeness, as well as the value of his interest in two music publishing assets. Overall, this much-anticipated decision is a major win for the Jackson estate. The court’s momentous decision includes an expansive analysis of the rivaling valuation testimony.

Tax Court resists tax affecting in Michael Jackson case

Although the U.S. Tax Court recently handed the Michael Jackson estate a decisive victory regarding the estate’s tax liability, the court did not side with the estate on tax affecting, an issue that has preoccupied valuators, many of whom are proponents of the practice, for a long time.

Tax Court issues highly anticipated ruling in Michael Jackson case

In the long-running litigation between the estate of the late megastar Michael Jackson and the Internal Revenue Service, the U.S. Tax Court finally issued its opinion on the value of Jackson’s name and likeness, as well as the value of his interest in two music publishing assets.

Estate of Michael J. Jackson v. Commissioner

Tax Court mostly sides with estate of late superstar in valuing three contested assets; assets had to be valued separately, based on parties’ stipulations, and at death; court says Jackson’s “tattered” image and likeness meant he earned little money apart from his music; court rejects tax affecting.

Tax Court Hands Jackson Estate Major Win but Finds Reasoning for Tax Affecting Unpersuasive

Tax Court mostly sides with estate of late superstar in valuing three contested assets; assets had to be valued separately, based on parties’ stipulations, and at death; court says Jackson’s “tattered” image and likeness meant he earned little money apart from his music; court rejects tax affecting.

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.

Galasso v. Cobleskill Stone Products

New York appellate division upholds the trial court’s order to disclose a valuation report, finding the appraisal was relevant to the litigation and done for estate tax purposes and therefore was not “of a legal character”; the attorney-client privilege does not apply, court says.

Court Explains Why Valuation Report Is Discoverable

New York appellate division upholds the trial court’s order to disclose a valuation report, finding the appraisal was relevant to the litigation and done for estate tax purposes and therefore was not “of a legal character”; the attorney-client privilege does not apply, court says.

Special workshop on TCJA and divorce engagements

The Tax Cuts and Jobs Act (TCJA) affects practically everything in valuation, especially in divorce engagements.

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.

Eleventh Circuit Affirms Tax Court’s Valuation of Trust’s Interest in LLC

Affirming FMV conclusion, appeals court says Tax Court did not err in focusing less on details of methodology parties’ appraisers used than on larger issue of whether hypothetical seller would be able to force distribution of majority of LLC’s assets.

Tax Court’s Novel Theory Aims to Prevent ‘Double Inclusion’

Tax Court finds assets transferred into family limited partnership on behalf of incapacitated decedent shortly before death are includible in gross estate under IRC section 2036(a)(2); to avoid “double inclusion,” court states new rule limiting includible ...

Tax Court's Koons decision withstands appeal: DLOM ruling anchors valuation

The 11th Circuit recently affirmed a four-year-old Tax Court valuation of a revocable trust’s interest in a limited partnership. The linchpin in the valuation was the marketability discount.

Tax Court’s Novel Theory Aims to Prevent ‘Double Inclusion’

Tax Court finds assets transferred into family limited partnership on behalf of incapacitated decedent shortly before death are includible in gross estate under IRC section 2036(a)(2); to avoid “double inclusion,” court states new rule limiting includible ...

Estate of Powell v. Commissioner

Tax Court finds assets transferred into family limited partnership on behalf of incapacitated decedent shortly before death are includible in gross estate under IRC section 2036(a)(2); to avoid “double inclusion,” court states new rule limiting includible ...

Eleventh Circuit Affirms Tax Court’s Valuation of Trust’s Interest in LLC

Affirming FMV conclusion, appeals court says Tax Court did not err in focusing less on details of methodology parties’ appraisers used than on larger issue of whether hypothetical seller would be able to force distribution of majority of LLC’s assets.

Estate of Koons v. Commissioner (Koons II)

Affirming FMV conclusion, appeals court says Tax Court did not err in focusing less on details of methodology parties’ appraisers used than on larger issue of whether hypothetical seller would be able to force distribution of majority of LLC’s assets.

Michael Jackson estate valuation case features tainted image and tax affecting

BV experts take the stand in a high-stakes Tax Court case that pits the IRS against the estate of Michael Jackson.

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