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For Choosing Multiples & Comparables, the Data Really Do Matter

Court determines fair market value of limited partnership units in estate tax case, accepting net asset value and market approaches, with dispute focusing on measures and range of multiples for comparables ...

W.G. Anderson, et al. v. United States

Court determines fair market value of limited partnership units in estate tax case, accepting net asset value and market approaches, with dispute focusing on measures and range of multiples for comparables ...

Uncorroborated Debt Not Offset Against Nonoperating Asset

The issue in this case was the value of Zip Sort Inc. shares gifted by taxpayer to his children.

Ex parte communications don’t invalidate summons

Ex parte communications don’t invalidate summons ...

Court Not Required to Reflect Subsequent Events

At issue in this appeal was the use of subsequent events in valuing the closely held stock of Schwan’s Sales Enterprises Inc. (SSE).

Polack v. Commissioner (II)

Earnings for the relevant valuation date determined after the valuation deemed irrelevant because a "prospective buyer could not have known" at that time ...

Robert v. United States

Issue in this gift tax case was whether IRS summonses should be quashed due to improper ex parte communications between the IRS Appeals Office and Examination Division.

Okerlund v. United States (II)

Events after the donation date, though foreseen in Dr. Pratt's valuation do not constitute reversiible error on the part of the Claims court for rejecting the valuation.

Tax Court displeased with all experts’ DLOC and DLOM analyses

The primary issues in this gift tax case were the appropriate discounts for lack of control and lack of marketability to apply to gifted and sold interests of a family limited partnership.

Court Uses Raw Data From Bajaj Study to Determine DLOM

The only issue in this case was the fair market value of gifted family limited partnership (FLP) interests.

Tax Court Determines That Value Was 'Somewhere in the Middle' of Expert Opinions

The taxpayers' expert, Gregory Heebink, used the discounted cash flow (DCF) method and the guideline public company method.

7th Circuit Affirms Tax Court; Gifts Were of Future Interests

This opinion is the 7th Circuit Court of Appeals’ ruling on appeal from the Tax Court opinion of Hackl v. Commissioner, 118 T.C. 279 (U.S. Tax Ct. 2002).

Peracchio v. Commissioner

Issues were appropriate discount for lack of control and discount for lack of marketability to apply in valuing gifts of family limited partnership interests.

Lappo v. Commissioner

The issue for decision is the fair market value of interests in a family limited partnership that petitioner transferred in 1996.

Hess v. Commissioner

Taxpayers gave 10 shares of HII common stock (a 10% stockholder interest) to an irrevocable trust established for their daughter. Issue was the fair market value of the stock for gift tax p ...

Hackl v. Commissioner (II)

Issue was whether restrictions on transfer in operating agreement meant that the gifted shares were "essentially without immediate value to the donees."

Court Judges Assessment of Risk Factors, Marketability Discount Evidence

The issue in this consolidated case was the fair market value of two minority nonvoting stock interests in Schwan's Sales Enterprises Inc. (SSE), one as of Dec. 31, 1992 (date of gift) and the other as of Dec. 31, 1994 (date of charitable contribution).

5th Circuit Affirms Kerr; Partnership Agreement Restrictions Do Not Preclude Marketability Discount

This case is the 5th Circuit Court of Appeals' review of the Tax Court case, Kerr v. Commissioner, 113 T.C. No. 30 (U.S. Tax Ct. Dec. 23, 1999), abstracted by Mel Abraham in the February 2000 issue of both Shannon Pratt's Business Valuation Update and Judges & Lawyers Business Valuation Update.

Tax Court Accepts IRS Projections of Value Added Refund Income and Capital Expenditures

The issue in this case was the valuation of taxpayer Polack's gift of 1,040,000 shares of Zip Sort Inc. (ZSI) stock that he gifted to his children on Dec. 31, 1992 (260,000 of his nonvoting stock to each of his four children).

Okerlund v. United States (I)

The issue in this consolidated case was the fair market value of two minority nonvoting stock interests in Schwan's Sales Enterprises, Inc.

Lack of Present Economic Benefit Results in Finding of Future Interest

In the April 2002 issue of Shannon Pratt's Business Valuation Update, Owen Fiore and Erin Wilms discussed various attacks by the IRS on pass-through entities.

Polack v. Commissioner (I)

The issue in this case was the valuation of taxpayer Polack's gift of 1,040,000 shares of Zip Sort, Inc. (ZSI) stock that he gifted to his children.

Kerr v. Commissioner (II)

Issue was whether restrictions in partnership agreements were "applicable restrictions" to be disregarded in valuing the transferred interests, precluding a marketability discount.

Net Gift Doctrine Not Applicable If Obligation Too Speculative

Decedent held a controlling interest in National Fruit Products Inc., a privately held corporation.

11th Circuit Affirms Shepherd v. Commissioner

This gift tax case is an appeal from the Tax Court's December 2000 decision, which was abstracted in the December 2000 issue of Shannon Pratt's Business Valuation Update®, at page 5.

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