New York Compares ‘Double Dipping’ for Professional Licenses vs. Income-Producing Assets
New York Supreme Court considers extending prohibition against double counting from professional licenses to tangible assets.
Keane v. Keane
New York Supreme Court considers extending prohibition against double counting from professional licenses to tangible assets.
Davidson v. Davidson (I)
The Michigan Court of Appeals affirmed the use of the market approach rather than an income capitalization method to value the parties’ businesses under the facts of this case. The lower court found the market approach more appropriate in light of the com ...
Absent Appearance by Appraiser, Valuation Report Is Hearsay
In an income tax case where the IRS challenges the calculation of net unrealized built-in gain that has been based on a contemporaneous valuation of the assets subject to built-in gain tax, the valuation report by itself constitutes inadmissible hearsay where the preparing appraiser is not available for cross-examination.
Tax Court Finds 12% Minority Discount and 23% DLOM for Cash-Only FLP
In April 1999, Webster Kelley and his daughter and son-in-law (the Loudens) formed Kelley-Louden Business Properties LLC (KLBP LLC), and Kelley-Louden Ltd., a family limited partnership (KLLP).
Estate of Kelley v. Commissioner
In April 1999, Webster Kelley and his daughter and son-in-law ("the Loudens") formed Kelley-Louden Business Properties, LLC (KLBP LLC), and Kelley-Louden, Ltd., a family limited partnership (KLLP).
Different Income Valuations May Be Used to Determine Equitable Distribution and Alimony, Provided They Are Fair and Statutorily Compliant
The main issue in this marital dissolution case was whether in setting an award of alimony and in establishing equitable distribution in respect of a closely held corporation, the same income determination must be used.
No Earlier Valuation Date Where No Evidence of Extraordinary Effort; Capitalization of Historical Earnings OK for Business Operating One Year
In this marital dissolution, there were two main issues: the correct valuation date of husband’s interest in Washford Enterprises, a group home, and whether wife’s expert, William Dacey, correctly applied the income approach.
Stock restriction agreement is not determinative of value for equitable distribution
One of the issues in this marital dissolution was the value of husband’s 1000 shares of nonvoting stock in the Sanger Clinic, P.A., where he was a senior partner.
Court Rejects 'Historical Average Income Approach' to Valuing Contingency Fees
In this marital dissolution case, the trial court determined that husband’s right to contingency fees from his legal practice, obtained before the valuation date, were marital assets.
Built-In Capital Gains Liability of Small Minority Interest Should Be Discounted to Reflect Time Value of Money
The issues in this estate tax case were whether built-in capital gains tax liability should be discounted (indexed) to account for time value and the appropriate discounts for lack of marketability and control.
Van Der AA Investments, Inc. v. Commissioner
In an income tax case where the IRS challenges the calculation of net unrealized built-in gain that has been based on a contemporaneous valuation of the assets subject to built-in gain tax, the valuation report by itself constitutes inadmissible hearsay w ...
Louisiana clarifies professional practice goodwill valuation
In this marital dissolution, the issue was the value of wife’s interest in her CPA practice (CPA practice) and the value of the couple’s funeral home (Gill LLC) that was operated by husband.
Estate of Jelke v. Commissioner (I)
The issues in this estate tax case were whether built-in capital gains tax liability should be discounted (indexed) to account for time value, and the appropriate discounts for lack of marketability and control.
Steneken v. Steneken (II)
The question was whether it is impermissible "double counting" to use actual income for alimony purposes but a lower "normalized" income amount when valuing a closely held business for equitable distribution purposes.
Bersin v. Golonka
One of the issues in this marital dissolution was the value of husband's 1000 shares of non-voting stock in the Sanger Clinic, P.A., where he was a senior partner.
Stageberg v. Stageberg
In this marital dissolution case, the trial court determined that husband's right to contingency fees from his legal practice, obtained before the valuation date, were marital assets.
Washington v. Washington
In this marital dissolution, there were two main issues: the correct valuation date of husband's interest in Washford Enterprises, a group home, and whether wife's expert, William Dacey, correctly applied the income approach.
Gill v. Gill
In this marital dissolution, the issue was the value of wife’s interest in her CPA practice (CPA practice) and the value of the couple’s funeral home (Gill LLC) that was operated by husband.
Joseph Toscano v. Greene Music
The California Court of Appeal, 4th District, determined that damages for lost future employment based on the employment abandoned by the plaintiff may be recovered under a promissory estoppel claim even though such employment was at will.
Valuation of Acquiree’s Customer Accounts Using Acquirer’s Data Upheld
Charles Schwab amortized the customer accounts that it had acquired through a merger. The Commissioner challenged the amortization and this suit followed.
Proper Valuation Evidence Critical for Intangible Asset Loss Deduction
The valuation issue in this case was whether the specific and independent fair market value of 376 terminated health insurance group contracts had been sufficiently established to claim a loss deduction and evade the mass asset rule.
Capital Blue Cross v. Commissioner
At issue was the value of intangible assets for loss deductions.
The Charles Schwab Corporation v. Commissioner
Petitoner demonstrates it could determine the useful life of customer accounts it acquired after purchasing "Rose & Co." and therefore amortize them.
Grossly Inflated Sale Price, Nonrecourse Financing, and Negative Cash Flows Add Up to a Tax Shelter Not Engaged in for Profit
The issue was whether taxpayer was entitled to an $18,956 deduction related to his limited partnership interest for 1981 and whether he was liable for a valuation overstatement.