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Lacoste v. Lacoste

Appeals court rejects trial court’s valuation of husband’s fitness training company noting trial court lacked necessary financial evidence as well as testimony from experts; appeals court remands requesting “adequate valuation,” excluding goodwill.

Court Disapproves of Nonexpert Valuation of Key Marital Asset

Appeals court rejects trial court’s valuation of husband’s fitness training company noting trial court lacked necessary financial evidence as well as testimony from experts; appeals court remands requesting “adequate valuation,” excluding goodwill.

No Place for DLOM and Tax Affecting in N.Y. Fair Value Determination

In statutory fair value proceeding to enable buyout of minority interest in limited liability companies, New York court says prevailing expert opinion understates future income stream; court upward adjusts by eliminating DLOM and disallowing tax affecting ...

Verghetta v. Lawlor

In statutory fair value proceeding to enable buyout of minority interest in limited liability companies, New York court says prevailing expert opinion understates future income stream; court upward adjusts by eliminating DLOM and disallowing tax affecting ...

Treatment of Debt Skews Valuation of Franchise Business

Appeals court acknowledges impossibility of duplicating calculations underlying trial court’s valuation of husband’s LLC owning McDonald’s franchises but surmises result hinges on treatment of funds from family trust to LLC as debt, rather than equity.

Freihage v. Freihage

Appeals court acknowledges impossibility of duplicating calculations underlying trial court’s valuation of husband’s LLC owning McDonald’s franchises but surmises result hinges on treatment of funds from family trust to LLC as debt, rather than equity.

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.

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.

Management Overlay Must Be Factored Into Valuation of an Affiliated Entity

Milo Fields Trust owned minority interests in two limited liability companies (LLCs), PMB of Hackensack LLC and PMB of Union City LLC.

Federal Court’s Declaring Valuation Date and Methodology Does Not Interfere With State Probate

The issue in this case was whether a federal district court could issue a declaratory judgment deciding the meaning of the agreement without interfering with state probate proceedings, and thereby negating federal subject matter jurisdiction.

Uzielli v. Frank

The issue in this case, involving a dispute over the meaning of the operating agreement of Alph Company, LLC (Alph) as to how the company was to be valued upon the death of one its two members, was whether a federal district court could issue a declarator ...

Milo Fields Trust v. Britz

Milo Fields Trust owned minority interests in two limited liability companies (LLCs), PMB of Hackensack, L.L.C. and PMB of Union City, L.L.C. Gary Fields (Fields) was trustee. These LLCs, along with others like them, had been formed by Jeffrey Britz, who ...

LLC Agreement Provides No Buyout Option for Withdrawing Member

The issue in this case was the status of a member’s capital contribution and equity in an LLC.

Lieberman v. Wyoming.com LLC (II)

Issue in this LLC member withdrawal action was whether the operating agreement governed value of withdrawing members interest, and if not, what was appropriate standard of value.

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).

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."

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.

Hackl v. Commissioner (I)

The issue was whether the gifts were present interests or future interests under Section 2503(b) of the tax code.

Gifts of Future Interest Do Not Qualify for Sec. 2503(b) Exclusion

The full Tax Court considered whether gifted LLC units subject to a restrictive operating agreement were gifts of a present or future interest in the gifted property for the purposes of the annual gift tax exclusion.

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