Prince Estate and IRS Embroiled in Fierce IP Valuation Dispute
Back in January, BVWire ran a news item on a recent article from the Star Tribune. The article states that 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. The IRS argues the executor has seriously undervalued the estate, and the executors claim the IRS’ calculations “are riddled with errors.”
Appreciation in Liquor Company’s Value Represents Marital Property, Appeals Court Finds
Appeals court upholds ruling that appreciation in value of husband’s interest in family liquor business is marital asset; trial court carefully analyzed husband’s role in company to find he “substantially contributed” to the increase and husband stipulated to wife’s substantial contribution.
Lucchesi v. Lucchesi
Appeals court upholds ruling that appreciation in value of husband’s interest in family liquor business is marital asset; trial court carefully analyzed husband’s role in company to find he “substantially contributed” to the increase and husband stipulated to wife’s substantial contribution.
Expert Qualified to Offer Unit Valuation of Telecom Property
In tax assessment case, court finds valuation expert qualified under Rule 702 despite lacking an appraiser’s license; court says rule specifically contemplates expert opinion on property valuation by nonappraisers if witness is qualified by “knowledge, skill, experience, training, or education.”
Level 3 Communications, LLC v. Dep’t of Revenue
In tax assessment case, court finds valuation expert qualified under Rule 702 despite lacking an appraiser’s license; court says rule specifically contemplates expert opinion on property valuation by nonappraisers if witness is qualified by “knowledge, skill, experience, training, or education.”
Nursing Home Valuation Must Separate Real Estate From Business Activity
In tax assessment dispute involving nursing home, high court says where facility performs business activity and real estate activity, tax appraisal must separate business value from real estate value; Board of Tax Appeals failed to ensure proper allocation of sales price among assets.
Arbors East RE, L.L.C. v. Franklin County Bd. of Revision
In tax assessment dispute involving nursing home, high court says where facility performs business activity and real estate activity, tax appraisal must separate business value from real estate value; Board of Tax Appeals failed to ensure proper allocation of sales price among assets.
Highest Court Rebukes Trial Court Over Flat-Out Bar of DCF Approach
State high court says trial court’s categorical rejection of DCF method to value a special purpose plant for tax assessment purposes is improper where parties’ “experienced and knowledgeable” experts relied on it; court remands for new trial on valuation.
Wheelabrator Bridgeport, L.P. v. City of Bridgeport
State high court says trial court’s categorical rejection of DCF method to value a special purpose plant for tax assessment purposes is improper where parties’ “experienced and knowledgeable” experts relied on it; court remands for new trial on valuation.
Taxpayer Scores Partial Success in Cal. Hotel Property Tax Suit
Appeals court says assessor’s version of income approach to determine hotel property taxes violates law because it does not identify, value, and exclude certain intangible assets; but management fee deduction largely captures hotel’s goodwill.
SHC Half Moon Bay, LLC v. County of San Mateo
Appeals court says assessor’s version of income approach to determine hotel property taxes violates law because it does not identify, value, and exclude certain intangible assets; but management fee deduction largely captures hotel’s goodwill.