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Low-cost desktop real property valuations add to mortgage problems during coronavirus

UK banks have withdrawn mortgage loans, and borrowers are not making payments.

BVU News and Trends May 2019

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

D.C. Circuit Upholds Remainder-Interest Valuation in Weird Charitable Contribution Case

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

Blau v. Commissioner (RERI II)

In charitable contribution case involving remainder interest, D.C. Circuit upholds Tax Court’s value-related findings, including that petitioner did not provide qualified appraisal and did not meet substantiation requirements; valuation here is to be based on FMV, not actuarial tables.

BV specialty available to ASA real property valuers

Real property appraisers designated by the American Society of Appraisers can add a specialty in going-concern valuation for valuing a real estate-centered enterprise, i.e., a firm that also owns its real estate, such as a restaurant, nursing home, hotel, convenience store, and the like.

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.”

Unqualified Valuers Costing Nigerian Government a Fortune

Valuations of asset-intensive entities done by unqualified nonprofessionals are costing the government big money from taxes that can t be collected because the valuations are too low, according to the Nigerian Institution of Estate Surveyors and Valuers (NIESV). Source of the trouble. Thisday Newspapers in Nigeria first reported the problem.1 According to Paul Osaji, who is chairman of the faculty of housing for NIESV, the industries potentially impacted include breweries, aviation companies, and communication firms.

Tax Court Introduces Formula to Value Donated Remainder Interest

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

Improper Use of Active/Passive Framework Skewers Valuation

Court says appreciation analysis suffers from improper use of active/passive framework; valuation of company must include all assets, including real estate whose value dropped, where marital labor contributed to overall appreciation of separate property.

Tax Court Introduces Formula to Value Donated Remainder Interest

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

RERI Holdings I, LLC v. Commissioner (RERI I)

Tax Court rules for IRS in disallowing deduction for charitable contribution involving remainder interest in leased property; requisite appraisal summary omits vital information, and court’s valuation formula shows donor made gross valuation misstatement.

Bair v. Bair

Court says appreciation analysis suffers from improper use of active/passive framework; valuation of company must include all assets, including real estate whose value dropped, where marital labor contributed to overall appreciation of separate property.

Improper Use of Active/Passive Framework Skewers Valuation

Court says appreciation analysis suffers from improper use of active/passive framework; valuation of company must include all assets, including real estate whose value dropped, where marital labor contributed to overall appreciation of separate property.

Shaky Industrial Plant Valuation Survives High Court Review

Tax court adopts taxpayer expert’s value of the loss determination underlying real market valuation of industrial plant; state’s high court affirms but notes unresolved contradiction in financial feasibility analysis underpinning expert’s final valuation.

Different Ways to Find No Claim to Enhanced Value of Nonmarital Asset

Appeals court says trial court erred in interpreting prenuptial agreement but reached correct result when it rejected wife’s claim to enhanced value of husband’s separate interest in car dealership by ruling appreciation in value was passive, not active.

Berg v. Young

Appeals court says trial court erred in interpreting prenuptial agreement but reached correct result when it rejected wife’s claim to enhanced value of husband’s separate interest in car dealership by ruling appreciation in value was passive, not active.

Hewlett-Packard Co. v. Benton Cnty. Assessor

Tax court adopts taxpayer expert’s value of the loss determination underlying real market valuation of industrial plant; state’s high court affirms but notes unresolved contradiction in financial feasibility analysis underpinning expert’s final valuation.

Expert’s ‘Invocation’ of Income Approach Does Not Save Valuation

Court says federal law, that is Daubert, controls admissibility of expert testimony in federal court and rejects defendants’ claim that expert was unqualified under state law; but it finds the opinion inadmissible because it resulted from an approach that ...

Metamining, Inc. v. Barnette

Court says federal law, that is Daubert, controls admissibility of expert testimony in federal court and rejects defendants’ claim that expert was unqualified under state law; but it finds the opinion inadmissible because it resulted from an approach that ...

Sugar Hill, LLC v. United States

To value a company that owns real property, business appraisers frequently rely on third-party appraisals by presumably qualified experts. In a recent twist, in this case, the real estate appraiser relied on components of value, including occupancy and ma ...

Estate of Mitchell v. Commissioner

Tax Court sides with estate and holds proper method for valuing 100% leased-fee interests of real property is income capitalization method, rather than lease buyout method proposed by respondent’s expert.

Estate of Stevens v. Commissioner

In valuing 50% undivided interest in three commercial real properties, Tax Court rejects limiting discounts to costs of partitioning, finding 25% discount is appropriate for all properties and is in line with factor analysis for fractional interests.

Estate of Cervin v. Commissioner

In valuing 50% undivided interest in farm and homestead, Tax Court determines 20% discount should apply to each of decedent’s fractional interests.

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