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BVU News and Trends November 2019

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

IRS updates QBI deduction FAQs

Under the Tax Cuts and Jobs Act, Section 199A allows taxpayers to deduct up to 20% of qualified business income for tax years 2018 through 2025.

Letter to the Editor: Response to a Reader’s Comments Concerning the Kress Case

The Kress case has received a great deal of attention on a number of valuation fronts, most notably that both the taxpayer and the government tax affected the earnings of the subject S corp. This letter to the editor is a response to comments on the case made by an IRS analyst.

Distinguishing Gross, Tax Court adopts tax-affected valuation of PTE

In an ingenious move, the U.S. Tax Court, ruling on an Oregon gift tax dispute, accepted the taxpayers’ tax-affected valuations of pass-through entities (PTE) without overturning Gross.

Estate of Aaron Jones v. Commissioner

In gift tax dispute, Tax Court adopts estate expert’s valuation of two related PTEs, including expert’s tax affecting; court distinguishes Gross and later cases; issue is not whether to tax affect but how; estate expert’s tax affecting was “more accurate than [IRS’] blunt zero-rate approach.”

Keeping Gross Alive, Nimble Tax Court Accepts PTE Tax Affecting

In gift tax dispute, Tax Court adopts estate expert’s valuation of two related PTEs, including expert’s tax affecting; court distinguishes Gross and later cases; issue is not whether to tax affect but how; estate expert’s tax affecting was “more accurate than [IRS’] blunt zero-rate approach.”

BVU News and Trends September 2019

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

A special announcement on the 20th anniversary of Gross

On July 29, 1999, a landmark case rocked the business valuation world.

More than one valuation issue in Kress

Tax affecting is only one issue that makes the federal district court’s opinion in Kress a must-know for valuators, notwithstanding a recent reader comment that it’s doubtful the case would have received much attention had it not been for the tax-affecting angle.

Kress and S Corp Valuations: Be a Little Cautious

Details have emerged about the methodology the government’s valuation expert used in the Kress gift tax case. The case is important because both sides tax affected the earnings of the subject S corp, which is contrary to the position the IRS and the Tax Court have taken in the past.

Reader comment on Kress case coverage

Responding to the attention the Kress case has received (at BVR and elsewhere), Harry Fuhrman, financial analyst with the Internal Revenue Service, gave us the following comments.

Kress appeal still a possibility

As the valuation community ponders the reach of the recent Kress decision, many eyes are trained on the government’s next move.

Hope for clarity on S corp valuations

The recent Kress case indicates approval of S corp tax affecting, but the court was neutral on the issue of an S corp premium (see prior coverage).

Divorce conference speakers share valuation and legal practice tips

In “25 Hot Tips in 75 Minutes,” one of the most popular panels at the recent AAML/BVR National Divorce Conference in Las Vegas, attorneys and valuation experts shared tips on how to succeed in litigation as well as in managing client relations and workflow.

Details emerge on Kress S corp valuation

The Kress gift tax case is brimming with valuation issues (see our prior coverage), but one aspect in particular has captured the valuation community’s attention.

Move to make permanent the QBI deduction gains steam

More than 100 business groups have come out in support of new legislation to make permanent the 20% qualified business income (QBI) deduction for pass-through entities (PTEs), according to a release from the S Corp Association.

BVU News and Trends April 2019

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

Kress gift tax case signifies approval of tax affecting—at least in federal district court

One aspect that has valuators excited about the Kress v. United States gift tax case is that the federal court that ruled on the taxpayers’ challenge to the IRS’s gift tax assessment accepted valuations from both parties’ experts that applied a C corporation tax rate to value minority shares in an S corporation.

Questions surround reach of Kress S corp tax-affecting decision

One of the questions arising in the much-debated Kress gift tax case is how much precedent value the court’s decision has.

Kress v. United States signifies approval of S corp tax affecting

In a gift tax case teeming with valuation issues, one notable aspect was that, in valuing the minority shares of an S corporation, both parties’ experts applied a C corporation tax rate to the company’s earnings and the court, without ado, accepted the practice.

Gift Tax Case Suggests Overall Acceptance of S Corp Tax Affecting

In gift tax case requiring valuation of minority shares in S corporation, district court accepts application, by all experts, of C corp-level tax rate to company’s earnings; court, with minor DLOM adjustment, credits valuations by taxpayers’ expert, noting his market approach is “the most sound.”

Kress v. United States

In gift tax case requiring valuation of minority shares in S corporation, district court accepts application, by all experts, of C corp-level tax rate to company’s earnings; court, with minor DLOM adjustment, credits valuations by taxpayers’ expert, noting his market approach is “the most sound.”

BVU News and Trends March 2019

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

Zausch v. Schnakenburg

Appeals court upholds trial court’s upward adjustment of father’s child support obligation based on a significant improvement in his economic circumstances; trial court followed applicable case law when calculating income related to father’s minority interests in several pass-through entities.

Indiana Court Upholds Child Support Calculation Involving Pass-Through Entities

Appeals court upholds trial court’s upward adjustment of father’s child support obligation based on a significant improvement in his economic circumstances; trial court followed applicable case law when calculating income related to father’s minority interests in several pass-through entities.

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