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A Saga About S Corporation Tax Affecting: It’s a Thriller! (A BVR Workshop)

In valuing shares of S corporation stock, it is important to know that perhaps the most controversial unsettled issue in business valuation Tax Court litigation is whether earnings of an S corporation should be “tax affected,” i.e., increased or offset to account for S corporation status. Paul Hood provides a comprehensive, up-to-date discussion of this very important valuation issue.

BV News and Trends April 2024

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

Major Court Decisions and Tax Sunset Provisions: New and Noteworthy Developments in the Valuation of S Corporations

The vast majority of U.S businesses are pass-through entities (S corporations, LLCs, and partnerships). The debate over how to value them has raged in the courts and academia for decades, and understanding how to do so is important to all valuation professionals. Recent cases such as the Estate of Cecil have demonstrated that the IRS and the Tax Court will accept tax affecting only when correctly applied and supported.

New issue of Willamette’s Perspectives is released

The January 2024 issue of the quarterly digital publication Perspectives, from Willamette Management Associates, has been released.

BV News and Trends January 2024

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

A Behind-the-Scenes Look at the Cecil Case May Surprise You

The Cecil Tax Court case has received a lot of coverage in the legal and valuation press, but here are a few aspects of the case you probably haven’t heard about.

Need to value a stadium seat license?

Often overlooked by estate professionals or dismissed as having no value, sports stadium seat licenses have an active public market that can be used as a starting point for a valuation, according to Jackson Crispin (Willamette Management Associates) in a recent article.

New issue of Willamette’s Perspectives is released

The October 2023 issue of the quarterly digital publication Perspectives, from Willamette Management Associates, has been released.

Valuation Matters Highlighted in the Estate of Cecil

A discussion and the valuation implications of several issues in this case: tax affecting an S corporation, applying an asset approach to value a going-concern business, reliance on a single comparable company, and discounts applied to arrive at per-share value.

BV News and Trends September 2023

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

Results of poll on tax affecting surprise Hitchner

During a recent webinar on gift and estate tax valuations, the audience was asked a question regarding tax affecting income for pass-through entities.

Second issue of Willamette’s Perspectives is released

The second issue of a new quarterly digital publication from Willamette Management Associates, Perspectives, has been released, and you can access it if you click here.

Tax Court accepts tax affecting—grudgingly

In an important case litigated seven years ago, the Tax Court has issued a memo decision that accepts tax affecting—but noted that it did so because of the “unique setting at hand” in the case.

Tax Court (Grudgingly) Allows Tax Affecting Under the SEAM Method

This was a gift tax valuation case the U.S. Tax Court decided. Gifts of minority interests in The Biltmore Co. were made from the its shareholders, the Cecils, to their children and grandchildren. The IRS audited the gift tax returns and assessed deficiencies for reporting too low fair market values of the gifts of The Biltmore Co. stock. Both sides presented experts to value the gifted interests. The experts agreed that the cash flows should be tax affected. The court accepted the tax affecting while allowing that it was not an admission by the Tax Court that tax affecting should apply in all cases. The Tax Court made changes to the values presented and cobbled together a final value that resulted in refunds to the taxpayers/petitioners.

Estate of Cecil v. Comm’r

This was a gift tax valuation case the U.S. Tax Court decided. Gifts of minority interests in The Biltmore Co. were made from the its shareholders, the Cecils, to their children and grandchildren. The IRS audited the gift tax returns and assessed deficiencies for reporting too low fair market values of the gifts of The Biltmore Co. stock. Both sides presented experts to value the gifted interests. The experts agreed that the cash flows should be tax affected. The court accepted the tax affecting while allowing that it was not an admission by the Tax Court that tax affecting should apply in all cases. The Tax Court made changes to the values presented and cobbled together a final value that resulted in refunds to the taxpayers/petitioners.

Business Valuation Update Yearbook, 2023 Edition

January 2023 PDF, Softcover (426 pages)

BVR (editor)

Business Valuation Resources, LLC

It's that time of year again, BVR's “greatest hits” publication is here!  The Business Valuation Update Yearbook 2023 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation.  It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts. Learn more >>

Estate and Gift: The Complete Valuation Package (A BVR Workshop)

Unwrap all things estate and gift in this engaging session with Marissa Turrell and Carla Glass. This presentation will assume a basic understanding of business valuation, of both operating companies and holding companies, and focus on specifics related to valuing ownership interests for estate and gift purposes. Some topics will focus on issues that arise only in valuation for gift and estate purposes, such as seminal court cases on the matter, Chapter 14, working with ...

Business Valuation Update Yearbook, 2022 Edition

January 2022 PDF (454 pages)

BVR (editor)

Business Valuation Resources, LLC

A new year means another annual “greatest hits” publication!  The Business Valuation Update Yearbook 2022 covers the previous year’s most groundbreaking and thought-provoking advancements in valuation.  It captures changes in regulations and professional standards, key takeaways from professional conferences, and tactical practice-building ideas. This critical desktop reference puts you ahead of the competition with on-the-ground reporting by the BVR editorial team including an Introduction by Andy Dzamba, BVR Executive Editor and insights from notable BV experts.  Learn more >>

BV News and Trends December 2021

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

IRS sending agents to NACVA’s BV training

The IRS is sending 79 agents to business valuation training provided by the National Association of Certified Valuators and Analysts (NACVA), according to former IRS manager Michael Gregory (Michael Gregory Consulting LLC).

Tax Court resists tax affecting in Michael Jackson case

Although the U.S. Tax Court recently handed the Michael Jackson estate a decisive victory regarding the estate’s tax liability, the court did not side with the estate on tax affecting, an issue that has preoccupied valuators, many of whom are proponents of the practice, for a long time.

Tax Court resists tax affecting in Michael Jackson case

Although the U.S. Tax Court recently handed the Michael Jackson estate a decisive victory regarding the estate’s tax liability, the court did not side with the estate on tax affecting, an issue that has preoccupied valuators, many of whom are proponents of the practice, for a long time.

Valuing Small and Micro Businesses Using the Income Method

Focus in on valuing micro and small businesses using the income methods of business valuation. Learn to distinguish differing risk factors between large companies and micro and very small companies. Join Gregory Caruso for a deep dive into problematic areas of actual small-business valuation cases to review theory and tie it into the actual application of methods using best practices and professional judgment. Audience questions and succinct opinions welcomed in this hands-on event.

Key Tennessee appeals court ruling finds tax affecting ‘relevant’ to fair value buyout

In a Tennessee buyout dispute involving a limited liability corporation organized as an S corporation, the parties disagreed over whether it was appropriate to tax affect in calculating the fair value of the terminated member’s interest.

Raley v. Brinkman

In LLC member buyout dispute, the Court of Appeals finds the term “fair value” does not contemplate the use of shareholder-level discounts. However, tax affecting is relevant evidence when determining the going-concern value of subject S corp. Trial court must consider evidence on tax affecting.

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