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Global BVU News and Trends March 2020

Business valuation news from a global perspective.

5th Circuit Upholds Tax Court’s Characterization of Interest and Discount Rulings

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Estate of Streightoff v. Commissioner (II)

5th Circuit affirms Tax Court’s ruling that decedent’s transferred interest is limited partner, not an assignee, interest; appeals court says estate’s related challenge to Tax Court’s valuation reflects disagreement with characterization of interest, not value computation; valuation holds up.

Landmark Jones case featured in upcoming workshop

“Read the Jones case,” an IRS official said when asked about the position the IRS is taking on tax affecting pass-through entities.

BVU News and Trends February 2020

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

Connecticut court affirms lower court's decision not to tax affect

In a buyout dispute involving a Connecticut family business, an appellate court recently upheld the trial court’s earlier decision not to tax affect the earnings of the company in valuing the departing shareholder’s interest, even though experts for both sides tax affected.

What corporation tax rate should you use in your business valuations now?

The Finance Act 2016 set corporation tax for 2020-21 at 17%, but the Conservative party intends to increase the rate to 19% (and maintain that rate for the rest of the new Parliament).

Valuers and Forensics Experts Converge at the 2019 AICPA FVS Conference

A mix of topics had something for everyone at this conference. Of note were some excellent sessions on expert testimony and there was a definite emphasis on fair value for financial reporting.

Connecticut court says ‘no’ to tax affecting but limits the reach of its ruling

In a buyout dispute involving a Connecticut family business, an appellate court recently upheld the trial court’s decision not to tax affect the earnings of the company in valuing the departing shareholder’s interest, even though experts for both sides tax affected.

BVU News and Trends December 2019

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

BVLaw Case Update: Kress, Vinoskey plus three more cases that dominated 2019

Join Jim Alerding, a veteran valuator, and Sylvia Golden, BVR’s legal editor, for a discussion of five of the most consequential valuation and damages cases of 2019. This selection of state and federal cases includes the year’s tax decisions that have reframed the conversation on tax affecting, a statutory appraisal case illustrating the Delaware Court of Chancery’s current approach to determining fair value, an ESOP trial court decision that solidifies the DOL’s litigation success, and ...

Study of large public projects confirms public/private value differences result from a ‘tax wedge’

Richard Brealey and Ian Cooper of London Business School, along with Michel Habib of the University of Zurich, have published a new study on taxes and value in the public sector.

R.D. Clark & Sons, Inc. v. Clark

Trial court’s fair value determination in buyout dispute involving family business withstands appeal, including decision not to tax affect or apply majority and minority discounts; appellate court finds there is no controlling state law on the issues and upholds trial court’s findings on facts.

Courts Reject Tax Affecting and Use of Discounts in Connecticut Buyout Dispute

Trial court’s fair value determination in buyout dispute involving family business withstands appeal, including decision not to tax affect or apply majority and minority discounts; appellate court finds there is no controlling state law on the issues and upholds trial court’s findings on facts.

Regulatory Considerations Affecting Tax-Exempt Healthcare Entities

In addition to IRS and taxation considerations, tax-exempt healthcare entities must comply with the same federal and state regulations regarding the transfer of property or services as for-profit entities. Outlined in The BVR/AHLA Guide to Healthcare Industry Finance and Valuation, 4th edition, the chapter author Robert F. Reilly, MBA, CPA/ABV/CFF, provides a brief overview of some of the regulatory considerations that a valuation analyst should be aware of in property or services transfer transactions.

BVU News and Trends November 2019

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

EY study examines TCJA impact on S corps

The Tax Cuts and Jobs Act (TCJA) succeeded in maintaining rough tax parity between large pass-through businesses and large C corps but only if the 20% qualified business income (QBI) deduction is in effect and only if it’s made permanent, according to an EY study commissioned by the S Corporation Association.

Takeaways from the 2019 AICPA FVS conference

There was a healthy turnout of forensics and valuation experts in Las Vegas for the 2019 AICPA Forensic and Valuation Services Conference.

Understanding Tax Amortization Benefit Considerations and the International Impact

When valuing a foreign target company in the context of a purchase price allocation, the local tax rules within the company’s jurisdiction often go unnoticed, but they should be considered and applied pursuant to the acquisition structure.

Details of the CUT method used in the Amazon case

Last week’s BVWire covered the 9th Circuit decision in the Amazon case that affirmed the U.S. Tax Court’s 2017 decision in favor of the company in a transfer pricing case.

Top speakers at forensic and valuation conference in Tennessee October 21-23

BVR is pleased to sponsor the Tennessee Society of CPAs Forensic and Valuation Services Conference October 21-23 in Brentwood (just south of Nashville).

Tax Court adopts tax-affected valuation of PTE without overturning Gross

For years, the appraisal community has wondered when the U.S. Tax Court will recognize the need for tax affecting when valuing pass-through entities (PTE) and how the court will square its decision with precedent, i.e., the Gross case in which the Tax Court rejected the taxpayer’s tax-affected valuation.

Tax Court’s Amazon valuation ruling stands up to 9th Circuit scrutiny

The 9th Circuit recently affirmed the U.S. Tax Court’s 2017 decision in favor of Amazon in this key transfer pricing case, finding the governing regulations limited the definition of “intangible” to independently transferrable assets.

Office of Chief Counsel Internal Revenue Service Memorandum

IRS private letter ruling says that, under facts, gift tax valuation must consider merger that was being negotiated at the time the donor transferred company stock into a trust where the merger was only announced after the stock transfer and the announcement prompted an increase in stock value.

IRS Private Letter Ruling on Whether to Consider Pending Merger in Gift Tax Valuation

IRS private letter ruling says that, under facts, gift tax valuation must consider merger that was being negotiated at the time the donor transferred company stock into a trust where the merger was only announced after the stock transfer and the announcement prompted an increase in stock value.

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