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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.”

Business Succession Plan--How the Advantage May Be Given to the Child Keeping the Business

How a parent may transfer a business over to a child in a succession plan while trying to minimize the financial burden to that child.

How IRS turmoil from the shutdown affects BV

The IRS is doing its best to recover from the government shutdown, but business valuation experts need to be aware of certain issues, according to Michael Gregory (Michael Gregory Consulting LLC), who gave an IRS update during a recent BVR webinar.

Enterprise Value Adjustment Multiple for Post-Tax Reform Valuations

An intuitive method to adjust enterprise values that were calculated using pretax reform M&A multiples that arguably do not reflect the tax characteristics of the new tax law.

BVU News and Trends March 2019

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

Galasso v. Cobleskill Stone Products

New York appellate division upholds the trial court’s order to disclose a valuation report, finding the appraisal was relevant to the litigation and done for estate tax purposes and therefore was not “of a legal character”; the attorney-client privilege does not apply, court says.

Court Explains Why Valuation Report Is Discoverable

New York appellate division upholds the trial court’s order to disclose a valuation report, finding the appraisal was relevant to the litigation and done for estate tax purposes and therefore was not “of a legal character”; the attorney-client privilege does not apply, court says.

Court Says ‘Fair Value’ Under State Shareholder Oppression Law Precludes Discounts

In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.

Kolwe v. Civil and Structural Engineers, Inc.

In shareholder oppression suit, court clarifies meaning of “fair value” under applicable statutory framework; court cautions not to conflate “fair value” with “fair market value”; in drafting statute, state legislature explicitly and implicitly conveys its rejection of discounting, court says.

Special workshop on TCJA and divorce engagements

The Tax Cuts and Jobs Act (TCJA) affects practically everything in valuation, especially in divorce engagements.

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.

Top 10 observations on the Tax Cuts and Jobs Act (TCJA) from the perspective of business valuation professionals

BVR caught up with practitioners at the most recent AICPA Forensic & Valuation Services (FVS) Conference to collect some thought-provoking observations on how the Tax Cuts and Jobs Act (TCJA) is impacting valuations. Practitioners are still grappling with understanding the new law’s many provisions, so this list is certainly not exhaustive, and the thinking will continue to evolve.

Recording available of Hitchner’s 2018 BV highlights

Jim Hitchner (Valuation Products and Services) does an annual rundown of the prior year’s new need-to-know BV concepts, data, models, and methods (see our coverage of his latest update).

Current Observations on the Valuation Impact of the TCJA

Based on sessions at the 2018 AICPA Forensic & Valuation Services (FVS) Conference in Atlanta.

BVU News and Trends February 2019

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

Final regs issued on PTE QBI deduction

The Treasury has issued final regulations explaining who qualifies for the new tax law’s 20% “qualified business income” (QBI) deduction for pass-through entities (PTEs).

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.

Hitchner outlines BV highlights of 2018

During his annual update webinar, Jim Hitchner (Valuation Products and Services) does a rundown of the new need-to-know BV concepts, data, models, and methods.

Court upholds Section 1031 tax ruling, affirming appraisals were unreliable

In 2016, the U.S. Tax Court found for the Internal Revenue Service in a dispute over a series of exchanges that Exelon, the tax payer, designated as section 1031 transactions. The court found these were not like-kind exchanges and expressed dismay over the appraisals the tax payer offered to support its claim for significant deductions.

BVU News and Trends January 2019

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

Tax Court’s Exelon ruling, turning on compromised appraisals, withstands appeal

In 2016, Tax Court Judge Laro ruled on the legitimacy of a series of Section 1031 transactions involving Exelon, an Illinois-based energy giant.

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