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Ohio Appeals Court Clarifies Provision on Tax Affecting at Divorce

Appeals court says consideration of tax consequences related to owner-spouse’s business is “too speculative” because owner has no plan to sell in near future; trial court improperly assumed current tax rates and business interests would remain constant.

NY fair value ruling deals blow to DLOM

The case featured experts whose professional backgrounds and valuation approaches could hardly be more dissimilar. Their value determinations were light-years apart. In trying to make sense of the conflicting testimony and achieve a plausible and fair result, the court decided it could not totally trust either valuation. Although it adopted the defense expert's valuation, it made two consequential changes to it. One was getting rid of the expert's admittedly high and insufficiently explained 35% discount for lack of marketability.

Verghetta v. Lawlor

In statutory fair value proceeding to enable buyout of minority interest in limited liability companies, New York court says prevailing expert opinion understates future income stream; court upward adjusts by eliminating DLOM and disallowing tax affecting ...

Nieman v. Nieman

Appeals court says consideration of tax consequences related to owner-spouse’s business is “too speculative” because owner has no plan to sell in near future; trial court improperly assumed current tax rates and business interests would remain constant.

Tips and insights from the NACVA conference

IRS S Corp Job Aid is now available

Bankruptcy Court Accepts Rationale for Tax Affecting

In a fraudulent transfer case involving S corp, court says valuation should reflect that buyers of S corps would experience a reduction in the value of the corporations' earnings because of the need to pay personal income taxes on those earnings.

Major advance in thinking about S corp taxes and value

9th Circuit Calls Tax Court Out Over ‘Imaginary Scenarios’

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.

Bank of America, N.A. v. Veluchamy (In re Veluchamy)

In a fraudulent transfer case involving S corp, court says valuation should reflect that buyers of S corps would experience a reduction in the value of the corporations' earnings because of the need to pay personal income taxes on those earnings.

AICPA-FVS conference buzz

Estate of Giustina v. Commissioner (II)

Ninth Circuit orders Tax Court to recalculate value of decedent’s minority interest in longtime family partnership owning timber assets because Tax Court accorded weight to NAV value based on “imaginary scenarios” that saw some possibility of liquidation.

Appeals Court Tiptoes Around Tax Affecting in Divorce Setting

Appeals court agrees that in valuing husband’s S corp for marital distribution “national case law” (Kessler, Bernier) supports his expert’s tax affecting but says it must defer to trial court’s decision to adopt competing expert’s position not to tax affe ...

Hamelink v. Hamelink

Appeals court agrees that in valuing husband’s S corp for marital distribution “national case law” (Kessler, Bernier) supports his expert’s tax affecting but says it must defer to trial court’s decision to adopt competing expert’s position not to tax affe ...

Tax methods used for valuing S corporations

Bernier v. Bernier (II)

Massachusetts Court of Appeals remands the case—for the second time—to the trial court for an appropriate valuation of the parties’ S corporations, including a tax affecting according to the “Kessler metric” (adopted from the Delaware Chancery Court).

Market says value of S Corps and C Corps differ, says Van Vleet

In Gallagher, the Tax Court took on a bulleted list of valuation techniques and “tough” spots, including adjustments to a DCF analysis and the reliability of the guideline public company method.

Tax Court Rejects Tax Affecting, CSRP, Poor Comps, and More

Tax Court dismisses guideline company comparable method in this case for lack of true comparables and rejects experts’ DCF for tax affecting and other adjustments without sufficient justification or support.

Gallagher v. Commissioner (I)

Tax Court dismisses guideline company comparable method in this case for lack of true comparables, and rejects experts’ DCF for tax affecting and other adjustments without sufficient justification or support.

Adams v. Adams

Massachusetts Supreme Judicial Court rejects direct capitalization method for valuing hedge fund partnership interest, finding DCF method is more appropriate, plus tax-affecting.

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