Court Cases - FCG Estate & Gift Valuation E-Flash

Analysis of Court Cases Dealing with Business Valuation Issues

Astleford v. Commissioner
The Tax Court calculated the discounts for lack of control and marketability for a family limited partnership and a 50% interest in a related general partnership owned by the FLP.
Estate of Jelke et al v. Commissioner
The Eleventh Circuit overturned the Tax Court and allowed the estate a dollar-for-dollar reduction in fair market value for the hypothetical tax on trapped-in gains for a "C" corporation minority shareholder.
Estate of Josephine T. Thompson et al. v. Commissioner
Citing the incompetence of the valuation experts, the 2nd Circuit remanded for the Tax Court to determine if reliance on appraisers was reasonable and in good faith for purposes of an accuracy related penalty.
Kevin B. Kimberlin and Joni R. Steele v. Commissioner
The Tax Court concluded that warrants had an ascertainable fair market value in 1995 and were taxable in that year.
Dallas v. Commissioner
The Tax Court rejected tax-affecting S Corporation earnings, concluding a stock transaction was a bargain sale and thus a gift.
Huber v. Commissioner
The Tax Court determined that sales of shares between family members in a closely held corporation were arm's-length transactions and supported the prices used for gift tax returns.
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