Two new Tax Court cases sidestep subsequent events, finding dueling experts indicated lack of reasonably certain value
When will a wide divergence between opposing experts work to disadvantage both? Two new decisions by the U.S. Tax Court, in opinions written on the same day (April 28, 2011) by Judge Cohen, suggest that “the differences between the experts as to the correct value to be placed on a claim against the estate were [...]
Laro: Be aware of precedent in your jurisdiction
Did you know that the taxpayer’s residence determines in what jurisdiction the Tax Court “sits” and what federal circuit law applies? These are just one of the illuminating facts presented by Judge David Laro and business appraiser Mel Abraham during their session at the San Fran Valuation Roundtable last week. The attendees, mostly business appraisers, [...]
Rettig advises acknowledging subsequent events, even though they aren’t a valuation factor
One of the best answers litigator Chuck Rettig has heard to cross-examination about subsequent events came from valuation expert Chris Mercer. Chris recounts a question address to an appraiser asking why he hadn’t considered factors that occurred months after the valuation date. The response: “It hadn’t occurred.” It’s not always that easy, though. “What happens [...]
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