Listen to your Tax Adviser: The taxpayer’s tax adviser recommended not amending tax returns. The taxpayer, instead of heading his long time advisers advice sought out another practitioner who amended the returns without researching the appropriateness of that action. The Court held that the accuracy related penalties could be assessed against the taxpayer and…
More Discounts: How many discounts for lack of control (DLOC) are there? Many appraisals estimate discounts for lack of control based on data from public companies. But a non-controlling minority interest of a privately held company has a greater risk than a non-controlling minority interest in a public company and warrants a greater DLOC….
Summary: Valuations are vital to a range of business, estate and financial planning transactions. Buyout agreements rely on valuations – either to establish a formula, or as the actual means of determining a buyout price. The price for disability, death, retirement and other buyouts from a closely held business or professional practice may all be…
Summary: For an appraisal to be respected by the IRS or a court the report should meet a host of requirements. Some of these are listed below. This checklist can be used to evaluate a report you intend on using in a divorce, tax plan or other matter. Appraisal Report The report should comply with…