James and Julie Kress (the “Taxpayers”) filed a lawsuit in United States District Court for the Eastern District of Wisconsin [Case 1:15-cv-01067-WCG] on September 2, 2015. They sought a refund of federal gift taxes and interest they claim were erroneously assessed by the IRS on gifts made in 2007, 2008, and 2009. The Facts The [...]
About radarmediaThis author has not yet filled in any details.
So far radarmedia has created 24 blog entries.
Since 1975 and prior to April 2015, the definition of fiduciary as put forth by the Department of Labor included a five-part test. Only if all five parts listed below were met would an adviser be considered a fiduciary. Advice was given: as to the value of securities or other property, or make recommendations as [...]
[av_textblock size='' font_color='custom' color='#83a846'] At the American Bar Association (ABA) Section of Taxation meeting on May 8th, 2015, Catherine Hughes, of the Office of Tax Policy in the U.S. Treasury Department, announced that proposed regulations under section 2704(b)(4) could be released before the fall. She indicated that the tax community could look to the Obama [...]
No case is clear cut, but lessons often can be learned. In the recently filed action, the Department of Labor v PBI Bank, Inc. and The Miller’s Health Systems, Inc. Employee Stock Ownership Plan (United States District Court for the Northern District of Indiana, Civil Action: 3:13CV1400), some, but not all, of the issues surrounded [...]
In this recent United States Tax Court case (T.C. Memo. 2013-263) concerning a real estate holding company operating as an LLC, two valuation issues were discussed: the sole consideration of a net asset value technique and the extent of lack of control and lack of marketability discounts. In an unrelated issue, the petitioner later attempted [...]
Americans with complex estate plans have experienced plenty of uncertainty with federal estate tax planning in recent years. The susceptibility of a particular legacy to taxation can have significant implications for an individual’s decisions to use living trusts, marital trusts and other estate planning strategies to protect assets for heirs or charities. The Obama Administration [...]
Early in 2013, the Supreme Court asked the Solicitor General to comment on technical questions regarding stock-drop cases and to assess whether these types of cases should be brought to the attention of the Court. In a rather strange move, the Solicitor General asked the Court to focus only on a matter concerning ESOP plan [...]
The economic recovery has created a surge in sales of small businesses. The number of deals tracked by online marketplace BizBuySell.com rose more than 40 percent in the third quarter. Behind the trend: Baby boomers want to retire, businesses are healthier after the recession and buyers are finding it is easier to finance deals. At [...]
In this Arkansas Court case, the various attempts to determine values for two related family-owned businesses led to widely divergent results. Even from the same valuation analyst. Farrell v. Farrell, 2013 Ark. App. LEXIS 33 (Jan. 23, 2013) The wife appealed the trial court’s decision to assign all interest in the family businesses to the [...]
The selection of a business valuation expert becomes critical if you or your clients have a need to “know” the value of a business. There are several considerations that must be made before selecting an expert. These qualifications and characteristics apply in any engagement: • Is the analyst certified by a recognized national credentialing organization [...]