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Supreme Court Will Consider Case on Foreign Tax Credit —The Tax Adviser

When Is a Foreign Tax Creditable Under Sec. 901?  The Tax Adviser's  James A. Beavers, J.D., LL.M., CPA, CGMA, reports that The U.S. Supreme Court has agreed to hear a case that delves into the contentious issue of when taxpayers are eligible to claim a foreign tax credit under Section 901 of the U.S. tax code. A ruling by the court would clarify part of the provision that has been litigated for decades. ...

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Federal Case Law Weighs In On Partnership Interests, Charitable Contributions

A Valuation Misstatement Results in Tax Underpayment; An Appraisal is “Not Qualified.” In Alpha I, L.P., v. United States, Judge O’Malley of the U.S. Court of Appeals for the Federal Circuit considers the legitimacy of certain partnership transfers to charitable remainder unitrusts (CRUTs).  In Rothman v. Commissioner, Judge Laro at the U.S. Tax Court rules on the importance of a “qualified appraisal.”  ...

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What the New Tax Law Means for You and Your Clients —Accounting Web

Beyond The Fiscal Cliff:  Details to Act On Gail Perry at Accounting Web introduces a set of articles on the effect of the "fiscal cliff." A first article – New Tax Law Emerges Beyond the Fiscal Cliff – provides an overview of the key tax provisions that will affect your individual and business clients. It's followed by coverage of how the new law will impact federal estate, gift, and generation-skipping ta ...

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New York Updates Franchise Reporting Regulations —Deloitte

New York State Department of Taxation and Finance recently adopted amendments to the combined reporting regulations applicable to general business corporations (including REITs and RICs) subject to the Franchise Tax imposed by Article 9-A of the New York Tax Law. The New York State Department of Taxation and Finance (Department) recently adopted amendments to the combined reporting regulations applicable to ...

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Deloitte: California Franchise Tax Board Revamps Rules on Small Business Stock Gain Exclusions, Deferrals

Notice implements court of appeal decision involving qualified small business stock gain exclusion/deferral Deloitte's Tax Matters newsletter (Issue 2013-02) reports that on September 10, 2012, a Tax Alert was issued summarizing the California Court of Appeal’s decision in Cutler v. Franchise Tax Board (“Cutler”) involving the exclusion or deferral of qualified small business stock gain.  More: ...

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Case Law: Valuation Experts Play Key Roles in Cases in Texas, Arizona

Top State Courts Consider the Value of Goodwill, the Legitimacy of the Income Method of Valuation In State of Texas v. Clear Channel Outdoor, the Texas Court of Appeals considers testimony from an expert regarding the income method of valuation for the billboards; in Walsh v. Walsh, the Court of Appeals of Arizona reassesses the realizable benefits of stock redemption value in a law firm, and determines the ...

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Case Law—State: Ohio Rules on Experts, and Delaware on Share Value

Cases in Ohio, Delaware Assess Acquisition Share Value, Family Business In Iacampo v. Oliver Iacampo, the Ohio Court of Appeals rules on the appropriate use of experts in valuing a family business, the nature of passive income, and financial help from the wife’s parents. In Delaware,  Gaerreald v. Just Care, Inc. turns on proper methods for determining share value, the value of an expert opinion, and defere ...

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Federal Case Law: Fifth Circuit and Tax Court Rule on Penalties, Charitable Deductions

Fifth Circuit Disallows 40% Valuation Misjudgment Penalty, OKs 20% Negligence Penalty The Court of Appeals for the Fifth Circuit disallows a 40% valuation misjudgment penalty in Bemont Invs., LLC v. United States, but affirms a Texas Court’s 20% negligence penalty.  Judge Goeke at the Tax Court draws distinctions on when charitable deductions are allowable in Dunlap v. Commissioner. ...

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Federal Law Cases Review Mortgages, Broker Price Opinions

A Credit Card Debt is Settled, But Tax on DOI Income Still Due Judge Ruwe at the Tax Court finds petitioners owe tax on income from a settled credit card debt in Shepherd v. Commissioner, and a U.S. Bankruptcy Court for the Western District of Pennsylvania rules on the valuation of a mortgagee’s creditor’s secured claim in Buena Vista Oceanside, LLC., v. Optimum Bank ...

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Preparing for Trial: Guidelines to Ensure Your Expert Testimony is Top Notch

Great Testimony Doesn’t Proceed From Charisma Alone. It’s Mostly about Preparation. Here’s Why. Joe Epps, CPA/CFF/ABV, CFE, CVA, explains that great expert testimony proceeds from extensive preparation of testimony outlines and demonstration exhibits to a thorough review of relevant documents, including expert reports, deposition transcripts, and a full reading of other parties’ testimony. ...

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Georgia Case Turns on Memorandum of Agreement Establishing Valuation Methodology

More: A Case in Texas Turns on a Husband and Wife with Differing Appraisals of a Business That’s Declined in Value Peter Agrapides gathers recent federal cases bearing on valuation and family law. In Georgia, a county issues bonds to finance a regional warehouse built by the corporation; the parties agree to use a certain valuation methodology, and since agreement is mentioned in the lease, the Georgia Cour ...

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S-Corporations and Taxes: A Summary of Relevant Case Law

Taxes on S-Corporations are Hotly Discussed by Legislators and May Change. Here’s the History, Standing Precedents, and Current Law. S Corporations have been much in the news lately, as we’ve noted on the QuickRead blog. In this piece, Peter Agrapides provides a comprehensive chronological account of valuation cases where the issue of tax affecting S-Corporations has taken center stage. ...

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Reasonably Certain Foreseeable Future Events and the Standard of Value

In Berquist v. Commissioner, Judge Swift Finds a Company’s Pending Liquidation is Relevant and Foreseeable. The Tax Court valued closely-held stock in an anesthesiology practice donated to a hospital for charitable contribution purposes at its liquidation value since the anesthesiology practice would no longer exist after the physician-stockholders were consolidated into a newly-formed umbrella physician ma ...

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Has Sarbanes-Oxley Failed?—NYT, WSJ, IBD, Reuters, & More

10 Years After Implementation, NYT Cites Lawyer, Former SEC Official, PCAOB Oversight Member, and Editor Who See SOX as a Positive Development.  WSJ Sources Not So Sure.  IBD Claims SOX Has "Devastated" IPO Market.  The Times’ “Room for Debate” roundtable noted that last Sunday, July 24th, marked 10 years since the Sarbanes-Oxley accounting law was enacted, after the scandals at Enron, WorldCom and elsewher ...

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Family Business Breakthrough: Wandry v. Commissioner a “Landmark Decision” That Allows Tax-Free Ownership Transfers Over Generations —WSJ

Shielding the Family Business The best part for valuators is that all of this requires a professional appraisal (detail below). The Wall Street Journal Tax Report's Laura Sanders reports  that: Small-business owners often complain of feeling caught in the cross hairs of the tax code. For a change, here's good news. The Tax Court has just blessed a new technique that owners of closely held businesses—and wea ...

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A Short History of Congress’s Power to Tax —WSJ

The Supreme Court Has Long Distinguished the Taxing Power from the Regulatory Power  Paul Moreno, professor of history at Hillsdale College,  details the history on the Wall Street Journal opinion page:  The first enumerated power that the Constitution grants to Congress is the "power to lay and collect taxes, duties, imposts, and excises, to pay the debts and provide for the common defense and general welf ...

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Palmerino v. Palmerino & Giaimo v. Vitale

In Palmerino v. Palmerino, the Massachusetts Court of Appealsconsidered whether a trial court erred in valuing the husband’s grocery store. The trial court’s approach had not included discounts—and went further to state that the income approach is preferable for valuation.  Find out what the court decides!  In Giaimo v. Vitale, the Supreme Court of New York considers the dissolution of a company called EGA ...

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