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Case Law—State: Case Law—State: American Ethanol, Inc. v. Cordillera Fund, LP

Case Law—State: American Ethanol, Inc. v. Cordillera Fund, LP In American Ethanol, Inc. v. Cordillera Fund, LP, the Supreme Court of Nevada is required to weigh in on fair market value. A lower court had judged that stockholders were fairly paid some $1.75M (about $3 per share) for American Ethanol at the time of the merger. American Ethanol appealed, claiming it was worth more. Part of its argument was tha ...

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Tax Court: No Cancellation of Debt Income Despite Form 1099-C –Accounting Today

Roger Russell recaps the decision at Accounting Today. The Tax Court, in a recent summary opinion, ruled that an individual did not have cancellation of debt income in the year that a collection agency issued him a Form 1099-C and stopped its automated collection efforts. The IRS determined a deficiency in David Stewart’s 2008 income tax of $2,138, based on a Form 1099-C issued by the collection agency. The ...

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Seventh Circuit Applies ‘Independent Investor’ Test to Help Determine Reasonable Compensation

Payments an accounting firm characterized as consulting fees were really disguised dividends and should have been taxed as corporate income, the Seventh Circuit held on Thursday. The payments reduced the firm's income to zero, and the court applied the "independent investor" test to recharacterize them as dividends paid to the firm's owners.   Alistair M. Nevius at the Journal of Accountancy, in the article ...

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Debtors Must Pay Capital Gains Tax in Full, Supreme Court Holds

You can't avoid paying taxes on assets you sell after a bankruptcy.  At least if you're a farmer.  Sally P. Schrieber at the Journal of Accountancy reports The U.S. Supreme Court ruled Monday that farmers who sold farm assets during a bankruptcy reorganization under Chapter 12 of the Bankruptcy Code were liable for the full amount of the capital gains tax that resulted from the sale (Hall, Sup. Ct. Dkt. No. ...

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Friday Fun: Social Media Explained. Plus! A Cool Lawyer Ad.

If you're still trying to figure out whether and how your practice should have a social media strategy, don't worry—lots of other folks are too.  This simple graphic should help you understand your choices:   It's really quite simple once you break it down.   . . . and we know a lot of you have spent time as expert witnesses, or doing litigation preparedness work for your clients. But are you ready to ...

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Tax Court Rules: A Business Claims Value of $12M; The IRS Argues for $36M

Estate of Natale B. Giustina v. Commissioner What happens when a case lands in the United States Tax Court where Form 706 found the fair market value of a business share at $12.6 million and the IRS estimates it’s worth $36 million? Find out, in Estate of Natale B. Giustina v. Commissioner! At issue was a 41 percent share in a closely held timber company. Meanwhile, in the Delaware Chancery Court, In re Ans ...

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Dentist’s Employment Contract Kills Personal Goodwill Argument

Dentist's Employment Contract Kills Personal Goodwill Argument - Ninth Circuit Rules Peter J. Reilly on Forbes.com:   Tax planners generally think that clients are well served by their thoroughness.  I have little doubt that this is generally the case.  Every once in a while, though, that little bit of extra work can be counterproductive.  In the case of Dr. Howard the extra step, that a less thorough plann ...

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International Implications: Chinese Ownership & The Courts in Ukraine

SEC Wakes Up to Reverse Merger Companies Weeks after several Chinese reverse-merger companies have stopped trading in the US amid widespread fraud allegations, the Securities and Exchange Commission has issued a warning that, hey, maybe investors ought to think twice about those reverse-merger companies.  Okey doke!  Mark Gongloff relays from the Wall Street Journal Law Blog.  The Securities and Exchange Co ...

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Calculation Engagement vs Valuation Engagement

Calculation Engagement vs Valuation Engagement. In April, QuickRead featured some analysis of In Re: Marriage of Hagar in our Case Law—State section.  At issue in Hagar was the difference between a Calculation Engagement and a Valuation Engagement.  The Calculation Engagement the husband in the case presented was deemed unsuitable by a judge, in this particular case, because it the valuator admittedly didn’ ...

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