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Estate of Kurt A. Amplatz, Security Bank & Trust Company v. Commissioner:A Case that Exemplifies the Service’s Statutory Obligations When an Estate Return is Selected and Penalties are Recommended, and What Ultimately is a Triable Issue Before the U.S. Tax Court

June 3, 2026

The recent U.S. Tax Court case, Estate of Kurt A. Amplatz, Security Bank & Trust Company v. Commissioner, offers QuickRead readers an opportunity to better understand what happens when the Service selects an estate’s 706 for audit, procedural issues that arise when motions for summary judgment are filed, and why penalty assessments under section 6662 are virtually always a triable issue. The ruling is cited extensively in the article because it provides those not familiar with a detailed roadmap of the Service’s statutory obligations and what is ultimately a triable issue. The recent U.S. Tax Court case, Estate of Kurt…

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Case Law - QuickRead Featured - Valuation/Appraisal

Exelon Corp. v. Commissioner

August 9, 2017

A Decision that Illustrates the Importance of Appraiser Independence To successfully work in the field of business valuation, appraisers must perform assignments with impartiality, objectivity, and independence, and without consideration of personal interests or the interests of those who hired them. Should such bias be found, the appraisal could be considered worthless and the expert’s reputation damaged, with even worse ramifications for the client. A recent Tax Court case illustrates this point.

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QuickRead Featured - Valuation/Appraisal

Book Review BVR’s—What It’s Worth

December 7, 2016

Winery Value QuickRead’s Technical Editor, Roberto Castro, reviews BVR’s What It’s Worth: Winery Value

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Case Law - QuickRead Featured - Valuation/Appraisal

Estate of Giustina v. Commissioner

September 23, 2015

Tax Controversy Insights In matters argued before the U.S. Tax Court, valuation professionals are frequently asked to provide opinions related to the value of closely held businesses and of fractional ownership interests in closely held businesses. This discussion relates to a recent appeal of a U.S. Tax Court decision involving such valuation issues. The case in question is Natale B. Giustina v. Commissioner. In this case, the Tax Court’s selection of the method for valuing a fractional ownership interest in a closely held business was appealed to the United States Court of Appeals for the Ninth Circuit. The Appeals Court…

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QuickRead Featured - Valuation/Appraisal

Estate of Natale B. Giustina, et al., v. Commissioner

January 21, 2015

Ninth Circuit Court of Appeals Reverses U.S. Tax Court On December 5, 2014, the Ninth Circuit Court of Appeals “reversed and remanded for recalculation of value” a Tax Court Memo decision in Estate of Natale B. Giustina, Deceased, v. Commissioner (No. 12-71747). The case involves the valuation of a 41.128 percent partnership interest in Giustina Land and Timber Company Limited Partnership and raises important questions regarding the proper underlying assumptions to use probability weighting.

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