• Case Law - QuickRead Top Story

    Legal Update: March 2026—LeVine v. Platzer: Valuation of Intangible Assets Under New York Partnership Law Statute

    March 25, 2026

    The valuation of an ownership interest in a law firm can be challenging because it will often include significant unknowns as of the valuation date. The existence of uncertainty is not a justification for assigning no value to such assets. The author discusses LeVine v. Platzer, which involves the valuation of a law firm’s intangible assets under New York’s Partnership Law Statute. According to the United States Small Business Administration, nearly half of small law firms will break up. Those breakups are typically driven by economics or personalities. Either way, somebody needs to determine the value of the firm’s assets…

  • Case Law - QuickRead Featured

    Federal Case Law Weighs In On Partnership Interests, Charitable Contributions

    January 16, 2013

    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.” 

  • Mergers and Acquisitions/Exit Planning - QuickPress

    6 Pitfalls to Avoid When Merging Your CPA Firm

    May 24, 2012

    You can’t hold back the demographic tide. In the U.S., another baby boomer turns 60 every eight seconds. This translates into a leadership change in the near future at many CPA firms. In an important article in the Journal of Accountancy last year, John F. Raspante, CPA, and Joseph A. Tarasco, CPA explain:  Thousands of partners are at or reaching retirement age now and in the next five years, putting a tremendous strain on even the best succession plans. But age isn’t the only factor affecting the profession. Factors such as increased globalization and turmoil in the general economy causing greater competition have been analyzed…