What About Subsequent Events—Lessons from the Valuation of Artwork? In the December 2015 Tax Court Memo Estate of Newberger v. Commissioner, the Tax Court considered post-date-of-death sales prices in the valuation of three separate pieces of artwork owned by the decedent. Considered in one instance was the sale of the actual piece of art itself, and in two other instances, the sale of other pieces of art considered comparable to the art owned by the decedent. Also at issue was how the Great Recession impacts value in the context of reliance on actual or comparable sales transactions. Although this case…
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Notable 4th Quarter 2015 Cases, Part II of II Part II of this article highlights the remaining notable 4th Quarter 2015 U.S. Tax Court Cases that will be of interest to valuation practitioners and business advisors. Estate of Purdue reminded us that taxpayers need to address 2036(a) concerns and establish a non-tax reason. In addition, the case reminds us that gifting an equity or LLC interest may not qualify as a present interest for gift tax purposes. Estate of Newberger involved the proper valuation of artwork, yet its holding is applicable to a business valuation opinion. Sumner Redstone v. Commissioner…
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Notable 4th Quarter 2015 Cases, Part I of II Part I of this article highlights notable 4th Quarter 2015 U.S. Tax Court Cases that will be of interest to valuation practitioners and business advisors. Estate of Purdue reminds us that taxpayers need to address 2036(a) concerns and establish a non-tax reason. In addition, the case reminds us that gifting an equity or LLC interest may not qualify as a present interest for gift tax purposes. Estate of Newberger involves the proper valuation of artwork, yet its holding is applicable to a business valuation opinion. Sumner Redstone v. Commissioner involves a…
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Annie Cushing is on a Mission to Rid the World of Ugly Data. Learn About Data Collection, Analytics, Technical SEO, Analysis, and Beautification. Annie Cushing, a Senior SEO at SEER Interactive, a Philadelphia-based online marketing agency, explains that “There comes a time in a marketer’s life when making pretty charts with a predefined dataset just doesn’t cut it. “And finding the sum and average of a column of data just doesn’t satisfy you anymore. Eventually — and it’s really inevitable — you will actually have to dive deep into the data and cull out a smaller dataset or manipulate it…