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Valuation Lessons From Estate Of Adell, Kerry A. Ryan
Valuation Lessons From Estate Of Adell, Kerry A. Ryan
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In Estate of Adell, the Tax Court determined that the correct value of a decedent’s interest in a closely held corporation was the figure reported on the original estate tax return. The court rejected alternative values as either using the incorrect valuation method or failing to account for the significant value of a key employee’s personal goodwill.
Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
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In Estate of Helen P. Richmond, the Tax Court determined the proper value for estate tax purposes of a minority interest in a family-owned corporation holding mostly appreciated securities. The court also sustained an accuracy-related penalty against the estate, finding that it used an unsigned draft report by a noncertified appraiser as the basis for the stock valuation reported on Form 706.