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Inherited Property: The Tax Rules Were Never Friendlier, But Changes May be on the Way

The biggest loophole in the tax code may soon be coming to an end—at least according to the messages sent by the Obama administration and its recent budget proposals. The American Taxpayer Relief Act of 2012 (ATRA) set a whole new tone for most estate plans when it took the dreaded estate tax off the table. However, it is no secret that the IRS has been making a concerted effort to recapture some of the revenues lost from property transfers by way of gift or upon death. This article discusses the Service’s focus on tracking the step-up basis and the need to secure qualified appraisals in this environment.

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Exploring the Pluris® Restricted Stock Database and DLOM Calculator: A White Paper Detailing Use of the Pluris Database to Develop a DLOM (Part I of III)

Business valuation practitioners continue to debate the merits of different databases to develop a discount for lack of marketability (DLOM). In this first- of a three-part series, Marc Vianello discusses what the Pluris DLOM database is, explores how “accurately” Pluris transactions are reported, and discusses how the Pluris DLOM Database has been presented to the business valuation community.

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2017 Call for Presentations

In Case You Missed It:

Estate of Giustina v. Commissioner: 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 reversed the decision and remanded it back to the Tax Court for further consideration.

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Federal Court—The Daubert Trilogy

FRE 702 is the law that federal judge’s must abide by when assessing expert testimony for admissibility. This article gives brief overview of the three leading Supreme Court cases that ultimately influenced the amendment to FRE 702.

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