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  • County of Maricopa v. Office Depot Inc. – Is that expert report final — or a draft?

    November / December 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 441

    Abstract: The question of whether an expert’s report is a draft, and therefore not subject to discovery, is a hot topic in some courts, both federal and state. This article summarizes a recent federal district court case that demonstrates the stakes involved when making this determination. County of Maricopa v. Office Depot Inc., No. 14-01372 (D. Ariz. Oct. 9, 2019)

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  • Owners’ compensation: Determining what’s reasonable

    November / December 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 519

    Abstract: At year end, it’s common for business owners to reflect on the year’s performance and decide whether they’ve been fairly compensated for their efforts. This article highlights some important issues for clients to consider before deciding to whether pay themselves a holiday bonus or make a special distribution to help cover their personal tax obligations from earnings from a pass-through business.

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  • Spotlight on fraud in the nonprofit sector

    November / December 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 676

    Abstract: Times of crisis bring out the best — and worst — in people. During the COVID-19 pandemic, it’s critical for not-for-profit organizations to remain diligent in their efforts to combat fraud. This article identifies steps that not-for-profit clients can take to minimize fraud risks and help fulfill their mission.

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  • Family matters – Are cash advances gifts or loans for tax purposes?

    November / December 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: When friends and family members are struggling to make ends meet — like during the COVID-19 crisis — loved ones may give or lend money to help. However, it’s important to understand whether a client’s transfers will be classified as gifts or loans for tax purposes. This article summarizes a recent U.S. Tax Court case that highlights how the determination is made and how changes in circumstances may lead to different classifications for subsequent transfers. A sidebar highlights a gift tax case where value was determined by the transfer document, not the donor’s intent. Estate of Bolles v. Commissioner, T.C. Memo. 2020-71 (Tax Ct. June 1, 2020) Nelson v. Commissioner, T.C. Memo. 2020-81 (Tax Ct. June 10, 2020)

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  • Subchapter V: New reorganization rules for small businesses

    September / October 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 419

    Abstract: The COVID-19 crisis is prompting many struggling business owners to seek relief through bankruptcy. Recent changes to the bankruptcy law, as well as a provision in the Coronavirus Aid, Relief and Economic Security Act, may allow certain small businesses to avoid Chapter 7 liquidation and, instead, opt for a new, more affordable type of Chapter 11 reorganization. This article provides an overview of what’s changed.

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  • New ACFE study highlights the high cost of white-collar crime

    September / October 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 536

    Abstract: The Association of Certified Fraud Examiners (ACFE) recently published Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse. This article highlights key findings from the study and explains how experts must factor fraud risks into the valuation equation.

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  • How to value a distressed business

    September / October 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 668

    Abstract: The COVID-19 pandemic has caused many businesses around the globe to struggle financially. Distressed businesses present challenges during the valuation process. This article explains how business valuation experts tailor their analyses to address these challenges.

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  • Discounted cash flow vs. deal price – Chancery Court relies on DCF in appraisal action

    September / October 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 822

    Abstract: When calculating fair value in appraisal actions, Delaware courts have demonstrated a strong preference for objective, market-based metrics. However, this article summarizes a recent ruling that departs from this trend and, instead, relies on a discounted cash flow (DCF) analysis. However, this case is exceptional; a sidebar highlights a more typical appraisal action in which the court chose the deal price in an arm’s-length transaction as a reliable measure of value. Manichaean Capital, LLC v. SourceHOV Holdings, Inc., No. 2017-0673 (Del Ch. Ct. Jan. 30, 2020), In re Appraisal of Columbia Pipeline Grp., Inc., No. 12736-VCL (Del Ch. Ct. Aug. 12, 2019)

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  • Beyond book value – Court allows discovery of value-related materials

    July / August 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 446

    Abstract: A divorce case in Florida has produced an important discovery ruling about a spouse’s right to information from a non-party business that could indicate the value of a marital asset. This article explains why this ruling could be welcome news for other divorce litigants seeking equitable distributions. Hall v. Hall, No. 5D18-1608 (Fla. App. June 14, 2019)

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  • Is it time to consider estate planning moves?

    July / August 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 661

    Abstract: Businesses and financial markets have incurred major losses in the first half of 2020 due to the novel coronavirus (COVID-19) crisis. But this article highlights a potential upside: Low asset values and favorable tax laws could create opportunities for wealthy individuals to gift certain assets, including business interests and intangible assets, to family members and charities.

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  • Court rejects value based on improbable subsequent events

    July / August 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 563

    Abstract: In a recent gift tax case, the U.S. Tax Court rejected the IRS’s valuation of a nonvoting stake in a limited liability company (LLC), because it was based on actions conjectured to occur after the gift was made that weren’t reasonably probable. This article explains why the court accepted the taxpayer’s value, which included discounts for lack of control and marketability. Grieve v. Commissioner, TC Memo 2020-28 (March 2, 2020)

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  • In re Appraisal of Panera Bread Co. – Dissenters’ stock valued at deal price less synergies

    July / August 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 875

    Abstract: Once again, the Delaware Chancery Court has turned to deal price as the most reliable indicator of a company’s fair value in a statutory appraisal proceeding. However, it decided that adjustments for certain “synergies” were required. This article explains the court’s reasoning — and why the company was denied a refund for prepaying its shareholders. A sidebar highlights alternative methods of valuation that the court ultimately rejected. In re Appraisal of Panera Bread Co., No. 2017-0593-MTZ (Del. Ch. Jan. 30, 2020)

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  • Court clarifies damages for ESOP fiduciary breach

    May / June 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 411

    Abstract: When an employee stock ownership plan (ESOP) is induced by the owner or other fiduciaries to overpay for the company’s stock, a court can order those fiduciaries to pay damages. This article summarizes how a Virginia trial court quantified damages in a recent fiduciary breach case. Pizzella (formerly Acosta) v. Vinoskey, No. 6:16-cv-00062 (W.D. Va. Aug. 2, 2019)

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  • Market approach: Is it right for your business?

    May / June 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 557

    Abstract: The market approach is often used to value private businesses. It derives value from pricing multiples based on comparable businesses or ownership interests that have been sold. This article provides an overview of two methods under this approach — the guideline M&A method and the guideline public company method — and various criteria that valuation experts may use to identify comparables. Estate of Gallo v. Commissioner, T.C. Memo 1985-363

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  • Filing charges against a fraudster

    May / June 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 656

    Abstract: After occupational fraud has been discovered, the case might proceed to civil litigation, criminal prosecution, both or neither. This article discusses the options victim-organizations face when fraud strikes and how in-house personnel and external forensic accounting experts can work together to help ensure that law enforcement receives the support it needs to prosecute a white collar criminal.

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  • Estate and gift tax valuations – 3 valuable lessons from the trenches

    May / June 2020
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 840

    Abstract: The IRS and taxpayers rarely see eye-to-eye when valuing businesses for estate and gift tax purposes. This article summarizes three recent developments from the U.S. Tax Court, a federal district court and the IRS Office of Chief Counsel that deal with the issue of fair market value in a federal estate and gift tax context. A sidebar explains why the IRS wouldn’t extend an estate’s deadline for claiming a refund under the financial disability exception. Cavallaro v. Commissioner, T.C. Memo. 2019-144 (Tax Ct. Oct. 29, 2019) Carter v. United States, No. 18-cv-01380-HNJ (N.D. Ala. Aug. 9, 2019)

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