Taxpayer scores eleventh-hour victory in capital gains case
Abstract: Although courts are increasingly permitting built-in capital gains discounts for C corporations, exactly how to quantify such a discount remains unclear. In this issue’s “For what it’s worth: Valuation in the courts,” we look at a recent case that sheds some light on this ongoing issue and provides a succinct review of relevant case law. Citations: Estate of Frazier Jelke III v. Commissioner, U.S. Court of Appeals for the 11th Circuit, No. 05-15549, November 15, 2007. Estate of Dunn, 301 F.3d. 339, 2002.