by Royer Advisors | Dec 11, 2024 | Business Plans, Court Rulings, IRS Regulation, Valuations
Cavallaro v. Commissioner, 2016 U.S. App. LEXIS 20713 (Nov. 18, 2016) (Cavallaro II) In 2014, taxpayers who had relied on estate planning professionals to affect the transfer of their family business to their sons confronted a tax liability on a $29.6 million gift. A...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Divorce Litigation, Valuations
Lacoste v. Lacoste, 2016 Miss. App. LEXIS 460 (July 19, 2016) A recent Mississippi divorce case highlights the complexity of valuing a small family business as well as the importance of an accurate valuation to achieving an equitable distribution of marital assets....
by Royer Advisors | Dec 11, 2024 | Court Rulings, Deductions, IRS Regulation, Tax Planning, Tax Preparation
In order to deduct an expense as a business expense, it must be both ordinary and necessary. An ordinary expense is one that is common and accepted in your field of business, and a necessary expense is one that’s helpful and appropriate for your business. There...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Valuations
Mattress Closeout Ctr. IV, LLC v. Panera, LLC, 2016 U.S. Dist. LEXIS 91881 (July 15, 2016) Courts are not looking to experts for creative ways to calculate damages. They want a calculation based on reasonable certainty. In a recent case, the court decided to throw out...
by Royer Advisors | Dec 11, 2024 | Court Rulings, IRS Regulation, Tax Planning, Tax Preparation
Recently, it was ruled by the U.S. Tax Court that the Boston Bruins hockey team’s pregame meals to players and personnel at out-of-town hotels qualified as a de minimis fringe benefit under the Internal Revenue Code. Therefore, 100% of the cost of those meals...
by Royer Advisors | Dec 11, 2024 | Court Rulings, Valuations
Estate of Giustina v. Commissioner, 2016 Tax Ct. Memo LEXIS 113 (June 13, 2016) (Giustina III) In an estate tax dispute that has lasted for over five years, the Tax Court revalued the decedent’s minority interest in an Oregon family business by order of the 9th...
