‘Particular Facts’ Justify Discounts in Mandatory Buyback of Minority Interest, Says Missouri High Court
Robinson v. Langenbach Context is “crucial,” the Supreme Court of Missouri recently said in upholding the use of discounts in the court-ordered buyout of a minority owner’s shares in a family business. At the same time, the court acknowledged that, “usually,” the...
Frequently Asked Questions About Federal Taxes and Marijuana Businesses
This past Friday marked the opening of Maine’s recreational marijuana market, which allows licensed retailers in the state to legally sell cannabis and cannabis products. While marijuana businesses in Maine may be in compliance with state laws, the federal government...
Does Insurance Cover COVID-Related Business Interruption Losses?
Maine’s relatively low number of COVID-19 cases may have saved some business in Portland and throughout the state. But as cases look to be surging across the country and winter fast approaching, many businesses could be in for a challenging time. Small businesses...
Appropriations Law Adds Some Business Tax Breaks and Extends Others
Ever since the CARES Act was passed in early 2020, many businesses in Maine and across the country have been waiting for additional government action to help handle the economic fallout of the COVID pandemic. After much back and forth — and much delay — the...
Court of Chancery Sanctions Use of Asset Approach in Complex Appraisal Case
In re Happy Child World, Inc. A low-profile appraisal case in front of the Delaware Court of Chancery raised important valuation questions, including how the court should determine the fair value of a nonoperating entity and how it should deal with the value of claims...
Tax Implications of Holding Precious Metal Assets in Your IRA
With the stock market hitting record levels and interest rates at historic lows, some investors are moving away from low-risk securities like bonds and money-market funds and investing in precious metal such as gold, silver or platinum. If you’re considering doing the...
Consider WARN Act Legalities If You Need to Lay Off Employees
As COVID cases spike to record-setting levels here in Maine and across the country, mass immunization likely months away and talks of financial relief still a work-in-progress at the federal level, many businesses in the state may be facing challenging times and...
Tax Court Spurns IRS’ Gift Tax Valuation Theory and Methodology
Grieve v. Commissioner In a gift tax dispute, the U.S. Tax Court recently found for the taxpayer when it rejected the unusual reasoning and methodology the Internal Revenue Service’s trial expert proposed to keep low the discounts applicable to the nonvoting...
Plaintiff’s COVID-Related Contract Claim Falters Despite Force Majeure Provision
NetOne, Inc. v. Panache Destination Management While the economy teeters during the ongoing COVID-19 crisis, courts are beginning to rule on lawsuits brought by businesses under various legal theories. In the instant case, the plaintiff suggested the defendant had...
Five Tax Breaks Expiring This Year
Unless Congress takes action in the next few months, several significant federal tax breaks will expire at the end of this year. In the past, lawmakers have routinely made “extender” provisions to continue expiring tax breaks for another year or two. However, with the...