2018

Fall 2018

• Damages Claim Fails to Provide Yardsticks Capturing Defunct Startup's Value
• Virginia Court Nixes Challenge to Appraisal Done According to Valuation Agreement
• Nursing Home Valuation Must Separate Real Estate from Business Activity

• Trial Court's Stock Valuation Contravenes Agreement's Buyout Provisions
• DOL Sues Over ESOP; Trustee Launches Daubert Attack
• Deal Price Represents Unreliable Starting Point for Fair Value Calculation
• Provocative Delaware Chancery Decision Favors Stock Price Over Other Fair Value Indicators

Spring 2018

Winter 2018

• DCF Projections Failed to Reflect Target’s Operative Reality, Chancery Says
• Tax Court Introduces Formula to Value Donated Remainder Interest
• Delaware Supreme Court Disses Chancery’s Blending of Valuation Methods
• Expert’s Fair Market Value Analysis Aligns with Applicable Healthcare Law
• New Edition of Gary Trugman’s Book Now Available

2017

Fall 2017

• Improper Use of Active/Passive Framework Skewers Valuation
• Eleventh Circuit Affirms Tax Court’s Valuation of Trust’s Interest in LLC
• New Jersey Court’s Inadequate Goodwill Ruling Triggers Rebuke and Remand
• In Controversial Move, Tax Court Tackles ‘Double Inclusion’ Problem
• Court in Brundle Case Sticks to Earlier ESOP Liability and Damages Rulings

Summer 2017

• Expert’s Best-Effort Medical Practice Valuation Holds Up on Appeal
• Florida Court Rejects Active-Passive Framework in Appreciation Analysis
• Tax Court’s Valuation of Trust’s Interest in LLC Weathers Appeal
• New Jersey Ruling Cements Use of DLOM to Sanction Oppressing Shareholder
• Inadequate ESOP Valuation Vetting Gets Trustee Into Hot Water

Spring 2017

• Court Disapproves of Use of Damages Model to Establish Liability
• Court of Appeals Sides With Taxpayers on Right to Vet IRS Expert Valuation
• Reasonable Compensation Analysis Ignores Objective Evidence, Tax Court Says
• Chancery Bases Fair Value Calculation on Income-Based Model

Winter 2017

• Chancery Achieves Fair Value by Blending Three ‘Imperfect Techniques’
• Court Sets Aside Big Lost Profits Award Based on Bad Yardstick Analysis
• Tax Court Corrects Prior Valuation of LP Interest to Startling Result
• Court Deems Future Lost Profits Formula an Exercise in Speculation

2016

Summer 2016

• Shareholder Agreement Sparks Suit Over Discount Use in Fair Market Value Calculation
• Goodwill Snafu Invalidates Noncompete Agreement
• Latest New York Statutory Fair Value Ruling Nixes DLOM
• Florida Court Revisits Active-Passive Appreciation Issue
• Proposed Regulations Under IRS Code Section 2704

Spring 2016

• DLOM Ruling Promises End to ‘Most Difficult Case’
• Chancery Puts Trust in Merger Price Over Questionable Methodology
• Service Business Valuation Triggers Double Dip Rule
• Chancery Honors Parties’ Deal to Be Bound by Appraisal
• Destruction of Financial Evidence in Damages Case

Winter 2016

• Dissent Says Appraiser Lacks Necessary Valuation Expertise
• Different Ways to Find No Claim to Enhanced Value of Nonmarital Asset
• Damages Expert Stumbles Over Causation

2015

Fall 2015

• Court Infers Nature of Goodwill from Nature of Business
• What Passes for a Reliable Yardstick Method Under Daubert?
• New Chancellor’s First Words on Tax Affecting in Fair Value Case
• IRS Assault on Valuation Discounts for FLPs Is Looming
• Discovery Reveals Expert’s Lack of Independence

Summer 2015

• What Role for Revenue Ruling 59-60 Factors in Valuing Closely-Held Business?
• Delaware Chancery Grapples With Sale Price vs. Post-Merger DCF
• Mixing Lost Profits and Lost Business Value for Damages Calculation
• IRS Issues Two New Job Aids
• Congratulations to our Principals

Spring 2015

• What Rationale for Net Book Value in Damages Analysis?
• Ruling Reveals Delaware Chancery’s Skepticism of Valuation Experts
• Goodwill Ownership Dominated 2014 Tax Court Valuation Cases
• Court Chastens Expert Over ‘Severely’ Deficient Valuation

Winter 2015 New York DLOM Ruling has Valuators Abuzz “Stunning” Personal Goodwill Amount Triggers Lawsuit DLOM Bounces Back in Big NY Fair Value Case Harsh Ruling Due to Faulty Value Allocation in a Merger

2014

Fall 2014 Court’s Mixed Message on ‘Sufficient and Credible’ Financial Evidence Insights from Tax Court Cases Regarding Valuation Reports A ‘Rose.com’ is a ‘Rose.com’: What the Value of a Domain? Summer 2014 May Court Disregard Shareholder Agreement in Judicial Buyout? Murky Goodwill Testimony Makes Partner Agreement Best Indicator of Value U.S. Tax Court Judge Laro Discusses Valuation and Expert Testimony Issues Spring 2014 Divorce Court Wrestles with ‘Vague and Conflicting’ Goodwill Testimony DE Chancery Prefers Use of Merger Price to Determine Fair Value ‘Undue’ Scrutiny of Expert’s Data Triggers Erroneous Exclusion Should Dated Buyout Set Value of Stock in Closely-Held Corporation? IRS Bars Appraisers for Five Years Is Your Business Worth as Much as You Think? Is Your Client’s Business Worth as Much as He Thinks? Winter 2014 No Taboo Against Marketability Discount in Shareholder Suit In Daubert Attack, Valuation Expert Portrayed as Mere Mouthpiece Reliable or Obsolete? DE Chancery Scrutinizes Precrisis Projections IRS Strains to Prove Goodwill in Like-Kind Exchange

2012