Business Valuation Cases, IRS Revenue Rulings, Etc.
(Business Valuation Cases for Estates/Gifts, Divorce, Shareholder Disputes, Valuation Discounts, etc.)
Inclusion of these business valuation cases, rulings and other items on this site does not constitute advice to be applied to any specific situation. No valuation, tax or legal advice is provided herein. Additionally, valuation cases, IRS rulings, and valuation methodologies can change materially over time, including from when a case was issued and may no longer be valid. Furthermore, all cases involved specific facts and circumstances and may not be applicable to other facts and circumstances, purposes, jurisdictions, etc. Readers of these cases and other items should seek the services of skilled and trained professionals. In addition, the cases listed by topic are not necessarily all cases on the issue. Finally, just because we have a business valuation/appraisal case, ruling or other item here does not mean Banister Financial or its professionals necessarily agree with it!
Aggregation of Non-Voting Shares with Voting in Estates for Business Valuation (no non-voting discount on non-voting shares when holding controlling voting shares)
Blockage Discounts / Real Estatte- Valuation of
Blockage Discounts / Restricted Stock- Valuation of
Built In Capital Gains in Business Valuation for Gift and Estate Tax Purposes
Buy-Sell Agreements and Business Valuation Impacts
Control, But Not Full Control in Business Valuation
Covenants Not to Compete in Business Valuation
Cyclical Industries- Business Valuation Issues
Discounted Cash Flow (DCF) Business Valuation Method
Defined Value Clauses in Business Valuation Gifting and Transfer
Expert Testimony
Cases (Federal)
Cases (NC)
Howerton v. ARAI (NC Supreme Ct.)
North Carolina General Statutes (NC)
Expert Witness Communications with Attorneys, Disclosures, Protection of Business Valuation Draft Reports
Fair Market Value vs. Strategic Value in Business Valuation
Family Law Business Valuation Cases
Active Vs. Passive Changes in Value
Buy-Sell Agreements
Equitable Distribution
Practice Goodwill
Subchapter S Corporation Valuation
Standard of Value in Business Valuations
Stock Option Valuation Methods
Tax Impacts: Equitable Distribution
Family Limited Partnerships, LLCs and their Business Valuation, Business Valuation Discounts, Related Issues
Fractional Interests in Real Estate- Valuation methods and Discounts
Intrinsic vs. Fair Market Value in Valuation
Key Person Issues in Business Valuation
Life Insurance and its Impact on Business Valuation
Low Dividends and Effect on Business Valuation of Minority Interests
Marketability Discounts in Business Valuation
Aggregation of Non-Voting Shares with Voting in Estates for Business Valuation (no non-voting discount on non-voting shares when holding controlling voting shares)
Blockage Discounts / Real Estatte- Valuation of
Blockage Discounts / Restricted Stock- Valuation of
- Branson (US Tax Court)
- Gimbell (US Tax Ct)
- Mellinger (US Tax Ct)
- Murphy (US Dist. Ct) (Restricted Assets in FLP)
Built In Capital Gains in Business Valuation for Gift and Estate Tax Purposes
- Bolton (US Ct. App)
- Borgatello (US Tax Ct)
- Dunn (US Court App)
- Jelke (US Tax Ct)
- Jelke (US Ct. App)
- Jensen (US Tax Ct)
- Litchfield (US Tax Ct)
Buy-Sell Agreements and Business Valuation Impacts
Control, But Not Full Control in Business Valuation
Covenants Not to Compete in Business Valuation
Cyclical Industries- Business Valuation Issues
Discounted Cash Flow (DCF) Business Valuation Method
- Hess (US Tax Ct)
- Gallagher Estate (US Tax Ct)(2011)- Minority Discounts of
- Sunbelt Beverage (DE Chanc. Ct)
Defined Value Clauses in Business Valuation Gifting and Transfer
Expert Testimony
Cases (Federal)
Cases (NC)
Howerton v. ARAI (NC Supreme Ct.)
North Carolina General Statutes (NC)
- NC House Bill 542 (2011)- effective 10-1-2011, this bill adopts Daubert principles regarding expert witness testimony in NC Courts, with potential implication for business valuation
Expert Witness Communications with Attorneys, Disclosures, Protection of Business Valuation Draft Reports
- Rule 26- Federal Rules of Civil Procedure (revisions effective December 1, 2010)
Fair Market Value vs. Strategic Value in Business Valuation
Family Law Business Valuation Cases
Active Vs. Passive Changes in Value
Buy-Sell Agreements
Equitable Distribution
- North Carolina General Statute Excerpts (limited excerpts on valuation, valuation date, tax consequences, marital versus separate property, etc.)
Practice Goodwill
Subchapter S Corporation Valuation
Standard of Value in Business Valuations
Stock Option Valuation Methods
Tax Impacts: Equitable Distribution
Family Limited Partnerships, LLCs and their Business Valuation, Business Valuation Discounts, Related Issues
- Dailey (US Tax Ct)
- Estate of W.W. Jones (US Tax Ct)
- Hackl (US Ct. App)
- Hackl (US Tax Ct)
- Holman (US Ct. App)
- Kelley (US Tax Ct)
- Kerr (US Tax Ct)
- Kimball (US District Court)
- Kimbell (US Ct. App. 5th- Circuit)
- Knight (US Tax Ct)
- Lappo (US Tax Ct)
- Murphy (US Dist. Ct)
- Peracchio (US Tax Ct)
- Rosen (US Tax Ct)
- Senda (US Ct. App, 8th Cir)
- Strangi (US Ct. App)
- Strangi (US Tax Court)
- Turner (US Ct. App.)
Fractional Interests in Real Estate- Valuation methods and Discounts
Intrinsic vs. Fair Market Value in Valuation
Key Person Issues in Business Valuation
Life Insurance and its Impact on Business Valuation
Low Dividends and Effect on Business Valuation of Minority Interests
Marketability Discounts in Business Valuation
Marketability Discounts in Business Valuation- IRS Internal Documents
Minority Interests- Business valuation
Need for Accredited Appraiser in Business Valuation
Past Transactions as Evidence of Value- Business Valuation Impact
Personal versus Corporate Goodwill in Business Valuation
Poorly Supported Business Valuation
Prearrangements Defeat Business Valuation Discounts
Preferred Stock Valuation
Public Co. Selection in Business Valuation
Reasonable Compensation in C Corporations
Redemption Price and Impact on Business Value
Restricted Stock Options- Business Valuation of
Revenue Rulings and Revenue Procedures on Business Valuation Issues (IRS)
Section 754 Election Impact on Business Valuation
Shareholder Disputes and Dissenting Shareholders- Business Valuation Issues
Cases (Delaware)
Special Business Valuation Rules, Internal Revenue Code
Specific Company Risk Premium in Rate of Return Development in Business Valuation
Subchapter S Corporation Business Valuation Issues and Need to Consider Impact on Business Value
Swing Block Business Valuation
Time Travel in Business Valuation (Using Information on Subsequent Events Past the Valuation Date)
Valuation Report Content and Related Requirements for Business Valuations for Tax Purposes
Voting, Non-Voting Business Valuation
Minority Interests- Business valuation
- Barnes (US Tax Ct)
- Gallagher Estate (US Tax Ct)(2011)
- Koblick (US Tax Ct)
- McCord (US Ct. App.)
- Mitchell (US Ct. App, 9th Cir)
- Newhouse (US Tax Ct)
Need for Accredited Appraiser in Business Valuation
Past Transactions as Evidence of Value- Business Valuation Impact
Personal versus Corporate Goodwill in Business Valuation
Poorly Supported Business Valuation
Prearrangements Defeat Business Valuation Discounts
Preferred Stock Valuation
Public Co. Selection in Business Valuation
Reasonable Compensation in C Corporations
Redemption Price and Impact on Business Value
Restricted Stock Options- Business Valuation of
Revenue Rulings and Revenue Procedures on Business Valuation Issues (IRS)
- Revenue Procedure 2003-68 (stock option valuation safe harbor)
- Revenue Ruling 59-60 (valuation of closely held business for gift, estate and other tax purposes)
- Revenue Ruling 68-609 (excess earnings valuation method)
- Revenue Ruling 77-287 (restricted stock)
- Revenue Ruling 83-120 (valuation of preferred stock)
- Revenue Ruling 93-12 (end of family attribution in minority share valuation)
Section 754 Election Impact on Business Valuation
Shareholder Disputes and Dissenting Shareholders- Business Valuation Issues
Cases (Delaware)
- Delaware Radiology Open MRI v. Kessler (DE Chanc. Ct)
- Global GT LP et al v. Golden Telecom (DE Chanc. Ct)- deals with cost of capital, discount, capitalization rates
- Accuma (NC Ct. App)
- Crowder Construction v. Kiser (NC Bus. Ct)
- High Point Bank & Trust Co v. Sapona (NC Bus. Ct) (the Court puts limits on "reasonable expectations")
- High Point Bank & Trust v. Sapona (NC App, May 2011)(the NC Court of Appeals upholds NC Business Court opinion that no "reasonable expectation" of the minority shareholder existed to expect a repurchase of their shares in a closely held business)
- Meiselman v. Meiselman (NC App)
- O. Bruton Smith v. Rockingham Speedway (NC App)
- O. Bruton Smith v. Rockingham Speedway (NC Super Court)
- Potts v. Benett (NC Bus. Ct)
- Royals v. PERCO (NC Bus. Ct)
- Belk of Spartanburg v. Thompson et al (SC App)
- Keane v. Low Country Pediatrics (SC App)
- Kiriakides v. Atlas (SC Supreme Ct.)
- Santee Oil (SC Supreme Ct)
Special Business Valuation Rules, Internal Revenue Code
Specific Company Risk Premium in Rate of Return Development in Business Valuation
Subchapter S Corporation Business Valuation Issues and Need to Consider Impact on Business Value
- Adams (US Tax Ct)
- Bernier v. Bernier (MA Supr. Ct) (Family Law)
- Dallas (US Tax Ct)
- DE Radiology Open MRI v. Kessler (DE Chanc. Ct)
- Gallagher Estate (US Tax Ct)(2011)
- Gross (US Tax Ct)
- Gross (US Court of App)
- Heck (US Tax Ct)
- Sunbelt Beverage (DE Chan. Ct)
Swing Block Business Valuation
Time Travel in Business Valuation (Using Information on Subsequent Events Past the Valuation Date)
Valuation Report Content and Related Requirements for Business Valuations for Tax Purposes
Voting, Non-Voting Business Valuation
Contact Information for a Business Valuation
George Hawkins, ASA, CFA
Managing Director
Phone: (704) 499-9009 (direct)
Send e-mail to George
Outlook v card file 
Michael Paschall, ASA, CFA, JD
Managing Director
Phone: (704) 334-1625 (direct)
Send e-mail to Michael
Outlook v card file 
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