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 disruptions caused by COVID, the likelihood of that occurring remains uncertain.  Continue Reading »

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 membership units in two limited liability companies (LLCs). Nonmarketable, noncontrolling interest In late 2013,  Continue Reading »

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 considers them to be engaging in an illegal activity. This can create some unique tax  Continue Reading »

The Indiana Court of Appeals and the South Carolina Supreme Court recently issued noteworthy rulings on the appropriateness of discounts in valuing minority interests. The contexts in which the issue arose were different, but, in both cases, there was a compelled sale and designated buyer. Hartman v. BigInch Fabricators & Construction Holding Co., Inc. In  Continue Reading »

The COVID-19 pandemic has impacted nearly every facet of life — including our relationships. Some reports indicated the stress of the crisis, combined with people’s close and constant contact with their spouse might be to blame for some recent divorces. A divorce is a stressful and complicated issue. The emotional toll it takes can oftentimes  Continue Reading »

Reynolds American Inc. v. Third Motion Equities Master Fund Ltd. The importance of Delaware appraisal jurisprudence beyond state borders was on display in a recent fair value decision out of North Carolina related to a merger involving the tobacco giant Reynolds. After an exhaustive analysis of the facts and Delaware legal principles, the North Carolina  Continue Reading »

While the COVID-19 pandemic continues to be at the top of most employers minds, it’s important to not forget important employment laws and regulations. The Equal Opportunity Employment Commission (EEOC) is reminding employers to follow and be mindful of these major anti-discrimination laws as they work through these unprecedented times. Civil Rights Act The Civil  Continue Reading »

Binghamton Precast & Supply Corp. v Liberty Mutual Fire Insurance Co. Filing a business interruption claim has become one of the first remedies businesses suffering from the economic consequences of COVID-19 look to in an attempt to mitigate the damage to their operations. But the process is hardly trouble free, as this pre-COVID-19 case illustrates.  Continue Reading »

A small payment from the IRS may be coming your way in the near future. The tax agency announced it was sending interest payments to those who filed their 2019 returns by this year’s extended July 15 deadline and either received a refund in the past three months or will receive a refund. An estimated  Continue Reading »

Wright v. Old Gringo, Inc. In this discovery dispute, the defendants sought to exclude the plaintiff expert’s valuation report, arguing it was untimely and the late disclosure would hurt the defendants. In rejecting the defense motion, the court noted any delay was largely caused by the defendants’ discovery tactics to thwart production of vital financial  Continue Reading »