Burchfield v. Burchfield Among a host of issues, this Virginia divorce case, which included a prominent Washington, D.C., lawyer and his estranged wife, raised an important valuation question related to the husband’s partnership interest in the firm: Whether undistributed earnings were includible in the marital property, as the wife’s expert claimed, or whether they were  Continue Reading »

Here in the greater Portland area, real estate prices are increasing and development is booming — which is good news for owners of underdeveloped or underutilized land. But if you’re among those who are looking to sell, develop or subdivide a highly appreciated property, it could result in an astronomical tax bill. However, there are  Continue Reading »

Schewe v. Schewe Farms In a family dispute featuring a farm business that owned real estate, the parties’ experts disagreed on an issue that was pivotal to how they would value the sellers’ distributional interest. The trial court resolved the valuation dispute by adopting one expert’s proposed methodology while making significant adjustments to that expert’s  Continue Reading »

Even as companies continue to grow in size in the Portland area, small businesses continue to be a major part of the economy in the region and throughout Maine. Anyone who runs a small business knows that it’s not easy, and sometimes it can be hard to make ends meet. If you happen to be  Continue Reading »

Sabre GLBL, Inc. v. Shan This damages case, which centered on an employee’s breach of fiduciary duties and other misconduct toward her former employer, and which went to arbitration, includes an informative discussion of the difference between head start damages and saved development costs. Both the federal district court and 3rd Circuit Court of Appeals  Continue Reading »

Like every summer in Maine, it went by much too fast. But now that fall is here and the end of the year is in sight, it’s a great time to think about crossing off a few of your financial to-do’s. One important project you can tackle is reducing your current-year adjusted gross income (AGI)  Continue Reading »

Oudheusden v. Oudheusden In a noteworthy decision, a Connecticut appellate court recently found the trial court double dipped when it divided the marital assets and calculated spousal support. Although attorneys from both sides had alerted the trial court to the risk of double dipping, the court awarded the non-owner spouse half of the value of  Continue Reading »

With the recent reduction in interest rates — and reports that further cuts could be on the horizon — you may be considering refinancing your home. If you are, there are some tax implications involved that you should know about. Here’s a quick overview. Deductions for Home Mortgage Interest In terms of your federal income  Continue Reading »

Acosta v. Wilmington Trust In an ongoing ESOP litigation, the defendant trustee’s effort to obtain information on the DOL expert’s prior valuation work for the government was thwarted. In denying the trustee’s motion to compel, the court found the information was protected under Rule 26 of the federal rules of civil procedure. The U.S. Department  Continue Reading »

With a median age of 44.6 years, Maine is the oldest state in the country. Our population of people age 65 or older has also grown by over 55,000 in the past seven years. If you’re part of Maine’s large senior population, you should be aware of some age-based tax breaks that you may be  Continue Reading »