The Tax Court addressed important valuation issues last year, but its conclusions left many advisors hoping they'd wake up to the opposite result the next day
When Superman was trapped in “Bizarro World,” he found everything was the opposite of its earthly counterpart. Or, as Jerry Seinfeld observed, for an inhabitant of Bizarro World, “Up is down, down is up, he says ‘hello’ when he leaves, ‘goodbye’ when he arrives.”1 Several long-standing valuation issues were subject to a type of “up is down” treatment in 2011. Tax-affecting S Corporation Earnings The Tax Court continues to say “no” to tax-affecting the value of S corporation earnings (that ...
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