You may be years away from selling your business, but it’s never too early to understand what the process involves. If you have ever promised your child a treat in return for good behavior, you know all about negotiating leverage. When selling an attractive business, you also have leverage—but only up to the point where you […]
Are you thinking about selling your business, but you’re not really sure where to start? Do you have an exit strategy in place? Selling a business is not as easy as selling a house. With a house you know what you’re selling – 3 bedrooms, 2 bathrooms, with a great view, in a popular location. […]
The majority of businesses in America today started out as service companies. If you want to own a web design firm, you don’t need a lot of money, just a technical knack. Enterprising professionals who know how to get the media’s attention can start their own pubic relations firms without much more than a mobile […]
In late January, the Department of Labor (DOL) announced that it will abandon the “appraiser-as-fiduciary” rule from its planned reproposal of a broader fiduciary rule. As reported in the January 2015 issue of ASA’s Capital Action publication, the ASA has learned that when the DOL reproposes a broad set of rules affecting fiduciaries and prohibited […]
Estate of Franklin Z. Adell v. Commissioner, T.C. Memo 2014-155, Filed August 4, 2014. The Facts: Mr. Franklin Z. Adell (“the decedent”) died on August 13, 2006. At the time of his death, among other assets, the decedent owned a 100% interest in STN.com (“STN”), a cable uplinking company created to provide services to one […]
Estate of Helen P. Richmond, Petitioner vs. Commissioner of IRS, T.C. Memo 2014-26, Filed February 11, 2014. The Facts: Ms. Helen Richmond passed away in December of 2005. At the time of her death, Ms. Richmond owned a 23.44% interest in a family-owned personal holding Company, Pearson Holding Company (“PHC”). As of December 2005, PHC […]
Here’s an interesting tidbit that was uncovered at last November’s 2013 AICPA Forensic & Valuation Services Conference. IRS audits can be triggered when the same firm does a client’s tax work and valuation work. It was indicated that IRS agents in some areas will pull an estate and gift tax return that is prepared by […]
Estate of John F. Koons III, Petitioner vs. Commissioner of IRS, T.C. Memo 2013-94, Filed April 8, 2013. The Facts: The decedent, John F. Koons, III, died on March 3, 2005. Mr. Koons served as the president and CEO of Central Investment Corp. (“CIC”). CIC was a bottler and distributor of Pepsi soft drinks and […]
The outlook for business growth in 2013 depends mainly on one’s point of view, but at least this appears certain: The success of a business, or lack thereof, can often be traced back to the business plan. What’s more, the absence of a business plan, or one that is skimpy or thrown together in a […]
Joanne M. Wandry and Albert D. Wandry vs. Commissioner of IRS, T.C. Memo 2012-88, Filed March 26, 2012. The Facts: Albert and Joanne Wandry formed the Wandry Family Limited Partnership (“Wandry LP”) in 1998, contributing cash and marketable securities to the partnership. The Wandry’s spoke to their tax attorney regarding the gift tax consequences of […]
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