Tag: IRS

Kids and summer jobs: Some tax reminders

July 12, 2010 | Family Law News, Income Calculations, Legal Perspective

Icon for author Brian Vertz Brian Vertz

My friends at Crawford Ellenbogen LLC ¬†know a lot about taxes. One of their principals, Victor Dozzi CPA, recently sent me a great tip about kids who are earning income from summer jobs, and I asked him if I could share it with you. He agreed, so here it is: Are your children working at summer jobs this year?¬† If so, here are some tax reminders. * If a child […]

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Discounts in Art: “Starving Artist” Prices?

April 02, 2009 | Business Valuation, Court Decisions, Legal Perspective

Icon for author Brian Vertz Brian Vertz

The 9th Circuit Court of Appeals recently issued a decision (highlighted by Carsten Hoffman’s FMVOpinions)¬†affirming a tiny fractional interest discount applied to a jointly-owned collection of paintings. In Stone vs. U.S. (2009), the district court rejected the opinion of the estate’s expert, who testified in favor of a 44% fractional interest discount, citing the expert’s “total lack of experience with the art market; the dissimilar motives driving purchasers to acquire […]

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SRR Answers “Taxing” Year-End Questions

March 03, 2009 | Divorce, Legal Perspective, Tax Issues

Icon for author Brian Vertz Brian Vertz

The forensic accounting firm of Stout Risius Ross Advisors LLC has published an excellent guide to year-end tax questions that separated and divorcing spouses may have: 1.) What is my filing status for 2008? Your filing status is determined as of the last day of the calendar year. You are considered unmarried for the whole year if, on the last day of your tax year, you are unmarried or legally […]

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Jelke and BIG Tax Liability

July 21, 2008 | Business Valuation, Legal Perspective

Icon for author Brian Vertz Brian Vertz

Chris Mercer’s Value Matters newsletter offered a succinct summary of the Eleventh Circuit’s recent decision in Jelke v. Com., an important decision dealing with built-in capital gains (BIG) tax liability of Subchapter C corporations. The subject company in the case was a C corporation established 80 years ago, whose principal asset was an investment portfolio managed for long-term capital growth. The company was valued for estate tax purposes, and the […]

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