Tag: Tax Court

Life Insurance Proceeds: Marital Asset?

July 17, 2009 | Blog, Divorce, Marital Property

Icon for author Brian Vertz Brian Vertz

Here is an interesting issue, not yet resolved by the Pennsylvania courts: whether the proceeds of a life insurance death benefit may be counted as a marital asset. Here’s the story: Let’s say that husband and wife are separated, and one of them dies. If the grounds for divorce existed prior to the death (i.e., both spouses filed their affidavits of consent, or they were separated two years prior to the death), the divorce […]

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Jelke and BIG Tax Liability

July 21, 2008 | Blog, Business Valuation

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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