In the recent Tax Court opinion in Estate of Aaron U. Jones v. Commissioner of Internal Revenue (T.C. Memo 2019-101), the court came to some surprising opinions that benefit taxpayers valuing businesses for gift and estate tax purposes.
In many divorces, a significant asset of the marriage is an S corporation. Oftentimes, the business owned by the S corporation is the source that will be used to make lifetime distributions to a spouse. Two important aspects of S corporations prevent a simple solution to this problem.
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There’s a lot of talk about employee engagement these days. At Gross Mendelsohn, we have an unusually large number of career employees (i.e., individuals who stick with one company throughout the majority of their career). Despite this, most employers would agree that career employees are becoming less and less the norm.
Thanks to the Tax Cuts and Jobs Act, signed into law at the end of 2017, businesses will experience dramatic tax cuts. Those tax cuts will not only have a positive impact on a company’s bottom line, but will significantly affect the company’s value. If you’re an attorney and have a matter where a business valuation comes into play, or a business owner who is thinking of selling, it’s essential that you know how business values could change as a result of the new tax law.
Prior to the Tax Reform Act of 1986, a C corporation could sell its appreciated assets, or liquidate, and avoid any tax inside of the company. The shareholder would only pay a single capital gains tax.
The mystery of President Trump’s unreleased tax returns has raised questions from both legislators and the electorate since the president’s earliest days on the campaign trail. On March 14, 2017, the first two pages of President Trump’s 2005 tax return were leaked to the media, prompting questions from news outlets and the public on the significance of the documents, and more importantly, what they do and don’t tell us about the president’s past finances. To help, David Goldner, CPA, CFP®, CVA, answered a few questions being asked publicly after the release of the return.