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Valuation victory eases succession problems.

Publication: Contractor
Publication Date: 01-SEP-03 		Format: Online - approximately 1132 words
Delivery: Immediate Online Access

Article Excerpt
RAISE YOUR HAND if you own all or a portion of a closely held business. Raise the other hand if you intend, sooner or later, to transfer your interest in the business to a family member (usually one or more of your business kids). Based on 40 years of experience, I'd say that about 40% of you reading these words will have both hands up.

The IRS, with a big assist from the courts, now agrees with the position my office has been taking for 15 years. Finally! What a fight!

The following is an example of what the courts are doing and saying:

You (Joe) operate your family business (Success Co.) as a corporation. The assets of Success Co. include a number of appreciated assets, such as investments in stocks, land and buildings. Also, many assets subject to depreciation--mostly equipment--are on the books for much less than their current value.

Now suppose that Success Co. is correctly valued (for tax purposes) at $5 million. The value of...

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