Asset-Based Appraisal Unsuitable for Fair Value Determination, Court Says

June 29, 2020 | Court Rulings, Valuations

Linde v. Linde In a bitter fight between siblings over the buyout of the minority shareholder’s interest in a successful construction business, the trial court found the asset-based valuation the majority shareholder’s expert proposed was fatally flawed for at least two reasons. The dispute involved Linde Corp. (LindeCo), one of several construction companies the Linde  Continue Reading »


Bill that Provides More PPP Flexibility Is Signed into Law

June 22, 2020 | Business Plans

In the wake of COVID-19, Congress acted quickly to help mitigate the economic impact of the pandemic. Part of this action included the Paycheck Protection Program (PPP), which was designed to help small businesses sustain operations and keep workers employed. While the program had good intentions and bipartisan support, the speed at which the legislation  Continue Reading »


Valuation Underpinning Contested Stock Sale Reflects Fair Value, Court of Chancery Says

June 15, 2020 | Court Rulings, Valuations

Coster v. UIP Companies In a breach of fiduciary duty action arising out of a controversial stock sale, the Delaware Court of Chancery dismissed the plaintiff’s attacks on the underlying valuation, noting the appraiser was “exceptionally knowledgeable about the industry” and held “informed beliefs” as to the company’s specific structure. His methodology generated a reliable  Continue Reading »


Should your business reopen? Five questions to ask yourself.

June 8, 2020 | Business Plans

Maine has begun the reopening process for some of the businesses that were forced to close due to COVID-19. As the summer goes on, and we enter the other phases of the reopening plan, even more will be permitted to open their doors. But just because your business can (or soon can) open, should it?  Continue Reading »


Connecticut Court Says ‘No’ to Tax Affecting but Limits the Reach of Its Ruling

June 1, 2020 | Court Rulings, Valuations

R.D. Clark & Sons, Inc. v. Clark In a buyout dispute involving a Connecticut family business, an appellate court recently upheld the trial court’s decision not to tax affect the earnings of the company in valuing the departing shareholder’s interest, even though experts for both sides tax affected. However, this particular ruling is unlikely to  Continue Reading »


How the New USMCA Trade Agreement Will Affect Maine Businesses

May 25, 2020 | Financial Planning, Uncategorized

In about a month, on July 1st, the United States-Mexico-Canada Agreement (USMCA) will take effect. This new, far-reaching trade agreement updates many of the provisions of the North American Free Trade Agreement (NAFTA), which has been in place now for 26 years. While much of the conversation around the USMCA has been around its impact  Continue Reading »


Financial Expert Testimony Persuades Court to Order Inspection of Company Records

May 18, 2020 | Court Rulings, Valuations

Helen Ziegler Benjamin v. Island Management In a family dispute involving an irrevocable trust and several related closely held companies, the plaintiff trustees alleged a management company managed by certain family members was involved in misconduct. A discovery dispute ensued over the plaintiffs’ demand to inspect certain records and books of the defendant company. The  Continue Reading »


CARES Act Provides 4 Possible Reasons to File an Amended Return

May 11, 2020 | Deductions, Financial Planning, IRS Regulation, Tax Planning, Tax Preparation

The $2.2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act is delivering some much needed relief to Maine people and businesses. While this legislation is designed to help us move forward economically, it also provides some retroactive tax relief. There are provisions in the CARES Act that can affect 2018 and 2019 returns that  Continue Reading »


High Court Approves of Trial Court’s Rejection of Discounts in Fair Value Determination

May 4, 2020 | Court Rulings, Valuations

Puklich v. Puklich A buyout dispute between siblings who owned several businesses generated a noteworthy decision from the North Dakota Supreme Court on the use of valuation discounts. Reviewing the applicable case law, the high court found the trial court, in determining the fair value of one sibling’s minority share in a closely held corporation,  Continue Reading »


Now May Be a Good Time for a Roth Conversion

April 27, 2020 | Financial Planning, Tax Planning

After years of historic gains, financial markets have been thrown into uncertainty, in a large part due to the COVID-19 pandemic. The recent bull market, combined with the rise in popularity of more passive investment tools such as index funds, may have caused some people to take a hands-off approach to their investments. But with  Continue Reading »