Taxation and State Taxation -- 2002
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Gross v. Commissioner
(U.S. Supreme Court)
Valuation of S Corporations
On 7/19/02 the NAM and 7 other associations filed an amicus brief in the Supreme Court urging review of an adverse Sixth Circuit ruling that allowed the IRS to retroactively change the valuation rules for S-corporations (generally small businesses), disrupting the "willing buyer-willing seller" standard and interfering with the administration of employee stock ownership plans and estate tax planning. The Supreme Court rarely decides cases that primarily affect only small corporations. On 10/7/02, the Court declined to hear this appeal.
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