By David Hansen (August 19, 2019, 8:59 PM EDT) -- An Internal Revenue Service expert improperly valued an Oregon timberland partnership using a net asset value method, the U.S. Tax Court said Monday in a gift tax dispute.
The Tax Court adopted the $3.9 million valuation given by the estate of Aaron Jones for limited partner units transferred to his daughters over the expert's $25.9 million valuation, saying the asset-based valuation was inappropriate because there was no chance the partnership would sell its timberland, according to the memorandum opinion.
The partnership's sawmill company, Seneca Sawmill Co., depended on a steady flow of timber from a second company, Seneca Jones Timber Co.,...
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