Cornerstone Research was asked to calculate the fair market bodog sports betting app of the assets (including goodwill) of a privately held veterinary pharmaceutical company.
Cornerstone Research was asked to calculate the fair market bodog sports betting app of the assets (including goodwill) of a privately held veterinary pharmaceutical company. The company had previously changed its status from a C corporation to an S corporation. When it was later acquired by a C corporation, the acquiring firm became liable for taxes the pharmaceutical company would have owed had it remained a C corporation.
He determined that the increased bodog sports betting app was attributable to assets acquired after the S corporation election.
Counsel for the acquiring firm retained Cornerstone Research to bodog sports betting app the pharmaceutical firm’s assets at the time it made its S corporation election, five years earlier. George Strong of Cornerstone Research provided an analysis that was used to determine the potentially taxable gain in bodog sports betting app between the time of the S corporation election and the time of the company’s acquisition. Mr. Strong filed a report with the U.S. Tax Court, which identified the amount of increased bodog sports betting app between the time of the company’s S corporation election and the time of the company’s acquisition. He determined that the increased bodog sports betting app was attributable to assets acquired after the S corporation election, thus limiting the amount of taxable liability for the acquirer.