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Hill Schwartz Spilker Keller LLC
U.S. Tax Court Upholds HSSK Valuation in Stock Gift Case; Rules Doctors Must Pay Back Taxes and Penalties
August 24th, 2008
Physician shareholders in a large medical practice in Portland, Oregon, learned a costly lesson last week when the U.S. Tax Court upheld a valuation made by Texas-based HSSK healthcare expert Don Barbo as to the fair market value of stock in a medical practice donated by the doctors to a charitable professional services corporation. The case is known as Bradley J. Bergquist and Angela Kendrick et al., Petitioners, v. Commissioner of Internal Revenue, Respondent, 131 T.C. No 2. It is the second court decision this year where doctors were denied tax benefits from donated medical practice stock or goodwill. The court-approved valuation, $37 per voting share and $35 per...
Source: Pharma Investments, Ventures & Law Weekly (2008-08-24)
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