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References in periodicals archive ?
"[T]he attributes of a closely held corporation are strikingly similar to those that pertain to professional corporations like AAM,' said the judge.
Hobby Lobby and other closely held corporations filed suit against the
Sebelius, the district court denied the plaintiffs' motion for a preliminary injunction for the same reason as the other district court--they determined for-profit closely held corporations are not "persons" under RFRA.
closely held corporation. Traditionally, most corporate power is
The asset approach (also called the asset-based approach) is founded on the principle that a private company's equity value is equal to the value of the closely held corporation's assets, less the value of the closely held corporation's liabilities.
While the IRS can dispute compensation of shareholder-employees of closely held corporations, the courts have routinely awarded higher compensation to those who justify their salaries based on the value they create for their companies, the number of hours they work, the number of roles they fulfill and the salaries paid to executives in comparable positions based on compensation market studies.
In 1993, a bankruptcy court sitting in Illinois wrote that "shareholders in a closely held corporation owe a fiduciary duty to deal with the utmost good faith, fairly, honestly, and openly with their fellow stockholders." (22) The seventh circuit similarly held that shareholders of closely held corporations are fiduciaries of each other and must act loyally, in good faith, and honestly with the other shareholders.
Two conflicting positions have developed regarding whether the determination of the fair value of a minority ownership interest in a closely held corporation should include the use of discounts for lack of control and lack of marketability.
Traditionally, courts have treated closely held corporations the same as larger private or even publicly held corporations.
The closest the authors come to providing the detail needed for further investigation is a statement that the relevant statutes do exist: "Every state has statutes enabling the incorporation of a business within its jurisdiction." This pattern is repeated in the section on closely held corporation statutes: "A minority of states have adopted special provisions in their corporate statutes dealing with closely held corporations." Instead, the authors provide a warning but no guidance: "Financial services professionals should be aware that the laws of the state control the formalities of incorporating and operating a professional or closely held corporation."
In Clark,[7] the District Court allowed a reduction for potential capital gains tax in determining the gift tax value of shares of stock in a closely held corporation. However, the Court did not consider the potential capital gains tax to be a separate discount.
In May 1982, a closely held corporation ("Debtor") and the claimant ("Claimant"), a charitable trust controlled by the Debtor's shareholders, officers and directors, entered into an agreement wherein the Debtor agreed to purchase preferred and common stock owned by the Claimant for approximately $650,000.