Our grade school teachers taught us long ago the value of “show and tell” as a learning exercise. Lawyers should know how to use “show and tell” to educate tribunals as to the real value of closely held businesses and the tax consequences of alimony. A Superior Court decision from last month illustrates these points vividly.
In Smith v. Smith, PICS Case No. 06-0955 (Pa. Super. July 14, 2006) Orie Melvin, J. (15 pages), the Superior Court had to decide the key date for valuation of a closely held business and whether an expert must state how much of such a business’ goodwill is professional, and therefore personal, and how much belongs to the enterprise. The Smith court at the same time was asked whether trial courts had to consider tax ramifications when making an award of final alimony.
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