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The Wandry Taxpayers Found The Formula

April 2012 | Issue 57 Introduction Taxpayers making gifts of hard-to-value property will sometimes employ a “formula clause” which enables them to retroactively adjust the size of their gift based on a value determination carried out subsequently to when the gift was made.  This is usually done in order to keep the overall size of [...] More...

Courts Allow Reallocation of Gifted Shares

January 2012 | Issue 56 Introduction The U.S. Court of Appeals for the Ninth Circuit, in Petter v. Commissioner, 653 F. 3d 1012, (8/4/11), found for the taxpayer in a case involving the use of a “formula clause” to reallocate gifts of property to heirs and charity. > The Plan Anne Petter lived in Washington [...] More...

Book Value was 2% of Fair Market Value in NJ Buyout Case

November 2011 | Issue 55 In Estate of Cohen v. Booth Computers (421 N.J. Super. 134, 22A. 3d 991, July 13, 2011), the question addressed was whether a family partnership agreement that provides for a buyout based on net book value may be enforced when the disparity between book value and fair market value is [...] More...

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David N. Routzahn, Jr., ASA

QUALIFICATIONS AS AN APPRAISER OF CORPORATE SECURITIES

Mr. Routzahn, who holds the designation of Senior Member in the American Society of Appraisers (ASA), prepares independent valuations of securities of closely-held companies for numerous purposes including estate planning, mergers and acquisitions, fairness opinions, goodwill impairment, equity distribution, arbitration and calculations of economic damages. He has performed valuations of companies in manufacturing, computer software, Internet services, retail, distribution, construction, agriculture, business services, housing and transportation.

Prior to joining Hempstead & Co. Inc., Mr. Routzahn was a Senior Financial Analyst and Accounting Officer with CoreStates Financial Corporation. He was involved with cost accounting, product pricing, exit analyses, and corporate valuations for the purpose of acquisition and/or strategic alliance.

Mr. Routzahn holds a Master of Business Administration in Finance from Drexel University and a Bachelor of Arts in Economics from Rowan University (formerly Glassboro State College). Mr. Routzahn is a member of the Finance Professionals Association, the Investment Banking Financial Analyst Association and the Financial Management Association through Drexel University.