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Courts Allow Reallocation of Gifted Shares

November 2011 | Issue 55 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...

Estate Tax Underpayment Penalty Waived in Giustina Case

September 2011 | Issue 54 Introduction Estate of Giustina v. Commissioner, T. C. Memo. 2011-141 (June 22, 2011), is a US Tax Court case involving the value, for estate tax purposes, of a 41.128 % limited partner interest in Giustina Land & Timber Co. LP (“GLT”) owned by Natale Guistina at his death on August [...] 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.