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Do Attached Strings Affect the Value of a Gift?

October 2015 | Issue 82 Steinberg v. Commissioner, 145 T.C. No. 7 (Sept. 16, 2015) explores how a contingent liability accepted by a donee can impact the value of a gift for gift tax purposes. Introduction In 2007, Petitioner Jean Steinberg, age 89, entered into a net gift agreement under which she gave her four […] More...

Dodgy Fairness Opinion Earns Financial Advisor a Trip to the Woodshed

July 2015 | Issue 81 Vice Chancellor Laster of the Delaware Court of Chancery was underwhelmed, to say the least, by the quality of the fairness analysis put forward by the Conflicts Committee and its Financial Advisor in connection with the approval of the pricing of a major financial transaction between two related public companies. […] More...

Valuation Discounts Still in IRS Cross Hairs

June 2015 | Issue 80 Background A very popular and efficient estate and gift planning strategy is to reduce the value of estate assets by transferring such assets into a private, family-controlled entity such as a limited partnership or limited liability company. This type of entity is often referred to as a “family limited partnership” […] More...

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J. Mark Penny, ASA


Mr. Penny, who holds the designation of senior member in the American Society of Appraisers (ASA), prepares valuation analyses of privately held firms for numerous purposes including recapitalizations, equitable distributions, estate planning, employee stock ownership plans, mergers and acquisitions, fairness opinions, purchase price allocation and calculation of economic damages. Mr. Penny is also experienced in estimating the value and useful life of intangible assets including goodwill, customer lists, franchises, trademarks, tradenames and professional degrees.

Mr. Penny has prepared valuations for a wide range of businesses including manufacturing companies, communications firms, various professional practices, small businesses and agricultural enterprises.

Mr. Penny has been qualified as an expert witness and testified in New Jersey, New York, Pennsylvania, Delaware and Florida. He has lectured on the topic of business valuation on behalf of the National Center for Employee Ownership and before estate planning groups.

Employment History

  • 1985 to date – Hempstead & Co. LLC – business valuation and merger and acquisition consultants. Associate, later Partner and Managing Director.

Educational Background

  • 1984 – MBA with concentration in finance, Temple University
  • 1981 – BA economics, University of Pennsylvania