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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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Michael D. Cunningham, ASA

QUALIFICATIONS AS AN APPRAISER OF CORPORATE SECURITIES

Michael Cunningham, holds the designation of accredited senior appraiser (ASA) in the American Society of Appraisers, and serves as an Associate Appraiser at Hempstead and Company Inc. He participates in the appraisal of closely held firms for numerous purposes including transaction planning, tax reporting, and financial reporting. Mr. Cunningham also provides financial consulting and analysis to assist in the litigation and resolution of bankruptcy, divorce and tax cases.

Since November 2006, Mr. Cunningham has worked on projects for clients engaged in consulting, construction, chemical manufacturing, education, information technology, insurance, and natural resource extraction and distribution, among other activities. Mr. Cunningham also has experience with appraising holding companies that own operating companies, corporate securities or real estate. Clients have included start-ups, family-owned businesses and publicly traded companies as well as companies in distress.

Prior to working at Hempstead, Mr. Cunningham had significant experience as a financial analyst building pro forma financial models, performing market research and preparing documents to support business acquisitions.  He has served as Project Manager on many consulting assignments helping to development business and marketing plans for companies and non-profit organizations in the Philadelphia region.

Mr. Cunningham is a member of the Sustainable Business Network of Philadelphia and the Philadelphia Estate Planning Council.

Mr. Cunningham graduated cum laude with a B.A. in Urban History from the University of Pennsylvania and holds an M.B.A. in International Business from Temple University.