| You Are Here -> Silicon Valley Business Valuation and Consulting Services > About ValueNomics > ValueNomics' Client Comments > Harry J. Kaplan | |||||||||||||||||
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Gary E. Jones, President Dear Gary and Dirk: It is with pleasure that I write this letter on behalf of our mutual clients and myself. I wish to express our appreciation for your work in achieving an outstanding result in the gift tax case that was docketed on the tax court calendar for the week of June 11, 2001, if a settlement was not achieved. As you know, the initial tax deficiency proposed was $6,000,000. After meetings with the IRS representative on the statutory notice of deficiency, the tax deficiency was reduced to $2,000,000 plus penalties and interest. Following settlement negotiations which included the two of you and the IRS experts settlement was reached! The settlement arrived at was $4,000 plus "future considerations." That is, we gave up part of the lifetime exclusion for a healthy couple in their forties. The IRS has basically accepted your valuation as filed with the gift tax return. This included a control adjustment of 21.4% and a marketability adjustment of 45%. Your comprehensive report and your strong performance at the appeals conference are two major reasons why the IRS accepted your original valuation. Thanks again for a job well done. This office continues to consider ValueNomics as one of our first choice referrals for valuation engagement. Best wishes for your continued success.
HJK/as
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