The decision only impacts ACA-covered, closely-held
companies with bona fide religious beliefs.
In announcing this hearing, Chairman Dave Camp (R-Mich.) said, "Closely-held
businesses - including millions of small and family-owned businesses - form the backbone of our economy, but our current tax code imposes a variety of burdens on them that public companies do not face.
Koransky joined the firm in 1993 and specializes in providing accounting and consulting services to real estate entities, synagogues and closely-held businesses.
With more than 17 years of public accounting experience, Crowley works with closely-held businesses, real estate entities and not-for-profit organizations.
Though a closely-held
company and not required to conform under SOX, it chose to do so as part of its internal control structure.
companies, SFAS 132 eliminates two additional disclosures.
In "Discounts for Lack of Marketability for Closely-Held
Business Interests," J.
First, the form of the sale could directly affect the pricing of the closely-held
corporation sale transaction.
The Committee report for the Taxpayer Relief Act of 1997 further states "[f]or example, a separate share in an estate would exist where the decedent's will provides that all of the shares of a closely-held
corporation are devised to one beneficiary and that any dividends paid to the estate by that corporation should be paid only to that beneficiary and any such dividends would not affect any other amounts which that beneficiary would receive under the will.
The proposals, if enacted, would greatly change the tax treatment of: third party service subsidiaries; closely-held
REITs; and built-in gains on the conversion of a C corporation to a REIT or the merger of a C corporation into a REIT.
According to the ruling, "Potential future income is a major factor in many valuations of closely-held
stocks, and all information concerning past income which will be helpful in predicting the future should be secured ....
Toibb had first filed under Chapter 7 believing his stock in the closely-held
Independence Electric Corporation was worthless.