Tuesday, September 30, 2014
As I have previously discussed, the estate of Carl Pohlad, who owned the Minnesota Twins, is currently engaged in a valuation battle with the IRS. The battle is not over the value of the Twins, but rather over the value of Pohlad's ownership interest at his death. Pohlad's estate argues that after Pohlad transferred part of his interest in the Twins to his sons before his death, Pohlad's ownership interest was only worth $24 million. The IRS believes that the $24 million claimed by the estate was deficient and that the actual value of Pohlad's interest at the time he died was $293 million. The case went to tax court yesterday, where a judge will decide the valuation of the ownership interest.
See David Phelps, Pohlad Estate-Tax Trial Begins Monday in Houston, Star Tribune, Sept. 28, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.