News & Analysis as of

Reliance on Professional Advice Avoids Valuation Penalty

In Whitehouse Hotel Ltd Partnership v. Commissioner, No. 13-60131 (6/11/2014), the Fifth Circuit Court of Appeals vacated the Tax Court’s enforcement of a gross undervaluation penalty imposed on a taxpayer claiming a...more

Illinois Court Holds Services Performed By Sub for Parent Comes Within E&O Policy

In its recent decision in Hilco Trading LLC v. Liberty Surplus Ins. Co., 2014 Ill. App. LEXIS (Ill. 1s Mar. 17, 2014), the Appellate Court of Illinois for had occasion to consider whether appraisals and evaluations prepared...more

Huff Fund Inv. P’ship v. CKx, Inc., C.A. No. 6844 (Del. Ch. Nov. 1, 2013) (Glasscock, V.C.)

In this post-trial memorandum opinion, Vice Chancellor Glasscock conducted an appraisal proceeding in which he found that the price paid in the acquisition of CKx, Inc. (CKx or the “Company”) by Apollo Global Management was a...more

Mississippi Supreme Court Upholds the Net Operating Income Method for Determining True Value of Affordable Housing

In a much anticipated decision, on October 17, 2013, the Mississippi Supreme Court upheld the Income Approach to Valuation of Affordable Housing, which is a significant victory for affordable housing developers and the larger...more

2013 Property Tax Assessment Notices Mailed This Month

The Florida County Property Appraiser Offices have started to mail the 2013 Property Tax Assessment Notices, commonly known as TRIM Notices. TRIM Notices present the 2013 property assessments and are mailed for both real and...more

CFPB Amends Requirements for Providing Appraisals to Home Loan Applicants

The Consumer Financial Protection Bureau (“CFPB”) has issued amendments to Regulation B requiring creditors to provide to applicants free copies of all appraisals and other written valuations developed in connection with an...more

CFPB Issues Final ECOA Appraisal Rule

The Consumer Financial Protection Bureau has issued a final rule to implement Dodd-Frank amendments to the Equal Credit Opportunity Act that require creditors to provide to a first lien mortgage applicant a copy of all...more

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