Kress v. U.S.

Scott A. Womack, ASA, MAFF, Senior Vice President, originally presented the session “Will Kress v. U.S. Change Your Life? Or Will It Change Your Valuation Practice?” at the Forensic and Valuation Services Conference hosted by the Tennessee Society of CPAs on October 23, 2019.

Should Kress be immediately considered as support for tax-affecting earnings of a pass-through entity? In this session, Scott Womack tackles that question by taking a deep dive into the case including viewpoints from the participating experts, presenting the views of other commentators, and discussing the appeal by the IRS and its withdrawal.

Key learning objectives include:

  • Understand the key issues of Kress and their importance to your practice
  • Review of arguments regarding tax-affecting vs. not tax-affecting
  • Have knowledge of the range of opinions re Kress
  • Understand how Kress impacts valuation of pass-through entities