You're probably knowledgeable about the fair market value approach of appraising a closely held business. But there's another standard that's not as well known but may be more appropriate in divorce cases in some states. Take a look at how one court applied the fair value method of valuing a business in a marital dissolution case.

When an estate contains stock in a closely held business interest, it is essential to have a professional valuation that uses recognized and accepted methods. The IRS often challenges these values — and the underlying methods must be able to withstand scrutiny from auditors and the courts. In one case, a decedent's shares in a bank holding company were valued at $50 a share on the estate tax return, yet IRS auditors determined the value to be $320 per share. Click "Full Article" to find out how the Tax Court ruled.

Challenges against expert witnesses in stock valuation cases have found greater success than ever before as a result of the 1993 Daubert case. Still, not all Daubert disputes succeed. Click "Full Article" to read about a case that came before the U.S. Court of Federal Claims that helps clarify the limits of a victorious Daubert challenge.