Members of our firm have been involved in a number of significant court cases over the years and today I will review and update you on more recent court cases during 2017-2018 and relate them to ongoing valuation issues that are frequently seen during disputes between taxpayers and their advisors and the Internal Revenue Service (IRS). These issues also come up in other areas of litigation involving private business interests.
For a detailed curriculum vitae, please contact Curtis Kimball.
Curtis Kimball is a managing director of Willamette Management Associates. In addition to his work on all types of valuation engagements for the firm, Curtis is also the firm's national director of wealth management valuation services.
Curtis supervises engagements related to the valuation of business entities and business interests, the analysis of publicly traded and private securities, and the valuation of intangible assets, options and derivative interests, claims, fractional interests, and intellectual property.
He has performed the following types of valuation assignments: estate and gift planning valuations, estate tax (both date of death and alternate value date) valuations, gift tax valuations, generation-skipping tax valuations, fiduciary compensation and damages claims valuations, buy-sell agreement valuations, income tax valuations (including charitable deduction, transfer pricing, intangible asset basis, and loss deduction), expatriation tax valuations, fair value valuations for financial reporting purposes, merger and acquisition valuations, fairness opinions, solvency analyses, ESOP feasibility and initial transaction valuations, ESOP employer stock valuations and transaction fairness valuations, insurance valuations, divorce and equitable division valuations, various forensic analyses, fair value in dissenting shareholder rights and shareholder oppression proceedings, economic damages and lost profits analyses, bankruptcy and restructuring analysis and valuations, employee compensation and stock option valuations, and financing collateral valuations.
Curtis has presented expert testimony in federal courts (U.S. Tax Court, U.S. District Court, U.S. Court of Federal Claims, and U.S. Bankruptcy Court), various state courts, and in alternate dispute resolution venues including binding arbitration and mediation. Curtis acts as the firm's national director for wealth management matters (including estate, gift, charitable, fiduciary, marital planning, family and partner disputes, and tax issues for high net worth families and their businesses). He has extensive experience with appearances in IRS audits and appellate conferences.
Curtis has decades of experience in the valuation of various types of business entities and interests, including: private family-owned businesses, private multiple-investor businesses, employee-owned businesses, minority interests, 50 percent interests, restricted stock of publicly traded companies, large blocks of publicly traded securities, preferred stock interests, multiple classes of preferred and common stock in complex capital structures, secured notes, subordinated debt interests, options and other derivative interests, warrants and rights offerings, general and limited partnership interests, limited liability company membership interests, professional practices, joint ventures, licensing agreements, franchises, and foreign-domiciled corporations.
In addition, his experience includes the valuation of various types of intangible assets, claims, damages, and intellectual properties. These include: patents, copyrights, trade secrets, master recordings, programming libraries, core deposits, customer contracts, franchises (including professional sports franchises), product licensing, management employment contracts, fiduciary damages and claims, noncompete and nonsolicitation agreements, customer lists, cutting and hunting rights, undivided fractional interests in real estate, assembled workforces, trademarks/trade names/trade dress, contract rights, breach of contract damages, going-concern values, goodwill, and transfer price agreements.
Before joining Willamette Management Associates, Curtis was a vice president and manager of the Business Owners Services Group of the Citizens & Southern Trust Company, the trust subsidiary of the Citizens & Southern Corporation of Atlanta, Georgia (later acquired by Bank of America). Curtis provided valuation and appraisal services to the C&S Corporation trust and banking customer base throughout the southeast. In addition, his area acted as the trust department's analyst and administrator in matters relating to the management, purchase, and sale of private business interests, intangible assets, and illiquid securities held in estates and trusts. Curtis has managed closely held businesses after the founder's death, and he has served as a member of the board of directors of a number of family-owned businesses in his capacity as representative of the trustees or executors.
Curtis also acted as part of the C&S Trust ESOP fiduciary services group, with input regarding the retention of independent valuation firms to advise the bank as trustee on ESOP valuations and review of independent valuations.
Prior to joining C&S, Curtis was an assistant vice president with the Trust Department of Wachovia Bank & Trust Company, N.A., a major regional bank located in North Carolina (later acquired by Wells Fargo Bank). As the assistant manager of the closely held business unit at Wachovia, Curtis managed the trust department's holdings of private business interests and estate portfolios, and he conducted valuations of closely held businesses and business interests for bank clients in the region. He joined Wachovia as an internal auditor, and he subsequently worked as a loan administration officer with the bank's corporate lending group.
Master of Business Administration, Emory University
Bachelor of Arts, economics, Duke University
Curtis is an Accredited Senior Appraiser (ASA) of the American Society of Appraisers in business valuation. He served as a member and the Treasurer of ASA's Business Valuation Committee, as a member of the ASA's International Ethics Committee, its Investment Policy Committee, and its International Board of Examiners. He is currently a member of the ASA's Business Valuation Standards Sub-Committee. He has served as president, secretary, and treasurer of the Atlanta Chapter of the ASA. He is the past chair of the Atlanta Chapter's Business Valuation Committee. He has served as Treasurer of the Portland Chapter of the ASA .
He is also a Chartered Financial Analyst (CFA) of the CFA Institute (CFA-I). He was a member of CFA-I's Board of Examiners and was a senior grader for the examinations leading to the CFA designation. Curtis served as a member of the Disciplinary Review Committee of CFAI and served as a member of the disciplinary/ethics hearing panelist pool. He was a member of the Portland Society of Financial Analysts (a CFA-I local chapter), for which he served as secretary and a member of the board of directors. He also serves as a member of the board of trustees of the Atlanta Society of Financial and Investment Professionals (a CFA-I local chapter) and is currently its Membership Chair.
He is also a member of the ESOP Association, the Institute of Management Accountants, the National Association of Corporate Directors, and the National Association of Business Economists, for which he was a past president of the Portland chapter and treasurer of the Atlanta chapter.