Boltar illustrates the dangers of expert advocacy

Description

Abstract: In litigation, it’s critical for valuators and other expert witnesses to be objective, unbiased and reasonable. Experts who act as advocates for a party — and attorneys who urge them to do so — are asking for trouble. This article looks at a case in which a taxpayer’s experts greatly overvalued their client’s property, and the specific reasons why the Tax Court chastised them. A sidebar offers ways to ensure a valuation expert’s objectivity. Citations: Boltar, LLC v. Commissioner, No. 25954-08, April 5, 2011 (U.S. Tax Court)