| I had a big tax payment of about $100,000. Yippee!
As I've mentioned before, the law firm is being valued and there's two appraisals being conducted in connection with the termination of a partner. The two appraisals will be averaged and, if all goes as planned, the average value will tell me the current value of my equity share.
As a result, I plan to adjust the value (listed in "Other Assets"), and importantly, I expect it to fall to approximately $1,400,000. Ouch. But it is what it is. And, while it's difficult to value a law firm, I expect the two appraisals to be wildly different -- reflecting the biases of the respective parties.
Oh, and $1,400,000 is simply my guess. I'll know soon enough.
UPDATE: The average of the two appraisals for the law practice came in $1,390,000 (for a 33% interest). With this former partner gone, I now own 50% of the practice, but obviously we need to buy out our former partner so the "equity" position (for now) is $1,390,000. |