New York’s ancient and outmoded Partnership Law continues to generate litigation almost 100 years after its adoption. A case in point, featured in this week’s New York Business Divorce, is Breidbart v. Wiesenthal, decided earlier this month by the Appellate Division, Second Department, addressing the question whether post-dissolution gain on the sale of realty is included in “profits” under Partnership Law Section 73, applicable when valuing the interest of a deceased or retired partner.
Continue Reading (I Can’t Get No) Appreciation: Valuing a Deceased Partner’s Interest When the Business Continues