How to value an asset

The taxpayers are shareholders in a company. This company is not listed on a stock exchange, so there is no official share price that could be used to value the company's shares. The tax authorities value the company using the practitioners' method, i.e., the sum of 1/3 of the asset value and 2/3 of the earnings value. Five years later, the company is liquidated. The taxpayers dispute the valuation method used by the tax authorities and request a judicial expert assessment.

Federal judges believe that the company's liquidation five years later has no influence on the market value of shares for wealth tax purposes for the tax periods in dispute.

The ruling is in French. This is a Genevan case.

TF, judgment 9C_299/2025, of 8 August 2025