Cross-examination of Leroy Taft (2)

📄 Cross-examination of Leroy Taft (2) — Friday, February 7, 1997

Address:

C:\DEPT103\CIVIL\1997\FEB\7\CROSS-EXAMINATION-OF-LEROY-TAF.DOC

TRIAL

▲ Day 56 of 57

◀ Recross-examination of Leroy Taft Recess ▶

Witness: Leroy Taft
Examiner: Robert Baker
Called by: Plaintiff • Date: Friday, February 7, 1997 • Utterances: 8

Baker conducted a brief recross-examination of financial expert Leroy Taft, clarifying that Taft's summary of financial condition was not prepared on the basis of imminent liquidation. Baker then established that liquidating assets like Simpson's house or New York condominium would trigger real tax obligations.

# 1 MR. GELBLUM:

Thank you. Nothing further. FUR

THER RECROSS-EXAMINATION BY MR. BAKER:

# 2 Q:

And the reason -- just a second, Skip -- the reason that you didn't is because you, in preparing the summary of financial condition, you weren't preparing a summary of financial condition based upon imminent liquidation; isn't that correct?

# 3 A:

That's correct. That's the reason.

# 4 Q:

And when you have liquidation of the assets, that produces taxable consequences, does it not?

# 5 A:

Correct.

# 6 Q:

And those are real consequences, in that Mr. Simpson has to pay those taxes when items such as his house or his condominium in New York or whatever is liquidated, those taxes are obligated to be paid, are they not?

# 7 A:

Correct.

# 8 MR. BAKER:

Nothing further.

Temperature

procedural

Key Quotes (2)

Baker

the reason that you didn't is because you, in preparing the summary of financial condition, you weren't preparing a summary of financial condition based upon imminent liquidation; isn't that correct?

Establishes that Taft's financial summary used going-concern assumptions, not forced-sale values — relevant to the punitive damages calculation.

Baker

those taxes are obligated to be paid, are they not?

Baker reinforces that liquidation tax consequences are real liabilities that reduce Simpson's net worth for damages purposes.

Evidence (1)

Informal

Summary of financial condition prepared by Taft

discussed

Notable Exchanges (1)

Baker•Taft

Baker used three quick leading questions to lock in that Taft's valuation was not liquidation-based and that real tax consequences would reduce net asset value.

strategic

Objections

None recorded

Proceeding 8913 • 8 utterances • Plaintiff witness

Civil Trial

Department 103