Valuation & Litigation Briefing / Litigation & Valuation Report

Showing 17–32 of 313 results

  • Stephanos v. Stephanos – Personal vs. enterprise goodwill in divorce

    March / April 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 429

    Abstract: The treatment of business goodwill in divorce cases varies from state to state. Courts in more than half of the states, including Florida, make an important distinction between personal and enterprise goodwill. This article summarizes a recent Florida circuit court decision to classify all goodwill from a one-owner service business as enterprise goodwill, a marital asset under state law.

    Read More

  • Beware the pitfalls of using EBITDA multiples

    March / April 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 598

    Abstract: Business owners and their legal advisors may be tempted to rely on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) to estimate the value of a business. This article explains why this shortcut can be costly when it’s used for federal transfer tax, litigation or M&A purposes.

    Read More

  • Valuing “synergies” in M&A

    March / April 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 618

    Abstract: In mergers and acquisitions (M&As), it’s often said that the combined entity is more valuable than the sum of its parts. The reason is related to a concept known as “synergies,” which are benefits to a specific strategic buyer. This article discusses two types of synergies, the benefits to sharing synergies and a risk-based approach for estimating their values.

    Read More

  • Daubert challenges – Communication with experts is key to avoiding exclusion

    March / April 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 871

    Abstract: Litigants in federal cases often challenge the admissibility of expert testimony, arguing that it fails to meet minimum standards of relevance and reliability. This article briefly reviews the Daubert standard and outlines several best practices to consider as you and your experts prepare for trial. A sidebar clarifies the distinction between the reliability and credibility of an expert’s testimony.

    Read More

  • AICPA finalizes fair value guidance for investment companies

    January / February 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 425

    Abstract: The AICPA recently finalized guidance for investment companies on determining the fair value of their portfolio company investments. This article highlights a few key issues covered in this extensive guide: the market participant’s perspective, the valuation of debt and calibration.

    Read More

  • Estate of Jones – Valuing gifts of LP interests in income-producing real estate

    January / February 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 681

    Abstract: The U.S. Tax Court addressed several key business valuation issues in a recent gift tax case. This article explains why the court applied the income approach, not the cost approach, to value a limited partner (LP) interest in a timber business, as well as how it handled the use of management’s projections and the tax-affecting of the earnings of a “pass-through” business. Estate of Jones, TC Memo 2019-101, August 19, 2019

    Read More

  • How financial experts can help in divorce

    January / February 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 537

    Abstract: Divorce involves complex financial issues. This article explains how a financial professional can help the parties resolve such matters as divvying up a marital estate and valuing private business interests. It highlights the importance of understanding the tax implications of settlement options under current tax law.

    Read More

  • 6 common valuation pitfalls in shareholders’ agreements

    January / February 2020
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 899

    Abstract: The purpose of a buy-sell agreement is to ensure a smooth transfer of ownership and avoid disputes over the buyout price when an owner dies or leaves the business. This article lists pitfalls that are common in poorly written or incomplete buy-sell agreements — and how clients can avoid them. A sidebar showcases how an imprecise buy-sell can lead to unpleasant surprises. R. Kashmiry and Associates, Inc. v. Ellis, 105 N.E.3d 498 (Ohio Ct. App. 2018)

    Read More

  • How do nonoperating assets and liabilities affect business value?

    November / December 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 434

    Abstract: When valuing a business, it’s important to identify nonoperating assets and liabilities that may have a significant impact on value. This article explains how valuation experts alter their methodology to factor nonoperating items into the valuation equation, using a hypothetical example to highlight how these assets may affect the value of the enterprise.

    Read More

  • Telfer v. Telfer – Discount for lack of marketability upheld on appeal

    November / December 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 690

    Abstract: Courts are divided on whether to allow discounts when valuing business interests in shareholder disputes and divorce cases. Whether discounts are equitable typically depends on state law, case facts and, ultimately, the court’s discretion. This article discusses a recent divorce case in which the Tennessee Court of Appeals upheld a discount for lack of marketability taken on the appreciation in value of two business interests that were included in the marital estate. Telfer v. Telfer, 558 S.W.3d 643 (2018)

    Read More

  • Beware of forensic accounting issues when calculating lost profits

    November / December 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 601

    Abstract: Estimating lost profits isn’t always cut and dried. It’s important to look behind the numbers for signs that they might have been manipulated or falsified. This article describes how financial experts calculate lost profits and how professional skepticism helps ensure those calculations are reasonable.

    Read More

  • 3 reasons to use valuation pros in estate planning

    November / December 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 817

    Abstract: Some business owners design their estate plans without consulting a business valuation professional. But do-it-yourself valuations can be risky. This article explains how credentialed valuation experts help business owners plan for the future. A sidebar highlights the importance of taking advantage of the expanded federal gift and estate tax exemption before it expires.

    Read More

  • Adjusted deal price or unaffected market value? Delaware Supreme Court reverses “fair value” ruling

    September / October 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 450

    Abstract: Delaware’s Supreme Court recently struck down a controversial statutory appraisal decision in Verition Partners Master Fund Ltd. v. Aruba Networks, Inc. This article explains why the appeals court rejected exclusive reliance on the unaffected (premerger) market price in favor of the deal price adjusted for synergies. Verition Partners Master Fund Ltd. v. Aruba Networks, Inc., 2019 WL 1614026 (Del. Apr. 16, 2019) DFC Global Corp. v. Muirfield Value Partners, L.P., 172 A.3d 346 (Del. 2017) Dell, Inc. v. Magnetar Global Event Driven Master Fund Ltd., 177 A.3d 1 (Del. 2017)

    Read More

  • Searching for hidden assets and unreported income in divorce

    September / October 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 525

    Abstract: When high net worth individuals file for divorce, both sides have a financial incentive to hide assets owned by their spousal “partnership.” So, it’s important to inventory the marital estate as soon as possible. This article discusses some ways spouses may attempt to conceal their wealth and techniques that financial experts use to investigate.

    Read More

  • The cost of capital counts!

    September / October 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 696

    Abstract: The cost of capital is an important consideration when valuing a business under the income approach. This article explains how business valuation experts determine the “optimal” capital structure for a business and why it matters.

    Read More

  • To tax affect or not to tax affect? Federal case revives the tax-affecting debate for pass-through entities

    September / October 2019
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: In Kress v. United States, a federal district court accepted the practice of tax affecting the earnings of so-called “pass-through” entities. It also rejected the application of a premium to reflect the tax advantages of owning a minority interest in a pass-through business. This article summarizes this case and explains why it’s fueling renewed interest in the tax-affecting debate, despite its limited precedential value. A sidebar highlights another key issue addressed in Kress — the effect of family transfer restrictions on the value of business interests for gift and estate tax purposes. Kress v. United States, 2019 WL 1352944, U.S. District Court, E.D. Wisconsin, Case No. 16-C-795, March 26, 2019

    Read More