Viewpoint on Value

Showing 17–32 of 306 results

  • AICPA finalizes fair value guidance for investment companies

    January / February 2020
    Newsletter: Viewpoint on Value

    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.

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

    January / February 2020
    Newsletter: Viewpoint on Value

    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

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  • How financial experts can help in divorce

    January / February 2020
    Newsletter: Viewpoint on Value

    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.

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  • 6 common valuation pitfalls in shareholders’ agreements

    January / February 2020
    Newsletter: Viewpoint on Value

    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)

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  • How do nonoperating assets and liabilities affect business value?

    November / December 2019
    Newsletter: Viewpoint on Value

    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.

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

    November / December 2019
    Newsletter: Viewpoint on Value

    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)

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  • Beware of forensic accounting issues when calculating lost profits

    November / December 2019
    Newsletter: Viewpoint on Value

    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.

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  • 3 reasons to use valuation pros in estate planning

    November / December 2019
    Newsletter: Viewpoint on Value

    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.

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

    September / October 2019
    Newsletter: Viewpoint on Value

    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)

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  • Searching for hidden assets and unreported income in divorce

    September / October 2019
    Newsletter: Viewpoint on Value

    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.

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  • The cost of capital counts!

    September / October 2019
    Newsletter: Viewpoint on Value

    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.

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

    September / October 2019
    Newsletter: Viewpoint on Value

    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

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  • Namerow v. PediatriCare Associates – When was that buyout provision last updated?

    July / August 2019
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 465

    Abstract: The buyout provision of an owners’ agreement must be carefully drafted and regularly reviewed. If it isn’t, the buyout may not be legally enforceable — or serve the owners’ current needs. This article summarizes a recent case where a stale buyout provision came back to haunt a retiring owner. Namerow v. PediatriCare Associates, 2018 N.J. Super Unpub., Docket No. C-273-17, Nov. 29, 2018

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  • How to value a start-up business

    July / August 2019
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 533

    Abstract: Start-ups present valuation challenges because they often have limited earnings and cash flow. This article explains how business valuation experts must look to other factors, many of them subjective, to estimate value.

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  • Quality counts in M&A due diligence – Consider both quantitative and qualitative assessments

    July / August 2019
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 643

    Abstract: In mergers and acquisitions, the target company’s financial statements provide the numbers to support the selling price. But those quantitative results may not be sustainable. This article explains how quality of earnings (QOE) reports may help buyers, sellers and investors identify trends that may provide value-building opportunities — or threaten a company’s future performance.

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  • Industry experience is key when valuing professional practices

    July / August 2019
    Newsletter: Viewpoint on Value

    Price: $225.00, Subscriber Price: $157.50

    Word count: 869

    Abstract: In litigation involving professional practices, many courts have recognized the importance of industry-specific valuation experience. This article summarizes a recent partner buyout case that illustrates this point. A sidebar highlights when a key person discount may be appropriate and how it’s quantified. Fredericks Peebles & Morgan, LLP v. Fred Assam, 300 Neb. 670, No. S-16-855, August 3, 2018

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