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Showing 305–320 of 324 results

  • Only words? Forensic document examinations consider content and context

    January / February 2009
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 725

    Abstract: Fraud investigations almost inevitably require documentary evidence to be examined — and it’s not a job for amateurs. Professional forensic document examiners review not only the content of documents. They also consider physical and latent evidence, such as handwriting, alterations and faded or decomposed material. To ensure accuracy and opinions that will stand up in court, experts follow scientific procedures and use technologies such as electrostatic detection apparatus.

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  • Home run – FLLCs enjoy a Tax Court victory

    January / February 2009
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 898

    Abstract: In recent years, taxpayers have found themselves on the losing end in cases questioning the legitimacy of FLPs and FLLCs. But, in a 2008 case, Estate of Mirowski v. Commissioner, the U.S. Tax Court threw a curve ball, allowing family FLLC assets to be excluded from the decedent’s gross estate. This article summarizes the case and suggests that taxpayers can use the court’s findings to form and operate these vehicles.

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  • Financial statement analysis – Don’t value a business without it

    January / February 2009
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 708

    Abstract: Merely accepting a company’s financial statements at face value can lead to seriously undervaluing or, more likely, overvaluing a business. Often, closely held companies fail to comply with GAAP, and financial data may be shaped to favor the owner’s interests. This article explains how experts review several years of financial statements and make normalizing adjustments such as removing nonrecurring items and adjusting expenses that a potential buyer wouldn’t likely incur. They also look for suspicious trends and relationships.

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  • Discounting future losses for lost profits

    January / February 2009
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1042

    Abstract: In many business litigation cases, financial experts must project damages for losses that the plaintiff will incur in the future because of the injury involved. Discounted future losses represent the amount of compensation needed now to replace that future lost income. But, as this article discusses, losses in a litigation context are different from the lost income that comes up in business valuation situations, requiring an expert to calculate a discount rate based on relevant risks.

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  • No discounts allowed – Court applies standard to shareholder oppression case

    November / December 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 810

    Abstract: Discounts for lack of control and marketability generally aren’t applied when valuing interests in the context of a shareholder dissent case. But, in Edler v. Edler, a Wisconsin court recently extended the principle to a shareholder oppression case, and as a result based the plaintiff’s award on the fair value of the corporation. This article summarizes the facts and findings of the case and discusses the implications.

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  • Tax Court calculates its own values in FLP case

    November / December 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1031

    Abstract: In recent years, the U.S. Tax Court has heard its share of cases challenging the legitimacy of family limited partnerships (FLPs). In early 2008, though, it was presented with an FLP case in which the IRS merely challenged the taxpayer’s valuation. The court in Astleford v. Commissioner ultimately decided to pick and choose from the opposing experts’ conclusions to calculate its own values. This article explains how the court arrived at its numbers and what it could mean for taxpayers.

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  • E-discovery – Structured data calls for specialist attention

    November / December 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 849

    Abstract: Some attorneys have learned the hard way that e-discovery often means gathering and analyzing millions of bytes of information. Although much attention has been focused on discovery of “unstructured data” such as e-mail and documents, e-discovery also encompasses “structured data,” a category that includes human resource system and enterprise resource planning data. As this article argues, proper retrieval and handling of structured data differs from that associated with unstructured data sources and usually requires the assistance of a specialist.

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  • Court delivers another lesson on FLP structuring

    September / October 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 572

    Abstract: This article summarizes the most recent important court ruling on FLPs. The court, in Bigelow v. Commissioner, found that the decedent’s gross estate must include the full fair market value of property that had been transferred to the FLP. This ruling reinforces the notion that, when it comes to FLPs, substance is more important than form.

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  • New accounting standard could change merger negotiations

    September / October 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 879

    Abstract: Late last year, the Financial Accounting Standards Board (FASB) issued a revision of the accounting rules for mergers and acquisitions. FASB Statement No. 141R, Business Combinations, revises the earlier FASB Statement No. 141. As this article explains, it expands the scope of covered business combinations, revises the treatment of transaction costs and addresses the recognition of intangible assets, bargain purchases and contingencies. These changes could affect the value of a combination deal.

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  • Killing billing fraud schemes

    September / October 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 854

    Abstract: Motivated by the potential for big rewards, occupational thieves have come up with a variety of billing fraud schemes. But businesses and their legal advisors can help prevent large losses and possibly enhance their chances of a successful prosecution if they understand how fraud experts uncover them. This article describes how pass-through, personal purchase, pay-and-return and shell company schemes work, and how to spot them.

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  • Daubert study highlights expert witness vulnerabilities

    July / August 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 779

    Abstract: Since the U.S. Supreme Court’s 1999 decision in Kumho Tire v. Carmichael extended the Daubert criteria for admissibility of expert scientific testimony, federal and state courts have heard more challenges to financial expert testimony. A PricewaterhouseCoopers study of post-Kumho challenges to financial experts from 2000 through 2006 identifies trends that attorneys may be able to leverage when submitting expert testimony. This article talks about the study’s findings and how they can be used to prevent expert testimony from being excluded.

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  • Why proper training and experience are essential in an expert

    July / August 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 627

    Abstract: This article discusses a recent tax court decision, Estate of Thompson v. Commissioner, and how it serves as a reminder that attorneys and their clients can’t afford to cut corners when selecting experts. Specifically, choosing experts based on criteria other than their experience and expertise with the specific matter at hand may fail to demonstrate reasonable cause and good faith.

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  • FIN 46 may affect valuations of partnership interests

    May / June 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 575

    Abstract: Several years ago, the Financial Accounting Standards Board released Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities. This interpretation requires the consolidation of business enterprises with certain related entities on their financial statements. This article talks about the implications of FIN 46 when valuing partnership interests for litigation purposes, including consolidating a variable interest entity.

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  • Federal court denies IRS access to taxpayer’s work product

    May / June 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 1112

    Abstract: A recent federal court decision lends support to taxpayers’ efforts to protect their tax accrual workpapers from disclosure to the IRS. The ruling in U.S. v. Textron Inc. (D.R.I. 2007) could prove critical in light of a relatively new accounting standard, FIN 48, which requires corporate taxpayers to document their uncertain tax positions and make related public disclosures. But because the years at issue in Textron occurred before the standard’s effective date, it remains unclear whether required public filing disclosures required will waive work product privilege.

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  • Supreme Court decision could require fresh patent valuations

    March / April 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 687

    Abstract: A U.S. Supreme Court ruling welcomed by many in the technology arena may have made it more difficult to obtain and retain patent protection. The decision in KSR International Co. v. Teleflex Inc (U.S. 2007) could diminish the value of some patents and their related revenues. Because it has implications for compliance with the Sarbanes-Oxley Act (SOX) and certain accounting standards, some companies may require new patent valuations.

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  • Valuing S corporations – Tax-affecting reels from another blow

    March / April 2008
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 664

    Abstract: In Bernier v. Bernier (Mass. 2007), the court considered whether tax-affecting — which reduces a business’s projected future income by deducting hypothetical corporate income taxes — was inappropriate in valuing an S corporation. This article explains how the Bernier court arrived at the decision that the value of closely held companies with flow-through tax benefits should not be reduced by a full tax-affecting.

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