EXP
Showing 65–80 of 145 results
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3 roadblocks to an equitable divorce
Summer 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 469
Abstract: Divorce can be costly, time-consuming and sometimes ugly. Courts strive for equitable asset splits, but many roadblocks stand in the way. This article looks at three in particular: inadequate discovery, concealed assets and income, and subjective opinions.
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Where it went right — How 4 FLPs recently passed muster with the Tax Court
Summer 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 758
Abstract: The IRS continues to challenge the validity of family limited partnerships (FLPs). But this article looks at one case in which the U.S. Tax Court ruled that some IRS-challenged transfers related to FLPs were indeed valid. This article explains the reasoning behind the court’s decision — but, in so doing, illustrates why a qualified estate planning attorney and financial expert’s assistance is needed to properly draft, execute and defend any such partnership. Citation: Estate of Beatrice Kelly v. Commissioner, No. 24783-08, March 19, 2012 (T.C. Memo. 2012-73)
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Wielding Benford’s Law to cut down fraudsters
Summer 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 709
Abstract: When it comes to fighting fraud, there’s a tried-and-true statistical precept that remains as relevant and widely accepted as ever. Benford’s Law is still a trusty sword in the arsenal of many, if not most, financial experts. This article explains this statistical principle, which illustrates that “random” numbers aren’t always as random as they seem, and explains how experts use it to find patterns that suggest fraud.
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How do you value that? — Noncompete agreements are a tricky intangible
Summer 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 876
Abstract: Business appraisers are frequently hired to allocate value among a company’s individual assets, including intangibles. But a noncompete agreement is among the most difficult intangibles to value, because there’s little comparable transaction information available. Fortunately, a qualified appraiser can value a noncompete with confidence by sticking to several common-sense approaches. This article examines those approaches, while a sidebar notes that the value of a noncompete agreement also comes into play when divvying up a business interest for divorce. Citation: Banchefsky v. Banchefsky, No. 09AP-1011, Sept. 9, 2010 (10th Ohio App.)
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The fraudulent illusion of early revenue recognition
Spring 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 503
Abstract: Improper revenue recognition has long accounted for a substantial portion of financial statement fraud. By simply recording revenue early, a dishonest business seller trying to inflate the sale price or an employee under pressure to meet financial benchmarks can create the illusion of greater than actual profits. This article lists a number of ways early revenue recognition occurs and discusses techniques that experts can use to look for it.
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Playing many roles — Reasonable compensation keeps appraisers busy
Spring 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 745
Abstract: It’s an issue that comes into play in divorce, shareholder disputes and tax cases. It’s also a common financial statement adjustment appraisers make when valuing a business. The issue, of course, is reasonable compensation. This article examines the wide variety of factors appraisers weigh when determining reasonable compensation for a specific business owner. It offers a fictitious case study involving a divorce proceeding, where owners’ compensation calculations can dramatically affect property settlements and support payments.
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Plaintiff wins case but still loses profits
Spring 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 714
Abstract: When a Wall Street trader-turned-fitness-guru discovered that a couple of her employees had stolen her proprietary information to set up a competing business, she “successfully” sued — yet failed to recover the lost profits she sought. This article illustrates the importance of proving not just liability but also damages. It also shows how a financial expert can make or break a case. Citation: Pure Power Boot Camp v. Warrior Fitness Boot Camp, No. 08 Civ. 4810 (THK), Sept. 12, 2011 (S.D.N.Y.)
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How may we help you? — Defining a valuation assignment
Spring 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 955
Abstract: Many business scenarios require an estimate of the company’s value. But without a ready market to trade private ownership interests, any estimate is still a matter of professional opinion — not fact. So it’s important to start every appraisal with a clear, concise definition of the assignment’s parameters. This article discusses issues to address before contacting an appraiser, and why it’s important to define a valuation’s specific purpose; a “recycled” valuation can be highly inappropriate. A sidebar looks at what’s involved in an attorney-appraiser relationship.
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Know your context when it comes to lost profits calculations
Winter 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 698
Abstract: If an executive and his or her attorney head to court to litigate a given injury, they should bear in mind that the lost profits calculation used by their financial expert will depend on the context of their case. This article explains how a valuation expert chooses the discount rate, which must accurately reflect the expected risks the particular business would face in the absence of the injury. The expert will also look at such issues as illiquidity and excessive debt, the company’s product line, management depth, and dependence on key employees.
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Go phish: Piecing together e-mail fraud
Winter 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 495
Abstract: The FBI reports that fraudsters are increasingly using technology to target the financial accounts of businesses, resulting in substantial monetary losses. This article looks at “phishing” schemes and their variants, and explains how a fraud expert can help a company beef up its defenses, and perhaps even trace the path of stolen funds after they leave a business account.
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FLPs on trial — IRS argues for taxability of transferred assets
Winter 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 732
Abstract: This article looks at a recent court case in which the IRS argued that assets transferred to a family limited partnership (FLP) should be included in the transferor’s taxable gross estate. The provisions of the partnership agreement came from a standard form the decedent’s attorney used for such agreements. But, according to the Tax Court, the agreement didn’t necessarily reflect the decedent’s actual, primarily testamentary, reasons for forming the FLP. The court explained the specific reasons why the agreement failed to meet the requirements of an FLP. Citation: Estate of Turner v. Commissioner of Internal Revenue, T.C. Memo. 2011-209, Aug. 30, 2011 (U.S. Tax Court)
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Do rules of thumb have a place in today’s appraisals?
Winter 2012
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 924
Abstract: Rules of thumb are mathematical formulas designed to gauge value. Some business brokers, company owners and trade associations may propagate these rules of thumb as convenient yardsticks for estimating a company’s value. But do such rules of thumb have a place in today’s business appraisals? This article shows that they do, but explains why they should never be used as a sole valuation method. And a sidebar notes that using oversimplified rules of thumb differs from applying the market approach to value a business.
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The market approach remains a valuation touchstone
Fall 2011
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 662
Abstract: Under the market approach, appraisers use guideline companies to help them estimate the value of a private business. With so many companies in circulation, this approach has become a long-standing valuation touchstone. This article discusses two primary valuation methods that are categorized under the market approach: the guideline public company method and the guideline merger and acquisition method.
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Tax Court covers much ground in IRS dispute
Fall 2011
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 607
Abstract: Some cases that go before the U.S. Tax Court are more dynamic than others. This article looks at one estate valuation case in which the court addressed two areas of dispute: the propriety of tax affecting and the guideline public company valuation method. Estate of Gallagher, T.C. Memo. 2011-148 (June 28, 2011) Gross v. Commissioner, T.C. Memo. 1999-254 (July 29, 1999)
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Find me the money! Asset tracing can uncover fraud
Fall 2011
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 423
Abstract: With the economy in turmoil, many employees may be tempted to indulge in occupational fraud. Fraud experts can help companies detect such wrongdoings — and potentially recover their funds — by identifying and tracing misappropriated cash assets via the point of payment. This article specifically looks at schemes involving fictitious billing and ghost employees.
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As easy as 1, 2, 3 – M&A goes smoother with a financial expert on your side
Fall 2011
Newsletter: Expert / Valuation & Litigation Concepts
Price: $225.00, Subscriber Price: $157.50
Word count: 840
Abstract: Merger and acquisition (M&A) transactions can be daunting endeavors for both buyers and sellers. That’s why they both can have a better shot at a winning deal if they use financial experts proficient in valuation methods. This article describes the specific assistance that experts can provide before, during and after the deal. A sidebar explains why it’s beneficial for businesses to always be prepared to sell even if they have no current plans to do so.