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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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  • 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

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  • Valuing “blue sky” – Why goodwill matters and how it’s measured

    January / February 2018
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: Goodwill is an indefinite-lived intangible asset. It comes into play in various business valuation assignments. This article discusses what goodwill is and the role it plays in divorce and financial reporting. A sidebar highlights the differences between personal and business goodwill.

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  • What’s it worth? 3 approaches to valuing a business

    November / December 2017
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: Business valuation professionals typically apply three different approaches when valuing a business. This article explains common valuation methods that fall under the cost, market and income approaches. A sidebar highlights the excess earnings method, which draws from both the cost and income approaches.

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  • Cavallaro v. Commissioner – Taxpayers allowed to vet valuations from IRS experts

    September / October 2017
    Newsletter: Advocate's Edge / Litigation Support

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: It’s critical for taxpayers to be given the chance to evaluate whether assessments made by the IRS are “arbitrary and excessive.” This article summarizes a recent gift tax case that the First Circuit Court of Appeals remanded to the U.S. Tax Court for further proceedings related to the valuation of the taxpayers’ business that the IRS relied on when computing its assessment against them — potentially giving the taxpayer a second chance at offering its own valuation evidence. A sidebar discusses why the appellate court wouldn’t shift the burden of proof to the IRS. Cavallaro v. Commissioner, No. 15-368, 1st Cir., Nov. 18, 2016

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  • Trying times – Keeping a loan afloat when a borrower becomes seriously injured or ill

    June / July 2017
    Newsletter: Commercial Lending Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: For a business highly dependent on its owner for day-to-day management and overall viability, owner injury or illness can threaten the business’s ability to function — and to make good on its loan. A lender has an important role to play in such a situation. This article explains that the lender’s actions can make all the difference in whether the owner is able to work through the challenges created by injury or illness. It also notes how the lender can help the owner face such problems squarely, so that a mutually beneficial solution is more likely. A sidebar suggests several questions to ask to help determine the impact of the owner’s ailment on the business.

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  • New lease accounting rules – What will be the impact?

    Summer 2016
    Newsletter: Community Banking Advisor

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: After 10 years of deliberations, the FASB has finally issued its new lease accounting rules with the publication of Accounting Standards Update No. 2016-02, Leases (Topic 842). This article discusses how off-balance-sheet leases are now history and the effect of the new rules on bank-loan customers. Other ramifications for banks also are examined. A sidebar discusses timing considerations for making the transition.

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  • Calculating damages in IP litigation – An infringer’s profits may be recoverable

    September / October 2014
    Newsletter: Valuation & Litigation Briefing / Litigation & Valuation Report

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: To protect victims of intellectual property (IP) infringement, federal law provides several alternative measures of damages. While a plaintiff generally is entitled to recover lost profits attributable to the infringement (or, at minimum, a reasonable royalty), these lost profits can be difficult to measure or prove. In such cases, the plaintiff may be able to recover the infringer’s profits as a substitute. This article discusses the circumstances under which a plaintiff may use this remedy, and explains how valuation experts can assist — especially if involved early in the litigation process.

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  • Integration managers – Still points at the center of chaotic acquisitions

    June / July 2014
    Newsletter: Merger & Acquisition Focus

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: Acquiring a company requires enormous time expenditures — more than most inexperienced business buyers realize until they’re in the middle of a deal. So buyers may want to appoint an integration manager (IM) to oversee the myriad details involved in an M&A. This article describes the role of the IM as the point person for the period between the successful close of deal negotiations and the completion of integration. A sidebar discusses where to look for employees with the skills and experience to serve as an IM.

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  • Worried about interest rate risks? Consider a swap agreement

    March / April 2013
    Newsletter: Real Estate Advisor

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: The continuing uncertainty of the credit market is prompting concern among many owners and investors about the risk of rising interest rates. Some have turned to interest rate swap agreements to mitigate their risk. The arrangements, which are especially appealing when fixed rate loans are unavailable, can pay off for both borrowers and lenders. This article shows how these agreements work and how title insurance can play a role in securing the obligations they entail. A sidebar explains how some swaps are custom-made to fit the parties’ financing needs.

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  • The icing on the cake – A QPRT allows you to save estate taxes on your home while still living in it

    May / June 2011
    Newsletter: Tax Impact

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: Now may be a good time to consider a qualified personal residence trust (QPRT), which allows a person to transfer their home to their children or other family members at a deeply discounted gift tax value. By doing so, they can remove the home’s value and any future appreciation from their taxable estate. And they can continue to live in the home indefinitely, which can be an excellent strategy if the property’s value is depressed and is expected to increase. But, as this article explains, it’s important to be aware of the requirements of a QPRT, along with capital gains tax ramifications.

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  • Class conflict – The rights of stockholders can become a board problem

    October / November 2010
    Newsletter: Public Company Insights

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: For directors, satisfying their fiduciary duties to act in the best interests of the corporation and its shareholders is critical. But what if the interests of different corporate constituencies — such as preferred and common stockholders — conflict with one another? This article examines decisions made by the Delaware Chancery and Supreme courts in two separate cases involving the matter of preferred stockholders’ rights vs. those of common stockholders. A sidebar discusses a similar case, in which a board was unable to convince a court that the board’s decision to approve a merger was disinterested.

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  • One supports the other – A lean manufacturing environment benefits from lean accounting practices

    Fall 2010
    Newsletter: Manufacturer

    Price: $225.00, Subscriber Price: $157.50

    Word count: 872

    Abstract: Lean manufacturing is nothing new, but many don’t know that lean accounting is crucial to operating in a lean manufacturing environment. Lean accounting focuses on two goals: 1) converting financial statements into “plain English,” and 2) eliminating waste by taking the focus off the minutiae. This article describes some of the advantages of lean accounting vs. standard cost accounting, along with some of the disadvantages. A sidebar discusses the status of lean accounting in university curricula.

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