Business Valuation and Taxes by David Laro
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Business Valuation and Taxes by David Laro
Disputes over valuation issues fill the court’s dockets and for good reason, fair market valuations are required frequently by the law. Also The authors believe that approximately 243 sections of the Code and several thousand references in the Regulations explicitly require fair market value determination. Also Consequently, taxpayers file an estimated 15 million tax returns each year reporting an event involving a valuation related issue. It is no mystery, therefore, why valuation cases are ubiquitous. Today, valuation is an important and highly sophisticated process. Valuators need legitimate guidance to perform their work. The objective of this book is to provide knowledge, and guidance to those who do the valuations as well as those who are affected by them. Also
This unprecedented text provides:
- Clear guidance and perspective on business valuation from two of the nation’s top authorities, Hon. David Laro and Dr Shannon Pratt. Also
- Insightful perspective and discussion on critical issues, procedures and law pertaining to business valuation. Also
- An overview of business valuation procedures Also
- Law and techniques of Fair Market Value Opinion from the Hon. David Laro and Dr. Shannon Pratt who express their unique and critical views. Also
- The business valuer with everything from the basics to the sophisticated. From definitions to valuing complex business interests, what you need to know about business valuation. Also
- Everything from empirical market evidence to credible expert business valuation testimony discussed and analyzed by the Hon. David Laro and Dr. Shannon Pratt. Also
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Table of Contents
Forewords.
Preface. Also
Acknowledgments.
- Standards of Business Valuation. Also
Summary. Also
Introduction.
Sources for Defining Value. Also
Definitions of Value.
Premise of Value. Also
Conclusion. Also
- Subsequent Events.
Summary. Also
Key Question.
Valuation Date. Also
Subsequent Events—Exceptions.
Conclusion. Also
- Business Valuation Experts.
Summary.
Introduction. Also
Proving Business Value.
The Expert Appraiser. Also
Types of Experts.
Various Roles of Experts. Also
Business Valuation Litigation Witnesses.
Admissibility of Evidence Underlying Expert Opinions. Also
Limitations to Admissibility.
Reliability of the Expert. Also
Minimum Thresholds for the Business Valuation Expert.
Sarbanes-Oxley Act of 2002. Also
Attorney Assistance to the Expert.
Qualified Appraiser. Also
Concerns about Expert Testimony.
Court-Appointed Expert. Also
Conclusion.
Appendix: Expert Credentials and Qualifications. Also
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- Sources of Law and Choice of Courts.
Summary.
Structure of the American Legal System. Also
Tax Law.
Tax Litigation. Also
- Burden of Proof in Valuation Controversies.
Summary.
Burden of Proof. Also
Who Bears the Burden of Proof.
Burden of Proof: Exceptions to the General Rule. Also
- Penalties and Sanctions.
Summary.
Introduction. Also
What You Need to Know.
Valuation Penalties. Also
General Penalties.
Discretionary Sanctions. Also
- Valuation and Choice of Entity.
Summary.
Introduction. Also
Corporations.
Limited Liability Companies. Also
General Partnerships.
Limited Partnerships. Also
Sole Proprietorships.
Valuation Considerations. Also
Choice of Jurisdiction.
Conclusion. Also
- Valuation of S Corporations and Other Pass-Through Tax Entities: Minority and Controlling Interests.
Introduction.
Case Law Background.
S Corporation Minority Interest Appraisals. Also
Comparison of Minority Interest Theories—A Summary of the Issues.
S Corporation Controlling Interest Appraisals. Also
Summary.
S Corporation Valuation Issues—Partial Bibliography. Also
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- Valuation of International Transactions.
Summary.
Introduction. Also
Transfer Pricing.
Customs Valuation. Also
Conclusion.
- Adjustments to Financial Statements.
Summary. Also
Separating Nonoperating Items from Operating Items.
Addressing Excess Assets and Asset Deficiencies. Also
Handling Contingent Assets and Liabilities.
Adjusting Cash-Basis Statements to Accrual-Basis Statements. Also
Normalizing Adjustments.
Controlling Adjustments. Also
Conclusion.
- Comparative Financial Statement Analysis.
Summary. Also
Comparable Ratio Analysis.
Common Size Statements. Also
Tying the Financial Statement Analysis to the Value Conclusion.
Conclusion. Also
- Economic and Industry Analysis.
Summary.
Objective of Economic and Industry Analysis. Also
National Economic Analysis. Also
Regional and Local Economic Analysis. Also
Industry Analysis.
Conclusion. Also
Partial Bibliography of Sources for Economic and Industry Analysis. Also
- Site Visits and Interviews.
Summary. Also
Site Visits.
Management Interviews. Also
Interviews with Persons Outside the Company.
Conclusion. Also
- The Income Approach.
Summary of Approaches, Methods and Procedures.
Introduction to the Income Approach. Also
Net Cash Flow: The Preferred Measure of Economic Benefit in the Income Approach.
Discounting versus Capitalizing. Also
Relationship between Discount Rate and Capitalization Rate.
Projected Amounts of Expected Returns. Also
Developing Discount and Capitalization Rates for Equity Returns.
Weighted Average Cost of Capital (WACC). Also
The Midyear Convention.
The Income Approach in the Courts. Also
Conclusion.
Appendix: An Illustration of the Income Approach to Valuation. Also
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- The Market Approach.
Summary.
The Market Approach. Also
Revenue Ruling 59-60 Emphasizes Market Approach.
The Guideline Publicly Traded Company and the Guideline Transaction (Merger and Acquisition) Method. Also
How Many Guideline Companies?
Selection of Guideline Companies. Also
Documenting the Search for Guideline Companies.
Choosing Multiples Based on Objective Empirical Evidence. Also
What Prices to Use in the Numerators of the Market Valuation Multiples.
Choosing the Level of the Valuation Multiple. Also
Selecting Which Valuation Multiples to Use.
Assigning Weights to Various Market Multiples. Also
Sample Market Valuation Approach Tables.
Other Methods Classified under the Market Approach. Also
Conclusion.
Appendix: An Illustration of the Market Approach to Valuation. Also
- The Asset-Based Approach.
Summary.
The Adjusted Net Asset Value Method. Also
Excess Earnings Method (The Formula Approach).
Conclusion. Also
- Entity-Level Discounts.
Summary.
Trapped-In Capital Gains Discount. Also
Key Person Discount.
Portfolio (Nonhomogeneous Assets) Discount. Also
Discount for Contingent Liabilities.
Conclusion. Also
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- Discounts for Lack of Marketability.
Summary: General Introduction to Shareholder-Level Discounts and Premiums. Also
Definition of Marketability.
Benchmark for Marketability Is Cash in Three Days. Also
Investors Cherish Liquidity, Abhor Illiquidity.
Degrees of Marketability or Lack Thereof. Also
Empirical Evidence to Quantify Discounts for Lack of Marketability: The Restricted Stock Studies.
Empirical Evidence to Quantify Discounts for Lack of Marketability: Pre-IPO Studies. Also
Criticisms of the Pre-IPO Studies.
Factors Affecting the Magnitude of Discounts for Lack of Marketability. Also
Use of the Databases for Quantifying Discounts for Lack of Marketability.
Discounts for Lack of Marketability in the Courts. Also
Conclusion.
Partial Bibliography of Sources for Discounts for Lack of Marketability. Also
- Other Shareholder-Level Discounts.
Summary.
Minority Discounts/Control Premiums. Also
Voting versus Nonvoting Shares.
Blockage. Also
Discounts for Undivided Fractional Interests in Property.
Conclusion. Also
- Weighting of Approaches.
Summary.
Theory and Practice. Also
Mathematical versus Subjective Weighting.
Examples of Weighting of Approaches. Also
Conclusion.
- Valuation of Options.
Summary.
Introduction and Background. Also
General Principles of Option Valuation.
Specific Rules for Valuing Options. Also
Conclusion.
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- IRS Positions.
Summary.
Introduction.
*Rev. Rul. 59-60.
Rev. Rul. 65-192. Also
*Rev. Rul. 65-193.
Rev. Proc. 66-49.
*Rev. Rul. 68-609. Also
Rev. Proc. 77-12.
*Rev. Rul. 77-287.
Rev. Rul. 83-120. Also
*Rev. Rul. 85-75.
Rev. Rul. 93-12.
Tax Advice Memorandum 1994-36-005. Also
Rev. Proc. 2003-51.
Conclusion. Also
- Business Appraisal Reports.
Summary.
Business Valuation Report-Writing Standards. Also
Elements of the Business Valuation Report.
Organization of the Report. Also
Qualities of a Good Appraisal Report.
Conclusion. Also
- Questions to Ask Business Valuation Experts.
Summary. Also
Qualifications. Also
Financial Statement Adjustments and Analysis. Also
Economic and Industry Data. Also
Site Visits and Interviews.
General Questions about Methodology. Also
Discount and Capitalization Rates in the Income Approach.
Projections Used in the Income Approach. Also
Market Approach. Also
Asset-Based Approach. Also
Entity-Level Discounts.
Minority Interest Discounts/Control Premiums. Also
Discounts for Lack of Marketability.
Voting/Nonvoting Stock. Also
Questions about Contradictory Prior Testimony.
Appendix A: IRS Business Valuation Guidelines. Also
And appendix B: International Glossary of Business Valuation Terms.
Appendix C: Bibliography. Also
And appendix D: Table of Cases.
Index. Also
Author Information
DAVID LARO was appointed by President Bush to the United States Tax Court, confirmed by the Senate, and vested as a federal judge in November 1992. He formerly practiced law in Flint and Ann Arbor, Michigan, specializing in tax law for twenty-four years. Also Judge Laro was chairman and CEO of a publicly traded international company and cofounded Republic Bancorp, a Michigan bank holding company. He is an adjunct professor of law at Georgetown University Law Center, a visiting professor at the University of San Diego Law School, and a lecturer at Stanford Law School. He is a frequent guest speaker and has written numerous articles on taxation. Also
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Shannon P. Pratt, CFA, FASA, MCBA, CM&AA, is the Chairman and CEO of Shannon Pratt Valuations, Inc. a premier business valuation firm located in Portland Oregon, and is the founder and Editor Emeritus of Business Valuation Resources, LLC. Over a distinguished career of close to four decades, he has performed valuation engagements for M&A, ESOPs, gift and estate taxation, marital dissolution, shareholder oppression and dissent, and numerous other purposes. Also
He has conducted numerous fairness and solvency opinions, has testified in a wide variety of federal and state courts across the country, and frequently participates in arbitration and mediation proceedings. Also Dr. Pratt is one of the most successful and respected authors in his field. He is the author or coauthor of several industry standards, including Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Valuing Small Businesses and Professional Practices, The Market Approach to Valuing Businesses, Standards of Value, Business Valuation and Taxes, The Lawyer’s Business Valuation Handbook, and Cost of Capital Also
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Course Features
- Lectures 0
- Quizzes 0
- Duration 40 hours
- Skill level All levels
- Language English
- Students 95
- Assessments Yes
