Standards of Value. Theory & Applications by Jay E.Fishman

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Standards of Value. Theory & Applications by Jay E.Fishman

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Standards of Value. Theory & Applications by Jay E.Fishman

A must-read for appraisers, accountants, judges, attorneys, and appraisal users, this insightful book addresses standards of value as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, practitioners will discover some of the intricacies of performing services in these venues, and appraisers will find this book helpful in understanding why the practitioners are asking such questions. Also

Table of Contents

Acknowledgments. Also

Foreword.

Preface. Also

Introduction: Standards of Value.

1 Common Standards and Premises of Value.

Common Standards and Premises. Also

Price, Value, and Cost.

Defining a Standard of Value. Also

Premises of Value.

Common Standards of Value. Also

Fair Market Value.

Fair Value. Also

Investment Value. Also

Intrinsic Value.

Book Value. Also

Common Operational Premises Underlying the Standard of Value. Also

Going Concern.

Liquidation Value. Also

Other Issues.

Fair Value in Alternate Contexts. Also

Fair Market Value in Alternate Contexts.

Standards of Value in the International Context. Also

Summary.

2 Fair Market Value in Estate and Gift Tax.

Introduction. Also

Common Definitions of Fair Market Value.

History of Fair Market Value.

Elements of Fair Market Value. Also

Price at Which a Property Would Change Hands.

Willing Buyer. Also

Willing Seller.

No Compulsion to Buy or Sell. Also

Reasonable Knowledge of Relevant Facts.

Common Discounts.

Summary. Also

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3 Fair Value in Shareholder Dissent and Oppression.

Introduction. Also

Fair Value.

Early References to Fair Value. Also

Fair Value as Defined by Various Authorities and Statutes.

Dissenterâ??s Rights. Also

Overview and History.

Growth in Popularity of the Appraisal Remedy. Also

Context of Modern Appraisal Rights.

Oppression Remedy.

Development of Oppression Remedy. Also

Alternative Remedies. Also

Context of Oppression Remedy.

Freeze-Outs and Squeeze-Oouts. Also

Recognizing Oppression.

Reasonable Expectations. Also

Breach of Fiduciary Duty.

Heavy-Handed and Arbitrary or Overbearing Conduct.

Standard of Value in the 50 States. Also

Breaking Down the Components of Fair Value. Also

Before the Effectuation of the Corporate Action to Which the Shareholder Objects.

Excluding Any Appreciation or Depreciation in Anticipation of the Corporate Action Unless Exclusion Would Be Inequitable. Also

Current and Customary Valuation Techniques.

Discounts and Premiums.Also

Level of Value.

Other Shareholder Level Discounts. Also

Entity-Level Discounts.

Control Premiums. Also

Extraordinary Circumstances.

Equitable Adjustments. Also

Delawareâ??s Entire Fairness.

Consideration of Wrongdoing in Calculating Fair Value. Also

Discounts Used as an â??Equitable Adjustmentâ??.

Damage Claims. Also

Fair Value and the Minority Shareholder.

Summary.

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4 Standards of Value in Divorce.

Introduction.

Marital Property: General Background and History. Also

Identification of Marital Property and Separate Property.

Relationship between Valuation and Identification of Intangible Assets. Also

Appreciation on Separate Property.

Premises and Standards of Value in Divorce. Also

Premises of Value.

Standards of Value. Also

Premises of Value Revealed through the Valuation of Insurance Agencies.

Concepts of Value under the Two Premises. Also

Standards of Value in Divorce among the 50 States.

Lack of Statutory Insight.

Revealing Standard of Value through Case Law.

Toward a Standard of Value Classification System. Also

Value in Exchange.

Goodwill. Also

Lack of Control and Marketability Discounts under Value in Exchange.

Buy-Sell Agreements under Value in Exchange. Also

Value to the Holder.

Goodwill. Also

Shareholder Level Discounts under the Value to the Holder Premise.

Buy-Sell Agreements under Value to the Holder. Also

Summary.

5 Fair Value in Financial Reporting.

Introduction. Also

Fair Value in Financial Reporting: What Is It? Also

History of Fair Value in U.S. Accounting Literature.

Application of the Fair Value Standard to Business Combinations. Also

Application of the Fair Value Standard to Asset Impairment Tests.

Interpretation of Fair Value Compared to Other Standards of Value. Also

Fair Value in Financial Reporting versus Fair Value in Dissentersâ?? Rights Cases. Also

Fair Value in Financial Reporting versus Investment Value.

Fair Value in Financial Reporting versus Fair Market Value. Also

Audit Issues. Also

Summary.

Sources of Information. Also

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Appendix A International Business Valuation Standards.

And appendix B Fair Value in Dissent and Oppression Chart. Also

Appendix C Standard of Value Divorce Chart .

Author Information

JAY E. FISHMAN, FASA, CBA, is coauthor or contributing author of seven professional books. He is a managing director of Financial Research Associates, a regional business valuation and forensic accounting firm. He has conducted hundreds of business valuations, has qualified as an expert witness, and has provided testimony in several federal and state courts. Also

SHANNON P. PRATT is a renowned leader in the field and author of several industry-standard books. Also Over a distinguished career of more than three decades, he has performed valuation engagements for M&A, ESOPs, and numerous other purposes. Mr. Pratt is a founder and managing director of Willamette Management Associates and Editor in Chief of Shannon Pratt’s Business Valuation Update newsletter. Also