Prof. Jack Bogdanski (Lewis and Clark Law School) was “right on” when he advised BV analysts in the most recent BVWire to “tweak the discount rate” when valuing S corp stock,” writes Nancy Fannon (Fannon Valuation Group). “However, I respectfully disagree when he adds, ‘but don’t call it tax affecting.’ I think we are most helpful to the court (and other users of our reports) when we state clearly how we are addressing this issue, and adjusting the discount rate is exactly what we should be doing.” If analysts don’t know why, Fannon suggest they can listen to the AICPA-sponsored webinar that she and Prof. Keith Sellers (Univ. of Denver) are giving on Jan.19, 2012; or they can check out BVR’s 2011 webinar by the same team, “Pass-Through Entity Valuation: The Significant Impact of Academic Research on the Debate.”