Here’s what you’ll see:

• “Kress and S Corp Valuations: Be a Little Cautious” (Daniel R. Van Vleet). Details have emerged about the methodology the government’s valuation expert used in the Kress gift tax case. The case is important because both sides tax affected the earnings of the subject S corp, which is contrary to the position the IRS and the Tax Court have taken in the past.
• “Hot Topics Abound at ASA Fair Value Conference in New York City” (BVR Editor). The size premium, globalization, fund valuations, CEIV status, valuing debt, recent inventory guidance, and a new regulatory crackdown highlighted the recent American Society of Appraisers (ASA) Fair Value Conference, which turned out to be an outstanding event.
• “Yukon Court Awards Premium in Fair Value Determination—A Comment on Carlock v. ExxonMobil Canada Holdings ULC” (Chat Ortved and Khaled Abdel-Barr). This case should resonate with all valuation experts involved in M&A work. The court labeled the fairness opinion as “inadequate,” emphasizing that the financial advisor was entitled to a “success fee.” The court also pointed to the lack of disclosure of the analysis underlying the advisor’s conclusion.
• “A Conversation With the New Editor of Business Valuation Review™” (BVR Editor). The American Society of Appraisers (ASA) recently appointed Victor Jarosiewicz as the new editor for its business valuation journal. BVU had the pleasure of talking with him about his new role and his thoughts on the business valuation profession.
• “BVFLS Firms Disclose Their Best Management Practices” (BVR Editor). A focus on quality control, the improvement of work product output, as well as the support of staff are among the most successful new management practices or policies business valuation, forensic, and litigation support (BVFLS) firms used over the past year, according to a BVR survey.
• “RCReports Launches Study on Reasonable Compensation Valuation Practices” (Paul Hamann). A provider of compensation data, RCReports, is doing a study designed to find out the challenges, needs, and current practice of business valuators when determining and defending reasonable compensation.

The issue also includes:

• An expanded section of “BV News and Trends/Global BV News and Trends.”
• Regular features: “Ask the Experts” and “Tip of the Month.”
• BV data spotlight: “DealStats MVIC/EBITDA Trends,” “ktMINE Royalty Rate Data,” “Economic Outlook for the Month,” and “Cost of Capital Center.”
• BVLaw Case Update: The latest court cases that involve business valuation issues.

To stay current on business valuation, check out the June issue of Business Valuation Update.