Here’s what you’ll see:

• “Inside Pratt’s Stats: Impact of Entity Form on Selling Price (Part 1)” (Eric J. Barr, Marks Paneth, and Peter L. Lohrey, Montclair State University). This is a two-part article that explains how transaction size and the entity form of the buyer and seller support the existence (and the magnitude) of the “pass-through entity premium” where the buyer is able to take advantage of the pass-through status of the seller. This article is based on the results of various statistical analyses of Pratt’s Stats transactional data.

• “Action Ideas From the ASA Advanced BV Confab” (BVR Editor). Some takeaways from the Advanced Business Valuation Conference in Houston presented by the American Society of Appraisers (ASA) are discussed.

• “Tax Affecting S Corporations: It’s Not a Matter of Whether. It’s a Matter of When” (Alan Zipp). The author’s view is that there are bright-line rules about tax affecting S corporations based on court decisions involving a variety of valuation cases. We invite readers to submit comments and feedback on this article.

• “A Reflection on Low Risk-Free Interest Rates” (Matthew Crane, Marshall & Stevens Inc.). Although business appraisals often do not concern themselves with the details of monetary policies, given the current low-interest-rate environment, it’s useful for appraisers to have a historical perspective, in addition to understanding some of the relevant economic theories regarding the outlook for changes in interest rates.

• “Work File Checklist for Documenting Valuation Multiples” (BVR Editor). The requirements under the new credential for fair value for financial reporting that should be considered best practices to anyone doing this type of work are listed.

• “CICBV Launches Proactive Practice Inspection Program” (BVR Editor). The Canadian Institute of Chartered Business Valuators (CICBV) will subject work product members and registered students have done to a mandatory inspection starting in 2018.

The issue also includes:

• Regular features: “BV News At-a-Glance/Global Perspective,” “Ask the Experts,” and “Tip of the Month.”

• BV data spotlight: “Pratt’s Stats 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 December issue of Business Valuation Update.