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IRS and Whitney Houston estate tangle over IP values
The IRS claims that the Whitney Houston estate underreported the value of intellectual property rights by $22.6 million.
Revisiting Total Beta
Although thousands of pages have been written by academics and practitioners about common ordinary Beta, little has been written about Total Beta. Extant writing on Total Beta is, primarily, a good mix of confusion over (1) what Beta is supposed to represent, (2) the proper use of statistical methods to construct it, and (3) whether or not we should include the risk related to undiversified investors (investor-specific risk) in the definition and calculation of Beta.
Testing the S-Corp Value Premium for Realism and Reasonableness
For almost fifty years, the field of finance and the valuation profession have deliberated over the potential impact of taxation on security prices and costs of capital as well as the value effects of the tax attributes of pass-through entities (PTEs). Hundreds of papers on these topics have been published. Analytic models that offer various approaches to problem resolution have been proposed. Some have been widely used. Debates have been held in court and out.
Testing the S Corp Value Premium for Realism and Reasonableness
Not long ago, we attended the author’s session at a NACVA conference where she presented on this topic. We asked her for this article, which has some key takeaways from that session as well as from a longer paper she wrote.
Letter to the Editor from the Immediate Past Chair
As my executive terms come to an end with the Business Valuation Resource Panel (BVRP) of the Appraisal Foundation (TAF), I would like to introduce BVR readers to this little-known powerhouse of a committee and the opportunities it provides for them to serve our valuation community in some significant ways.
A Blueprint for Reliable Business Valuation
Valuation errors are common and can be extraordinarily costly. The rediscovery of the residual income valuation model creates an opportunity to diminish the frequency of valuation errors by comparing the results of two valuation techniques that must produce identical results: one based on cash flows, the other on residual income. Another necessary condition for reliable valuations is that the value of assets must be equal to the combined value of the firm's outstanding debt and ...