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Proposed rule change cracks down on testifying experts

Too many experts who are not qualified are being allowed to testify in court, and this has triggered proposed changes to strengthen Rule 702, which is the federal rule of evidence regarding testifying experts.

Mercer examines appraisal review

After a two-month break from his blog, veteran valuer Chris Mercer (Mercer Capital) has started a series of thoughtful posts focusing on appraisal review, a process he deems “essential.”

AICPA offers free webcast on estate/gift valuations

A two-and-a half-hour webcast on estate and gift valuations is available free of charge from the AICPA.

Yeanoplos honored with ASCPA life membership

Earlier this year, we ran an item about how the future of the valuation profession depends on practitioners giving back to the profession.

2022 FactSet Mergerstat Review available for preorder

The 2022 edition of the FactSet Mergerstat Review delivers comprehensive rosters and statistics on mergers and acquisitions between US, UK, and global privately held, listed, and cross-border enterprises.

Global BV News: CBV Institute adds 69 new members

Now with about 2,300 members, the CBV Institute, Canada’s valuation professional organization (VPO) and standard, recently added 69 new members to its ranks of professionals entitled to use the CBV designation.

BV movers . . .

After nearly 16 years as the secretary general for the International Association of Certified Valuation Specialists (IACVS), Robert “Bob” Brackett has retired.

CPE events

The Long Arm of the Bankruptcy Court: Valuation in Fraudulent Transfer Matters. March 29, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Jeff L. Baliban (Citrin Cooperman). CPE credits: 2.0.

New case affirms treatment of goodwill in Indiana divorces

In Indiana, enterprise goodwill is includable in the marital estate, but personal goodwill is not (see BVR’s Charting Goodwill map).

Stout Risius Ross, LLC v. Aspen Specialty Ins. Co.

Stout Risius Ross LLC asked for a declaratory judgment to require Aspen Specialty Insurance Co. to defend Stout Risius Ross in a lawsuit brought against it by its former client, Wilmington Trust, in an ESOP matter. Stout Risius Ross performed a valuation for an ESOP transaction that the court later criticized in that matter (Brundle). After being sued by Wilmington Trust, Stout Risius Ross filed a claim with Aspen, which was denied by Aspen, citing the “prior knowledge” clause. The court denied Stout Risius Ross’ motion for declaratory judgment and did not allow Stout Risius Ross to amend its motion.

U.S. District Court Dismisses Accounting Firm’s Plea to Require Insurance Company to Defend a Lawsuit Against It

Stout Risius Ross LLC asked for a declaratory judgment to require Aspen Specialty Insurance Co. to defend Stout Risius Ross in a lawsuit brought against it by its former client, Wilmington Trust, in an ESOP matter. Stout Risius Ross performed a valuation for an ESOP transaction that the court later criticized in that matter (Brundle). After being sued by Wilmington Trust, Stout Risius Ross filed a claim with Aspen, which was denied by Aspen, citing the “prior knowledge” clause. The court denied Stout Risius Ross’ motion for declaratory judgment and did not allow Stout Risius Ross to amend its motion.

Sproule v. Johnson

In this partnership dissolution case, the North Dakota Supreme Court affirmed the district court’s decision to use an appraisal of the Canadian entity as of 2019 instead of a value from an earlier agreement in principal. The later date was within the purview of the district court’s flexibility. Further, the Supreme Court affirmed the district court’s decision not to reduce the value of a partnership asset of stock in a Canadian corporation for taxes.

North Dakota Supreme Court Affirms Valuation Date, Affirms No Deduction for Taxes in Determining Stock Value

In this partnership dissolution case, the North Dakota Supreme Court affirmed the district court’s decision to use an appraisal of the Canadian entity as of 2019 instead of a value from an earlier agreement in principal. The later date was within the purview of the district court’s flexibility. Further, the Supreme Court affirmed the district court’s decision not to reduce the value of a partnership asset of stock in a Canadian corporation for taxes.

Subsequent Transaction Used to Find Damages Without Trial in New York Case

In this surmised summary judgment as to damages, a New York trial court awarded damages to the plaintiff in a breach of contract suit. The determination of damages was made without a trial but “on paper.” Additionally, the court used a subsequent sale of the stock to determine the damages and opine that the company was “worthless.”

Whatever Happened to Specific Company Risk? Accounting for Management Risk in Private Partnerships

Multidisciplinary valuation projects set many traps for the unwary. Join Dennis Webb to learn about one such trap that affects virtually every asset holding company valuation because the real property appraiser and business valuer usually don’t know what the other needs. For specific company risk, such an omission can be quite a big deal.

How to find hidden assets in divorce

Parties to a divorce may not be totally forthcoming with assets they own, so the valuation expert often has to help ferret them out.

TAF calls for papers on the ‘art of valuation’

The Appraisal Foundation (TAF) has issued a call for qualified candidates to submit proposals for papers that will go into a book on the art of doing business valuation.

ESOP companies more optimistic about recovering

Valuation experts assessing how a subject company will recover from the pandemic will be interested in a new study.

Agenda set for NYSSCPA BV and litigation services conference May 16

Each year, BVWire attends the annual New York State Society of CPAs’ Business Valuation and Litigation Services Conference, and registration is now open for this year’s event, which will be webcast May 16.

BVRPro adds to its ASA BV Review archive

Subscribers to the BVResearch Pro platform can access issues of Business Valuation Review going back to 1982, and the Fall 2021 issue has just been added to the archive.

Global BV News: Reminder: Take a survey on ESG and valuation

The International Valuation Standards Council (IVSC) would like to hear from business valuation providers, users, and investors on the issue of environmental, social, and governance (ESG).

BV movers . . .

At Mercer Capital, Owen T. Johnson, CPA/ABV, CBA, ASA, has rejoined the firm as a senior advisor, and Karolina Calhoun, CPA, ABV, CFF, was invited and admitted into the prestigious American Academy of Matrimonial Lawyers (AAML) Foundation Forensic & Business Valuation Division (there are fewer than 35 members nationwide).

CPE events

Whatever Happened to Specific Company Risk? Accounting for Management Risk in Private Partnerships. March 16, 10:00 a.m.-11:40 a.m. PT/1:00 p.m.-2:40 p.m. ET. Featuring: Dennis A. Webb (Primus Valuations). CPE credits: 2.0.

Two cases on trapped-in gains tax—with opposite outcomes

In a California divorce case we recently covered, an appeals court disallowed a discount for possible future taxes because the taxes were neither immediate nor specific.

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