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Parrish v. Schroering

In buyout dispute, appeals court reverses trial court’s judgment, finding it was based on jury’s erroneous decision to set aside a contractually mandated appraisal and provide its own buyout price; there was no indication the appraisers misinterpreted the controlling partnership agreement; court remands ...

Global BVU News and Trends March 2021

Business valuation news from a global perspective.

BVU News and Trends March 2021

A monthly roundup of key developments of interest to business valuation experts.

Fingertip guides to valuation cases in new BVR compendium guides

BVR’s valuation and case law compendium guides contain a very helpful feature: a handy summary table of hundreds of cases (by jurisdiction) that gives you the case name, date, specific court, and the main valuation issue in the case.

Conceptual Overview of the Integrated Theory

The integrated theory of business valuation provides a conceptual framework for disciplined analysis of valuation questions. Too often, valuation analysts are tempted to view individual components of a valuation assignment on a piecemeal basis. Adhering to the integrated theory helps valuation analysts develop base valuation conclusions, discounts, and premiums that are rooted in a shared perspective of the subject company and the subject ownership interest. This first webinar in the three-part series sets the stage ...

A free model for business valuers to quantify operating value for businesses with real property holdings

Comparability can be a difficult standard when valuing businesses with significant real estate assets used as part of their operating company assets.

Prince estate and IRS embroiled in fierce valuation dispute

A recent article in the Star Tribune says the executor of the estate of Prince, the late world-famous rock star, and the Internal Revenue Service are currently locked in a fierce estate and gift tax dispute.

BVU News and Trends December 2020

A monthly roundup of key developments of interest to business valuation experts.

Stark Differences from the Inside Out: Two Key Responders Discuss The Final Stark Regulations for FMV and Commercial Reasonableness

The Stark regulations have been updated. What has changed and how does it impact value? Mark Dietrich and Tim Smith were two major contributors of public comments to the Centers for Medicare & Medicaid (CMS) for the updated Stark regulations with over 100 pages of newly written material that was influential in the development of the final regulatory definitions for FMV and commercial reasonableness. In addition, they included over a dozen chapters from the BVR/AHLA ...

Parties’ agreement complicates spousal support calculation in S corp context

Instead of facilitating a resolution, a separation agreement between the divorcing spouses led to a protracted lawsuit.

Global intangible asset value rebounds to hit all-time high

Business valuers recognise that intangibles present individual ‘facts and circumstances’ challenges. And IFRS 3, even without the proposed amortisation changes, does not fully report the current value of acquired or created intangibles (increasing the operational value of intangibles is generally a strategic goal).

Coca-Cola Co. v. Comm'r

Coca-Cola had been applying a transfer pricing method called the 10-50-50 since it entered into a closing agreement with the IRS in 198, covering the years 1987 to 1995. Coca-Cola had consistently followed that transfer pricing method; the IRS had audited Coca-Cola annually and “signed off” on that transfer pricing method for over a decade. Upon examination of Coca-Cola’s tax returns for 2007 to 2009, the IRS determined that Coca-Cola’s transfer pricing methodology did not reflect arm’s-length norms because it overcompensated the supply point and undercompensated Coca-Cola. The IRS reallocated income between Coca-Cola and its supply points employing the comparable profits method (CPM) pursuant to Reg. Sec. 1.482-5. The IRS increased Coca-Cola’s taxable income by over $9 billion assessing over $3 billion in additional taxes!

2020’s Most Important Transfer Pricing Case—Coca-Cola

Coca-Cola had been applying a transfer pricing method called the 10-50-50 since it entered into a closing agreement with the IRS in 1986, covering the years 1987 to 1995. Coca-Cola had consistently followed that transfer pricing method; the IRS had audited Coca-Cola annually and “signed off” on that transfer pricing method for over a decade. Upon examination of Coca-Cola’s tax returns for 2007 to 2009, the IRS determined that Coca-Cola’s transfer pricing methodology did not reflect arm’s-length norms because it overcompensated the supply point and undercompensated Coca-Cola. The IRS reallocated income between Coca-Cola and its supply points employing the comparable profits method (CPM) pursuant to Reg. Sec. 1.482-5. The IRS increased Coca-Cola’s taxable income by over $9 billion assessing over $3 billion in additional taxes!

American Business Appraisers and BVR Annual Key Issues Update

Every year American Business Appraisers brings together experts from across the country for a frank and practical discussion of the issues impacting business valuation. This year, everyone is invited to four great sessions. Get a current update on the SBA Paycheck Protection Program and the forgiveness application. Adam Rosenfield gives an overview of what the most recent changes to the program are and how that affects clients/future clients. Get guidance on how the loan and ...

Marshall v. Marshall (II)

On second review, appeals court says trial court satisfied task on remand; latter’s use of reasonable compensation calculation to establish income for alimony and child support purposes was in the spirit of parties’ agreement and was based on “entirely credible” testimony by husband’s BV expert.

Courts Agree Reasonable Compensation Is Sound Method for Calculating Spousal Support in S Corp Context

On second review, appeals court says trial court satisfied task on remand; latter’s use of reasonable compensation calculation to establish income for alimony and child support purposes was in the spirit of parties’ agreement and was based on “entirely credible” testimony by husband’s BV expert.

New edition released of the BV in Divorce Compendium

The most current summary and analysis of U.S. legal decisions involving business valuation and divorce is in the just-released fifth edition of BVR’s Business Valuation in Divorce Case Law Compendium.

Tips on how to help settle a divorce during COVID-19

How do you resolve a divorce case during COVID-19, when many businesses in all kinds of industries are coping with significant losses and continuing uncertainty over future performance?

Valuation Challenges and Best Practices in Joint Ventures and Strategic Affiliations

Today, corporate investments into joint ventures and other non-controlled entities now exceed $5 trillion per year, according to Ankura/Water Street Partners' analysis of U.S. Government data. Companies utilize joint ventures for a variety of reasons, including to access capabilities, share risk, pool capital, secure added scale and scope, and satisfy regulatory requirements of local ownership. Join Jerry Chang, Molly Faber, and Tim Lubbe of Ankura to learn more about the increasing prevalence of joint ventures ...

Valuation of Inventory: Taking Stock of the Guidance

Given divergences in both practice and guidance, inventory valuation can seem challenging. In this webinar, Anthony Pumphrey will illustrate simple, straightforward modifications to the valuation of inventory that you can incorporate into your valuation process. Review what comprises the book value of inventory and valuation guidance from the FASB, the IRS, and the AICPA. Next, walk through an example valuation of raw materials, work-in-progress, and finished goods in accordance with this guidance. The example provided ...

Fair Value Measurements Amid the Covid-19 Crisis

Reporting entities in recent years generally benefited from a growing economy, which may have allowed auditors to gain comfort with fair value measurements for financial reporting purposes with relatively less documentation. The disruption to global economic activity and financial markets suggest that a business as usual approach may no longer apply to these same fair value measurements. Consequently, reporting entities can expect fair value measurements to receive greater scrutiny from their auditors and a heighted ...

Global BV News: Pretransaction PPAs increasing in GCC region, says Deloitte report

The growing importance of intangible assets has triggered an increased number of stakeholders from within the Gulf Cooperation Council (GCC) requesting a pretransaction purchase price allocation analysis, according to a new report from Deloitte Middle East in collaboration with the Saudi Authority for Accredited Valuers (TAQEEM).

IVSC interviews European Financial Reporting Advisory Group on new intangibles reporting issues and other topics

The new interview on the interaction between European views on IASB standard-setting and the valuation professions is now available from IVSC.

Refinitiv and S&P Global both enhance sustainability ‘ESG’

The two big financial data providers, Refinitiv and SPGI, released improvements to their methodologies to score listed company performance across social value themes including emissions, environmental product innovation, diversity and inclusion, human rights, and shareholder access.

More Ups and Downs for Patent Valuations in the UK and Beyond

Business valuers can expect further changes in the UK landscape for intellectual property (IP) creation and commercialization. Intangibles now represent almost 90% of the market value of the largest listed companies, so these changes may be the most significant factor in many current business valuations.

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