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Tips and takeaways from the NYSSCPA BV event

BVWire attended the annual business valuation conference of the New York State Society of CPAs (NYSSCPA) on May 21 in New York City.

BVU News and Trends June 2018

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

‘Does new bonus depreciation apply to intangibles?’

That was a question from the audience at the ASA/USC 13th Annual Fair Value Conference held May 10 in Los Angeles.

Verition Partners Master Fund Ltd. v. Aruba Networks, Inc.

Court of Chancery denies petitioners’ motion for reargument, finding that, in light of high court’s Dell and DFC decisions, the decision to use the unaffected market price as the fair value indicator was not so “ridiculous” or “absurd” as to indicate the Court of Chancery misapprehended the law.

Chancery Defends Use of Market Price Citing Recent High Court Rulings

Court of Chancery denies petitioners’ motion for reargument, finding that, in light of high court’s Dell and DFC decisions, the decision to use the unaffected market price as the fair value indicator was not so “ridiculous” or “absurd” as to indicate the Court of Chancery misapprehended the law.

DOL sues over ESOP; trustee launches Daubert attack

In a developing ESOP case, the court recently excluded a chunk of the government expert’s damages testimony and dismissed one of the counts for lack of damages evidence.

BVU News and Trends May 2018

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

Briefing examines recent appraisal decisions

Since the Delaware Supreme Court issued its landmark Dell appraisal decision (see prior coverage), the Delaware courts have issued three appraisal decisions—Aruba, AOL, and SWS—which, unlike Dell, assigned no weight to the deal price in setting fair value below the deal price.

Trustee Succeeds in Curtailing DOL Expert Testimony Under Daubert

In ESOP dispute, court partially excludes DOL expert’s damages analysis under Daubert; court finds expert’s market comparable approach to support overpayment claim is unreliable as is expert’s methodology for calculating alleged loss in stock value to existing shareholders.

Acosta v. Vinoskey

In ESOP dispute, court partially excludes DOL expert’s damages analysis under Daubert; court finds expert’s market comparable approach to support overpayment claim is unreliable as is expert’s methodology for calculating alleged loss in stock value to existing shareholders.

New IRS guidance on interest expense limits

The Treasury Department and the IRS have issued guidance (Notice 2018-28) for computing the business interest expense limitation under the Tax Cuts and Jobs Act.

Extra cash flow from tax reform to be invested

Much of the windfall savings companies are expecting from the new tax law will be used to increase domestic investment, according to a Deloitte survey of CFOs.

Court of Chancery disregards deal price where sales process is not ‘Dell compliant’

Recent rulings from the Delaware Supreme Court make it seem as if the discounted cash flow analysis has lost its top ranking among valuation methodologies in statutory appraisals involving publicly traded companies. Not exactly.

New paper examines statutory rights of appraisal in Delaware

“The Anna Karenina principle is alive and well in the Delaware courts,” according to a paper that explores statutory rights of appraisal and the search for the sometimes “elusive” concept of fair value.

Q&As on the Impact of the 2017 Tax Act on Business Valuation

Chris Mellen (Valuation Research Corp.) adds to the evolving discussion about the impacts of the new tax law on business valuation. Part of a series.

Problematic process causes Chancery to use DCF as fair value indicator

The discounted cash flow analysis is not dead yet in the Delaware Court of Chancery.

In re Tesla Motors Stockholder Litig.

Court of Chancery says Tesla dissenting shareholders allege sufficient facts to show company CEO, Elon Musk, was a controlling shareholder, despite holding a minority interest; court allows breach of fiduciary claims concerning acquisition of related company to proceed.

Court Allows Tesla Dissenting Shareholder Suit to Go Forward

Court of Chancery says Tesla dissenting shareholders allege sufficient facts to show company CEO, Elon Musk, was a controlling shareholder, despite holding a minority interest; court allows breach of fiduciary claims concerning acquisition of related company to proceed.

How the New QBI Deduction Impacts the Hypothetical Buyer and Seller

Part 1 of a two-part article on the impact of the new tax law’s Qualified Business Income (QBI) deduction for pass-through entities in determining estimated after-tax cash flow at the investor level, as well as the related change in the fair market value of the entity.

Court of Chancery exalts stock price as most accurate indicator of fair value

The Delaware Court of Chancery recently had an opportunity to put into practice the directives the state’s high court had issued in DFC Global and Dell in terms of calculating fair value in a statutory appraisal proceeding.

Valuing Bonus Depreciation Under the New Tax Law

The Tax Cuts and Jobs Act of 2017 (the Act) provides businesses the ability to deduct capital expenditures as “bonus depreciation” for purchases of qualified property. This article provides a framework for quantifying the value of bonus depreciation in the context of the discounted cash flow method.

Valuation Experts Give Initial Thoughts on Tax Reform

Valuation experts were asked for their initial impressions on what to consider when doing valuations under the Tax Cuts and Jobs Act. This will be an evolving discussion.

In re AOL Inc.

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.

Chancery Relies on DCF Where Deal Process Is Not ‘Dell Compliant’

In statutory appraisal, court finds sales process was not “Dell compliant” and declines to assign any weight to deal price; court agrees with parties’ experts that DCF best captures fair value on valuation date and arrives at final value below deal price.

Depreciation and Amortization in DCF Analyses and the Impact of the New Tax Law

Do you know how the 2018 Tax Cuts and Jobs Act will impact your financial projections and DCF calculations? Establish a foundation on the key components of cash-flow projections used in discounted cash flow analyses. Join expert Gilbert Matthews for an examination of the often-misunderstood relationship between capital expenditures and depreciation and the appropriate treatment of limited life items such as amortization in DCF analyses. Learn how changes in the corporate tax rate and capital ...

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