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BVU News and Trends December 2019

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

BVU News and Trends November 2019

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

Survey of Daubert Challenges to Experts Suggests Red Flags to Avoid

In 2018, appraisers had the lowest exclusion rate among all types of financial experts facing a Daubert challenge, reveals the current edition of an annual PwC survey. The article also presents some tips on how to avoid a challenge.

Parties fight over notes-containing expert report: draft or final version?

Several sessions at the recent AICPA conference in Las Vegas highlighted the importance of expert discovery in litigation and noted that draft reports continue to be a hot-button issue.

Pointers for expert witnesses from the AICPA FVS conference

BVWire sat through several excellent sessions involving valuations for litigation purposes at the 2019 AICPA Forensic and Valuation Services Conference in Las Vegas.

How to succeed as a business valuation expert, from a Queen’s Counsel who’s seen the best—and the worst

One of the most engaging—and humorous—presentations from the recent ICAEW Valuation Community Annual Conference at Moorgate Place came from Augustus Ullstein QC.

BVU News and Trends October 2019

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

BV expert shows how to produce a viable valuation with little financial data available

BV expertise matters, as a recent Florida divorce case shows in which the parties’ experts faced the challenge of valuing a company that once operated abroad but was sold a decade before the divorce trial.

Some courts prefer back-of-the-envelope calculations, expert says

Although some appraisers are categorically opposed to calculation engagements, it is not unusual for courts to want a back-of-the-envelope calculation, a veteran BV expert says.

Details of the CUT method used in the Amazon case

Last week’s BVWire covered the 9th Circuit decision in the Amazon case that affirmed the U.S. Tax Court’s 2017 decision in favor of the company in a transfer pricing case.

Calculation engagements receive mixed reactions from courts

If the appraisal profession is conflicted over the validity of calculation engagements, so are courts, as a brief review of court decisions on the BVLaw platform shows.

Tax Court adopts tax-affected valuation of PTE without overturning Gross

For years, the appraisal community has wondered when the U.S. Tax Court will recognize the need for tax affecting when valuing pass-through entities (PTE) and how the court will square its decision with precedent, i.e., the Gross case in which the Tax Court rejected the taxpayer’s tax-affected valuation.

Tax Court’s Amazon valuation ruling stands up to 9th Circuit scrutiny

The 9th Circuit recently affirmed the U.S. Tax Court’s 2017 decision in favor of Amazon in this key transfer pricing case, finding the governing regulations limited the definition of “intangible” to independently transferrable assets.

County of Maricopa v. Office Depot Inc.

In denying defendant’s pretrial motion to exclude plaintiff’s expert testimony under Daubert and Rule 37, which specifies sanctions for failure to make disclosures or cooperate in discovery, court finds note-containing version of expert report is a draft not subject to discovery under Rule 26.

Expert Report Containing Notes Qualifies as Draft Not Subject to Discovery

In denying defendant’s pretrial motion to exclude plaintiff’s expert testimony under Daubert and Rule 37, which specifies sanctions for failure to make disclosures or cooperate in discovery, court finds note-containing version of expert report is a draft not subject to discovery under Rule 26.

The main reason experts get KO’d by Daubert

Lack of reliability continues to be the main reason for financial expert witness exclusions under Daubert, according to the PwC survey, “Daubert Challenges to Financial Experts.”

In court, you must appeal to the jury

Do you think you can win over a jury with just your credentials and technical knowledge?

Court Says Corrected DCF Still Supports Original Fair Value Determination

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

In re Appraisal of Jarden Corp. (II)

Responding to petitioners’ motion for reargument, court concedes and corrects errors in court’s original DCF analysis but finds corrected DCF model still corroborates the original fair value determination; court affirms its reliance on unaffected market price as fair value indicator.

BV and litigation seminar in New Haven, Conn., September 26

There’s a unique opportunity to hear from a veteran valuation expert with many years of experience in court, and BVWire will be there! Appraiser Jim Alerding (Alerding Consulting LLC), who has testified in over 400 cases, will present a full-day seminar, Business Valuation and Litigation.

Unadjusted deal price best represents fair value, Court of Chancery says

In a statutory appraisal case featuring a publicly traded company, the Court of Chancery, after an exhaustive evaluation of the sale process, found the deal price was the best evidence of fair value.

Appraisers fare best at surviving a Daubert challenge

In 2018, appraisers had the lowest exclusion rate (38%) among all types of financial experts facing a Daubert challenge, reveals the PwC survey, “Daubert Challenges to Financial Experts.”

Distinguishing Gross, Tax Court adopts tax-affected valuation of PTE

In an ingenious move, the U.S. Tax Court, ruling on an Oregon gift tax dispute, accepted the taxpayers’ tax-affected valuations of pass-through entities (PTE) without overturning Gross.

Simo Holdings, Inc. v. H.K. uCloudlink Network Tech. Ltd.

Court denies defendants’ post-trial challenge to jury award; court finds award was based on a theory of reasonable royalty, not lost profits, as defendants claim; plaintiff expert’s royalty rate properly captured value added by plaintiff’s patent and relationship between plaintiff and defendants.

Expert’s Reasonable Royalty Properly Captured Value Added by Plaintiff’s Invention

Court denies defendants’ post-trial challenge to jury award; court finds award was based on a theory of reasonable royalty, not lost profits, as defendants claim; plaintiff expert’s royalty rate properly captured value added by plaintiff’s patent and relationship between plaintiff and defendants.

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