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Non-Marketable Investment Company Evaluation: Free Resource for Your Next Valuation

When it comes to valuing minority interests in family investment entities such as family limited partnerships, it is apparent that the income approach should now be used alongside the traditional asset/market approach. Join creator William Frazier for a live “nuts and bolts” example of exactly how the nonmarketable investment company evaluation (NICE) method is used. With examples of FLPs with different asset makeups and financial characteristics, this event will arm you with a new tool ...

Items of Interest Gleaned From the ASA Conference Networking Ops

BV firm staffing troubles, Shannon Pratt’s video remarks about his new book, a new app for fractional interests, a heightened interest in businesses with a real estate component, and help needed in developing a new module for the Cost of Capital Navigator are just some of the things we learned outside the regular sessions at the ASA conference—in and around the exhibit hall and during the many networking breaks.

BV News and Trends November 2021

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

Valuing Marketable Securities Portfolios

Given the expected reduction in the estate tax exemption, the use of privately-held marketable equity securities (MES) portfolios as a wealth transfer vehicle is likely to increase. Join Gary Gerlach to learn the ins and outs of valuing these investment vehicles. We will cover the use of multiple (free) sources of closed-end mutual fund (CEF) data and discounts and analyze and select guideline CEFs, focusing on metrics such as asset type, concentration and allocation issues ...

New online tool for valuing fractional interests

This October will see the launch of the Partner Value Expert (PVX), an online application that represents a new approach to valuing fractional interests involving real estate.

Decoding the Cross-Professional Maze: A Guide to Persuasive Real Estate-Related Valuations

Key disconnects between the real estate and business valuation professions that can blow up holding company and other real estate-related valuations. Join Dennis A. Webb to learn about the built-in conflicts between real estate appraisal and business valuation. Do you think that the two related professions would have a common understanding of valuation premises, use of data, and the appraisal process generally? They don’t. Misunderstandings and blind spots affect valuations of pretty much any business ...

LLC buyout at fair value poses ‘conundrum’ for the court

In allowing LLC members to buy out a departing member to avoid the dissolution of the company, a court had to determine the fair value of the departing member’s interest in a holding company.

Finkel v. Palm Park, Inc.

In LLC member dispute, court faces “conundrum” where fair value buyout seeks to avoid LLC’s dissolution and court leans on expert’s FMV valuation using net asset value approach premised on “orderly liquidation”; court notes FMV is based on hypothetical actors and transaction, not specific parties.

Court’s Fair Value Determination Leans Heavily on Expert’s Fair Market Valuation Premised on Liquidation

In LLC member dispute, court faces “conundrum” where fair value buyout seeks to avoid LLC’s dissolution and court leans on expert’s FMV valuation using net asset value approach premised on “orderly liquidation”; court notes FMV is based on hypothetical actors and transaction, not specific parties.

Appeals Court Upholds Grocery Store Buyout Ruling and Fair Value Determination

Appeals court upholds district court’s buyout order of minority shareholder’s interests in related family businesses (grocery store chain) as well as district court’s fair value determination; district court’s valuation “falls squarely” between trial experts’ valuations, appeals court says.

Lund v. Lund (II)

Appeals court upholds district court’s buyout order of minority shareholder’s interests in related family businesses (grocery store chain) as well as district court’s fair value determination; district court’s valuation “falls squarely” between trial experts’ valuations, appeals court says.

New York Court Validates DLOM in Real Estate Holding Company Valuation

In partnership dispute, New York appellate court, citing precedent, approves of use of marketability discount in fixing the fair value of the limited partner’s interest in real estate holding company; however, court rejects use of a minority discount.

Matter of Levine v Seven Pines Assoc. Ltd. Partnership

In partnership dispute, New York appellate court, citing precedent, approves of use of marketability discount in fixing the fair value of the limited partner’s interest in real estate holding company; however, court rejects use of a minority discount.

In Big Buyout Ruling, Minnesota Court Rejects DLOM in Calculating Fair Value

In a forced buyout, court says experts were too partisan to their clients, compromising value analysis; court performs its own valuation using DCF to determine fair value of grocery business and rejects DLOM because no unfair transfer of wealth occurs.

Kassab v Kasab

In determining the fair value of petitioner’s interest in two family businesses that hold real estate, New York court (Second Department) adopts expert’s decision not to apply marketability discount, noting valuation “already relies upon market exposure.”

Court Adopts DLOM-Free Valuation of Realty Holding Company

In determining the fair value of petitioner’s interest in two family businesses that hold real estate, New York court (Second Department) adopts expert’s decision not to apply marketability discount, noting valuation “already relies upon market exposure.”

NAV Alone Fails to Capture Distributional Interest’s Fair Value

Appellate court affirms fair value determination of distributional interest in family farm based on multiprong valuation; company is not a holding company, and net asset valuation alone fails to capture fair value of dissociating members’ interest.

In Big Buyout Ruling, Minnesota Court Rejects DLOM in Calculating Fair Value

In a forced buyout, court says experts were too partisan to their clients, compromising value analysis; court performs its own valuation using DCF to determine fair value of grocery business and rejects DLOM because no unfair transfer of wealth occurs.

Lund v. Lund (I)

In a forced buyout, court says experts were too partisan to their clients, compromising value analysis; court performs its own valuation using DCF to determine fair value of grocery business and rejects DLOM because no unfair transfer of wealth occurs.

NAV Alone Fails to Capture Distributional Interest’s Fair Value

Appellate court affirms fair value determination of distributional interest in family farm based on multiprong valuation; company is not a holding company, and net asset valuation alone fails to capture fair value of dissociating members’ interest.

Schewe v. Schewe Farms

Appellate court affirms fair value determination of distributional interest in family farm based on multiprong valuation; company is not a holding company, and net asset valuation alone fails to capture fair value of dissociating members’ interest.

Valid Nontax Purpose for Transfer to Holding Company Does Not Save Subsequent Transfer to FLP

This case does a good job of reviewing most of the significant decisions in this area and can serve as a minireference guide to the latest in FLP law.

Sufficient evidence must support valuation date

In this marital dissolution case, the issue was the appropriate valuation date for the parties’ 85 operating entities, which, in turn, owned more than 100 residential rental real estate properties.

Scharfman v. Scharfman

In this marital dissolution case, the issue was the appropriate valuation date for the parties' 85 operating entities, which, in turn, owned more than 100 residential rental real estate properties.

Estate of Bongard v. Commissioner

In this estate tax case, there were two issues: whether pursuant to IRC Sections 2035(a) and 2036(a), (b) the gross estate should have included: (1) shares Wayne Bongard (decedent) transferred to a holding company and (2) the holding company's membership ...

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