Evolving standards of value in marital property disputes
The standard of value in marital dissolution cases is determined on a state-by-state basis, and the correct standard to apply is not always clear. In this reader/ed submission, Dave Maschino ...
Expert dubbed "unpersuasive" rebuts Judge Laro's rejection
I have reviewed the write up of Estate of Kaufman in the May issue of your newsletter, and I am very concerned that it unfairly portrays me as having not done a credible valuation because it takes Judge Laro's criticisms of my report at face value.
CFA designation overlooked as source of valuation experts
I read with great interest your lead article in the January '99 issue titled "Business valuation expert can make or break case." I was surprised, however, that you failed to mention the C ...
Tax Court displeased with all experts’ DLOC and DLOM analyses
The primary issues in this gift tax case were the appropriate discounts for lack of control and lack of marketability to apply to gifted and sold interests of a family limited partnership.
Court Uses Raw Data From Bajaj Study to Determine DLOM
The only issue in this case was the fair market value of gifted family limited partnership (FLP) interests.
Peracchio v. Commissioner
Issues were appropriate discount for lack of control and discount for lack of marketability to apply in valuing gifts of family limited partnership interests.
Lappo v. Commissioner
The issue for decision is the fair market value of interests in a family limited partnership that petitioner transferred in 1996.
Understanding the income valuation approach – a primer for judges
In determining the price to pay for a company, a buyer of a business ultimately looks to the return he will receive on his investment. That return might come in the form of annual dividends ...
Emory responds to Dr. Bajaj: miniscule adjustments warranted
In this article, John Emory and his colleagues address Dr. Bajaj's criticism of their pre-IPO discount for lack of marketability studies ( BVU , March 2002, pp. 12-14). The result is no adjustment to ...
Specific company risk factor
In Dr. Pratts book, there is (page 76) "The Specific Risk Factor" and the "Expanded CAPM Cost of Capital Formula." This is a very basic question: The use of the expanded model, which include ...
Latest REIT statistics
2001 NAREIT Statistical Digest , NAREIT, 1875 Eye St., NW, Suite 600, Washington, D.C. 20006-5413, www.nareit.com. This software tool produced by the National Association of Real Estate Inv ...
A treatise on strategic value
The primary difference between this and other valuation books is its emphasis on strategic value, the value to the party to whom the business is most valuable. It discusses how to build strategic value, how to measure strategic value, and how to find and deal with a strategic buyer.
Discounts may apply when company holds nonhomogeneous assets or a diverse portfolio
Shannon Pratt's latest book Business Valuation Discounts and Premiums thoroughly discusses the well-known minority and marketability discounts. However, it also covers less familiar discounts, such as ...
Evaluating business valuation experts
This is the second in a series of editor's columns based on Dr. Pratt's recent book, The Lawyer's Business Valuation Handbook . – LK I keep hearing stories about what seems like incredibly bad ...
Effective use of the business appraiser in a divorce case
A Florida jurist who has presided in both criminal and family court describes the difference in litigants by noting, "In criminal court one can see bad people on their best behavior. In family co ...
Why use real options?
"The Economic Analysis of Real Option Value," Robert P. Schweihs, Willamette Management Associates Insights , Autumn 1999, pp. 12-18. "Real option" is a less-than-descriptive term for a concept rec ...
Reflections on 30 years of building an organization in a rewarding profession
This column is based on a talk titled "Thirty Years of the Standard of Excellence," which I was asked to present at Willamette Management Associates' 30 th anniversary Professional Development Re ...
Estate of Smith v. Commissioner
At issue is the value of Smith's shares of stock in two companies, Jones Farm Inc., and First National Bank of Waverly, as of her death.
Court Accepts Taxpayer's 76% Discount on Farm Corporation
The estate in this case held minority interests in two companies: Jones Farm Inc. (JFI) (33% ownership of common stock) and in the First National Bank of Waverly (FNBW) (12% of common stock).
Surviving a divorce engagement
This article offers a highly condensed primer for divorce engagements. It will be useful both to those approaching such engagements for the first time and also as a review for experienced practitioner ...
'Excess Capital' Issue in Dissent Case
Marks Berens, minority shareholder in Marquette Bank Shakopee, was required to surrender his shares pursuant to a consolidation by the majority shareholder of the bank (a bank holding company).
1999 Professional Associations Directory
The Appraisal Foundation The Appraisal Foundation is authorized by Congress as the source of appraisal standards and appraiser qualifications, which it promulgates through the Appraisal Standards ...