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BVU News and Trends September 2020

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

New version of ‘Stout Restricted Stock Study Companion Guide’ now available

The most widely used restricted stock transaction database for providing empirical support for a discount for lack of marketability (DLOM) is the Stout Restricted Stock Study (formerly FMV Opinions).

Demystifying the Complex World of Discounts for Lack of Marketability (Part 2)

This is part 2 of the DLOM webinar from 2/12/2020. 25%? 35%? 45%? What’s the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method. Part 2 discusses the analytical approaches and ...

Demystifying the Complex World of Discounts for Lack of Marketability (Part 1)

Please note: This is a rebroadcast. 25%? 35%? 45%? What’s the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method. This session focuses on benchmark study approaches and security-based approaches. Please note ...

Demystifying the Complex World of Discounts for Lack of Marketability

25%? 35%? 45%? What's the deal with discounts for lack of marketability? Pasquale Rafanelli dives into what DLOMs are, when they should be applied, and how to apply them. Learn about the different types of approaches and methods that valuation experts can use to quantify the DLOM, along with practical pros and cons of each approach and method.

BVU News and Trends October 2018

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

Update to ‘Stout Restricted Stock Study Companion Guide’

The most widely used restricted stock transaction database for providing empirical support for a discount for lack of marketability (DLOM) is the Stout Restricted Stock Study (formerly FMV Opinions).

This Short Paragraph Can Bolster the DLOM Section in Your Next Report

Are you using a simple “benchmark average approach” for your analysis of a discount for lack of marketability (DLOM)? That type of analysis may have passed muster years ago, but times have changed.

BVU News and Trends May 2018

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

Stout updates Restricted Stock Study and Calculator

The most widely used restricted stock transaction database is the Stout Restricted Stock Study™ (formerly FMV Opinions), which is updated quarterly and contains 780-plus screened transactions with up to 60 data fields.

Latest methodology and practices for DLOM examined

A blue-ribbon panel of experts review the primary DLOM methods and reveal new survey data on which methods valuators rely on most.

The FMV Restricted Stock Study—now updated!

Cox v. Cox

Court confirms appropriateness of applying a 50% marketability discount to the post-marital value of a steel business but not to its premarital valuation, citing the changes in the steel industry and company-specific factors.

Widely-used DLOM database adds Calculator

New tutorial on using FMV DLOM database

New case study for calculating DLOM using FMV Restricted Stock Study

Do Not Be Afraid to Take Much Higher Discounts During the Recession

The latest 2008 restricted stock data provide concrete proof that the discounts for lack of marketability have never been higher. By tying the VIX—the ticker symbol for the Chicago Board Options Exchange Volatility Index, a popular measure of the implied ...

Weinberg v. Commissioner: Good law, bad economics, or both?

Lawyers often comment that good cases make bad law. As an economist, I have a similar comment: good law often comes from bad economics. By definition, a judge’s opinion is good law.

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.

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.

Tax Court Accepts Negative Industry Risk Premium and Unique Combined Discount Matrix

The decedent, Helen Deputy, formed a family limited partnership comprised of 99% of a limited partnership interest retained by Deputy and two 0.5% general partnership interests, one held by Deputy and one held by her son.

Estate of Deputy v. Commissioner

Issue was the fair market value of a 19.99% interest of stock owned by an FLP, and court discussed negative industry risk premium and unique matrix for determining marketability discount.

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