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New case study for calculating DLOM using FMV Restricted Stock Study

Garcia v. Garcia

Divorce court finds restrictive shareholder agreement not binding on valuation of medical practice, although question of discounts due to restrictions depends on particular facts of the cases.

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 ...

Tax Court Finds 12% Minority Discount and 23% DLOM for Cash-Only FLP

In April 1999, Webster Kelley and his daughter and son-in-law (the Loudens) formed Kelley-Louden Business Properties LLC (KLBP LLC), and Kelley-Louden Ltd., a family limited partnership (KLLP).

Estate of Kelley v. Commissioner

In April 1999, Webster Kelley and his daughter and son-in-law ("the Loudens") formed Kelley-Louden Business Properties, LLC (KLBP LLC), and Kelley-Louden, Ltd., a family limited partnership (KLLP).

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.

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.

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.

Marketability discounts: using four measures of risk andadjusting for relative liquidity

Court cases are won with empirical evidence that is as nearly on point with the subject company as possible. In this article, Espen shows how companies with four specific risk measures (company size ...

Access to restricted stock studies

I have a question regarding the Editors Column feature in the February 2002 issue of Shannon Pratts Business Valuation Update. On page 3, middle column, under "Empirical research shows holding period important," Dr. Pratt makes the following statements about the restricted stock studies ...

Dr. Bajaj responds to Dr. Pratts February 2002 Editorial: Bajaj attacks restricted stock and pre-IPO discount studies; Pratt replies, defending studies, notes that debate may be semantic

In the last issue, Dr. Shannon Pratt critiqued my co-authored paper, Firm Value and Marketability Discounts, forthcoming in Journal of Corporation Law . 1, 2 I would like to take this op ...

From experts in valuation in each of nine industry groups to a takeoff on Survivor, AICPA BV Conference offers variety

The 2001 AICPA Business Valuation Conference held at the Venetian in Las Vegas December 2-4 was attended by 840 people (by the way, the Venetian served the best conference food that I've ever experienced).

Panel challenges traditional levels of value chart at the 20th Advanced Business Valuation Conference

The 20th annual American Society of Appraisers (ASA) Advanced Business Valuation Conference was a huge success, despite attendance of only about 325 compared to pre-Sept. 11 projections of 450 attende ...

What's new online

Ordering online now available at BVResources.com sm We are excited to announce that we have revamped our BVResources.com sm Web site and enabled the electronic ordering feature in our onlin ...

What's New Online

At BVLibrary.com sm The What's New section at BVLibrary.com sm is free and contains links to the Definition of the Week, Shannon's Tip of the Week, What's Happening, and Sale of the Month.

FMV to release its restricted stock study

Bringing Sanity to Marketability Discounts: A New Data Source, Espen Robak and Lance S. Hall , Valuation Strategies , July/August 2001, pp. 6-13, 45-46. Over the years, several approaches h ...

What's new online at BVLibrary.com

BVLibrary is a website designed with the business valuation professional in mind. It offers instant access to the latest business valuation research ...

BVR provides access to more marketability discount data

BVR announces the addition of Lance S. Hall to the Editorial Advisory Board of Judges & Lawyers Business Valuation Update and the addition of the FMV Restricted ...

Buy-Sell Agreements Fail Lauder II Test and Are Considered Testamentary Devices

This 336-page estate and gift case deals with a $75,935,883 tax deficiency and $30,328,153 in associated penalties asserted by the IRS.

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