26
/ September
2019
Standards of Value
Regulatory pressures on business valuation continue to intensify and valuation professionals need to keep up with developments and requirements. BVR has everything you need to stay ahead of the changing environment.
Guides & Books
Business Valuation Update Yearbook, 2019 Edition
February 2019
BVR has you covered with the Business Valuation Update Yearbook 2019. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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Valuation for M&A: Building and Measuring Private Company Value, Third Edition
April 2018
Valuation for M&A lays out the steps for measuring and managing value creation in non-publicly traded entities, and helps investors, executives, and their advisors determine the optimum strategy to enhance both market value and strategic value and maximize return on investment.
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Business Valuation Update Yearbook, 2018 Edition
February 2018
BVR has you covered with the Business Valuation Update Yearbook 2018. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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BVR/AHLA Guide to Valuing Physician Compensation and Healthcare Service Arrangements, Second Edition
October 2017
This new guide challenges and deconstructs the industry’s current standard for the fair market value (FMV) of physician clinical compensation based on the exclusive use of survey data and certain percentile-based valuation methods. Itdebunks the current “survey says” paradigm and provides the foundation for a completely new standard for the FMV of physician clinical compensation.
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Understanding Business Valuation: A Practical Guide to Valuing Small- to Medium-Sized Businesses, 5th edition
October 2017
The new edition of Understanding Business Valuation simplifies a technical and complex area of practice with real-world experience and examples. Expert author Gary Trugman's informal, easy-to-read style, covers all the bases in the various valuation approaches, methods, and techniques.
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Litigation Services Handbook: The Role of the Financial Expert, 6th Edition
May 2017
The Litigation Services Handbook is the definitive guide for financial experts engaged in litigation services. Attorneys require financial experts now more than ever, and this book provides the guidance you need to provide a high level of service as witness and consultant. Enhance your litigation skills as you delve into the fine points of trial preparation, deposition, and testimony; project authority under examination, and hold up to tough questions under cross-examination.
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Financial Valuation: Applications and Models, + Website, 4th Edition
April 2017
Financial Valuation: Applications and Models provides authoritative reference and practical guidance on the appropriate, defensible way to prepare and present business valuations. With contributions from 30 top experts in the field, this new edition provides an essential resource for those seeking the most up-to-date guidance, with a strong emphasis on applications and models.
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Business Valuation Update Yearbook, 2017 Edition
February 2017
BVR has you covered with the Business Valuation Update Yearbook 2017. This newest edition from the publishers of Business Valuation Update covers the year’s most groundbreaking and thought-provoking advancements in business valuation including IRC Sec. 2704, DLOM, cost of capital, and more. This critical desktop reference keeps you ahead of your peers with on-the-ground reporting from valuation experts, thought-leaders, and BVR’s editorial team.
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BVR's Guide to Physician Practice Valuation, Third Edition
August 2016
BVR's Guide to Physician Practice Valuation, Third Edition is the essential resource for understanding the complexities inherent in physician practice valuation, whether for sale to a hospital, private equity firm, or to another physician. Edited by renowned healthcare valuation thought leader Mark Dietrich, CPA/ABV, with contributions from 21 of the top healthcare valuation experts and attorneys in the profession, this new guide provides healthcare administrators, appraisers, and attorneys with current and comprehensive "how-to" guidance on valuation approaches in this evolving industry.
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What It's Worth: Value and Business Challenges in the Budding Cannabis Industry (PDF)
August 2016
What It's Worth: Value and Business Challenges in the Budding Cannabis Industry helps you navigate the swirl of issues that surround providing services to cannabis businesses. The authors, experts who know this industry inside and out, walk readers through the unique aspects of a cannabis business’s financial records, key valuation challenges, benchmarking data, and more.
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How the IRS Values Non-Controlling Interests in S Corps with Job Aid Commentary by the Original IRS Champion
June 2015
The IRS internal white paper entitled “The IRS Valuation of Non-Controlling Interests in Business Entities Electing to be Treated as S Corporations for Federal Tax Purposes, A Job Aid for IRS Valuation Professionals” dated October 29, 2014 has been reviewed, and Michael Gregory provides insights to help you the business appraiser respond to this commentary. Major elements of this document are presented and Michael Gregory offers his insights as to what this might mean for business valuers providing S Corp valuations for federal tax purposes.
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How to Write Bulletproof Valuation Reports: Tips From the Experts (PDF)
June 2015
Refresh your perspective on business valuation report writing with answers to today’s critical questions. This special report compiles the wisdom of top experts and their experience with business valuation report writing in one place.
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How the IRS Determines Reasonable Compensation with Job Aid Commentary by the Original IRS Champion
June 2015
The IRS internal white paper entitled “Reasonable Compensation Job Aid for IRS Valuation Professionals” dated October 29, 2014 has been reviewed, and Michael Gregory provides insights to help you the business appraiser respond to this commentary. Major elements of this document are presented and Michael Gregory offers his insights as to what this might mean for business valuers reviewing reasonable compensation issues while providing valuations for federal tax purposes.
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Update on Control Premiums: What the Experts Say (PDF)
May 2015
BVR’s data-rich special report "Update on Control Premiums: What the Experts Say," presents both qualitative commentaries and case studies from numerous experts who address these issues. It is includes all the necessary quantitative considerations along with coverage of the controversies about the concepts and data, presenting all sides of the argument.
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Business Valuation Update Yearbook 2015
February 2015
BVR has you covered with the latest news in the business valuation profession! Get your Business Valuation Update Yearbook 2015 now to stay up to date with the most innovative approaches and techniques, leading conferences, new court decisions and changes in regulations and standards in the profession with on-the-ground reporting from valuation experts, thought-leaders and the BVR editorial team.
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BVR Legal and Court Case Yearbook 2015
February 2015
The BVR Legal and Court Case Yearbook 2015 is essential for business valuation professionals and attorneys to stay current on the most important legal issues confronting the profession. The Yearbook covers marital disputes, breach of contract actions, damages, dissenting shareholder disputes, estate and gift tax cases, federal taxation, intellectual property cases, bankruptcy litigation, and more.
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The Comprehensive Guide to the Use and Application of Transaction Databases, Third Edition
January 2015
The newly expanded edition of Comprehensive Guide to the Use and Application of Transaction Databases, is the go-to resource for anyone who relies on the market approach. Heidi Walker covers the most popular transaction databases including Pratt’s Stats, BIZCOMPS, S&P Capital IQ, and many more, plus she analyzes rules of thumb, prior transactions, and other market indications of value.
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Guide to Intangible Asset Valuation
November 2014
This 700-page book, published by the AICPA, explores the disciplines of intangible asset valuation, economic damages, and transfer price analysis. Guide to Intangible Asset Valuation examines the economic attributes and the economic influences that create, monetize, and transfer the value of intangible assets.
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Valuation Cases From the Delaware Court of Chancery Show How to Excel (PDF)
October 2014
Valuation Cases From the Delaware Court of Chancery Show How to Excel is an important and one of a kind reference tool for your library. The court case digests and articles presented in this special report provide rigorous analysis of and insight into the court’s view of business valuation methodologies and valuation techniques.
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Valuing Companies with Real Estate: Appraisal Experts Untangle the Issues (PDF)
September 2014
BVR’s special report,Valuing Companies with Real Estate: Appraisal Experts Untangle the Issues addresses the unique concerns and challenges of valuing a company with real estate. This report, with perspective from both real estate and business appraisers will help steer the profession toward a more sensible consensus.
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Daubert Challenges: The Courts Raise the Bar (PDF)
July 2014
This special report equips practitioners with case law, sample motions, practice tips, and check lists. In the report's nearly 350 pages, financial experts and lawyers share their unique insights into what it means to face a Daubert challenge and what it takes to survive one. No expert hoping to excel in the litigation arena can afford to be without this unique practice tool.
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Cost of Capital: Applications and Examples PLUS Website, Fifth Edition
April 2014
Completely revised for this highly anticipated fifth edition, Cost of Capital contains expanded materials on estimating the basic building blocks of the cost of equity capital, the risk-free rate, and equity risk premium. There is also discussion of the volatility created by the financial crisis in 2008...
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Discount for Lack of Marketability and the IRS
October 2013
Discount for Lack of Marketability and the IRS, authored by Michael Gregory, provides the single most authoritative and up-to-date introduction available on the topic of discounts for lack of marketability (DLOM) and the IRS.
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The Market Approach Then and Now: What Appraisers Need to Know (PDF)
June 2013
The Market Approach Then and Now: What Appraisers Need to Know, A BVR Special Report provides practical guidance and articles from top valuation experts, new techniques to apply, and what to take into account when valuing businesses in varying economic climates. Plus, gain insight on the latest court views. This is a must-have for your business valuation library.
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Key Trends in the Valuation of Government Contracting Firms (PDF)
January 2013
Key Trends in the Valuation of Government Contracting Firms: A BVR Special Report discusses the unique characteristics and considerations important to owners and valuation professionals in deriving value estimates for businesses that contract with the federal government.
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Leaps and the DLOM
January 2013
Authored by Ron Seaman, LEAPS and the DLOM is an indispensable resource for every valuation practitioner. Ron has been studying the universe of Long-Term Equity Anticipation Securities (LEAPS) for five years to understand what they show about discounts for lack of marketability (DLOMs), which are key attributes in the valuation of closely-held shareholdings and other interests.
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Physician Practices: Key Value Drivers in a Changing Environment (PDF)
December 2012
With health reform initiatives driving the frantic pace of physician practice acquisitions, both hospital systems and physician practices are positioning their organizations for success in a new environment. Physician Practices: Key Value Drivers in a Changing Environment discusses the drivers of physician practice value, poses critical questions to ask and analyses to undertake for a successful acquisition, and shares lessons learned from industry peers.
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Fair Value Measurements: Practical Guidance and Implementation, Second Edition
November 2012
Now in a second edition, Fair Value Measurement: Practical Guidance and Implementation helps you succeed in understanding the fair value accounting rules that entities must follow. The result is a resource that you can rely on to understand the importance of valuation and the concepts that define it.
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BVR's Guide to Personal v. Enterprise Goodwill, Fifth Edition
August 2012
BVR's Guide to Personal v. Enterprise Goodwill delivers first-hand knowledge and the most important issues in goodwill with expertise from Mark Dietrich, Ron Seigneur, Kevin Yeanoplos, Jay Fishman, Shannon Pratt, David Wood, Noah Gordon, and more. Save valuable research time with the one resource that every BV professional needs to have in their business valuation library.
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BVR's Guide to Intellectual Property Valuation, Second Edition
March 2012
Author and leading IP expert Michael Pellegrino analyzes real-world examples of IP valuation and discusses each of the primary IP categories including patents, trademarks, copyrights and trade secrets. The new edition includes chapters on valuation approaches and guidance, due diligence, discount rate development, royalty rates and much more.
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Venture Capital Valuation: Case Studies and Methodology
December 2011
Author Lorenzo Carver shares his decades of experience simplifying the high-growth company valuation process for clients in every business sector. Anchored by scores of high-profile examples, Venture Capital Valuation deftly illustrates how stakeholders in a given startup or high-growth company could have improved their outcomes by having better information about valuation.
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BVR's Guide to Valuing Wholesalers
November 2011
Like few other economic sectors, small and medium-sized distribution companies, wholesalers are under extreme margin pressure because of price discovery enabled by the internet. Shrinking margins mean that savvy wholesalers must fight technological fire with technology investments in purchasing, selling, and warehouse operations.
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BVR's Guide to Valuing Dental Practices
October 2011
BVR's Guide to Valuing Dental Practices details the mature, multi-method process of dental practice valuation and the qualitative factors that go into the appraisal. With exclusive articles by top experts in the profession and actual valuation reports to aid the practitioner in understanding the critical elements, this Guide is an important resource every appraiser should have in their business valuation library.
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Lost Profits Damages in Construction Claims (PDF)
September 2011
The nature of economic damages in the construction industry is unique mainly due to the numerous events that can impact timing, performance or the sequence of a project. BVR’s Special Report on Lost Profits Damages in Construction Claims covers the examination of typical claim types and pricing methodologies as well as the calculation of lost profits and the appropriate methods and procedures used to determine net economic damages.
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Valuing Goodwill in Divorce (PDF)
July 2011
BVR's Special Report on Valuing Goodwill in Divorce addresses the difference between personal and enterprise goodwill, and discusses treatment of goodwill in the context of a divorce dispute. This special report also includes BVR's Goodwill Hunting guide, a state-by-state summary of the precedent-setting court cases affecting the handling of goodwill in marital dissolution.
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BVR's Guide to Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution
July 2011
The best-selling Fair Value in Shareholder Dissent, Oppression, and Marital Dissolution guide includes relevant articles and webinar transcripts by top business valuation professionals such as Shannon Pratt, Jay Fishman, Gilbert Matthews, and Michelle Patterson. In addition, it includes a wealth of court case digests and full text court opinions, a reference chart listing the statutes in all 50 states, and much more.
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Reasonable Compensation: Application and Analysis for Appraisal, Tax and Management Purposes
October 2010
For many closely held businesses, no single operating expense impacts the profitability as much as compensation does. This Guide helps practitioners whenever employee-owner compensation is subject to review and adjustment. It is also an invaluable resource when valuing non-compete agreements or calculating personal vs. enterprise goodwill.
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Cost of Capital in Litigation: Applications and Examples
September 2010
Cost of Capital in Litigation addresses cost of capital issues in litigation and discusses major decisions, highlighting how to avoid errors that have often been made by experts. The book helps the attorney and valuation expert understand the decisions within the context of the theory of cost of capital.
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BVR's Guide to Business Valuation Issues in Estate and Gift Tax
July 2010
While estate and gift tax issues is still one of the top revenue producers for business appraisers, this area of the valuation industry continues to face new challenges. Issues such as tax-affecting S corporations, non-signing tax preparer penalties, and legal challenges from the IRS continue to complicate the estate and gift arena.
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The Lawyer's Business Valuation Handbook, Second Edition
July 2010
This book is a comprehensive, easy-to-use, authoritative reference on the merits of business valuation positions, and assists the legal profession in evaluating the quality and comprehensiveness of evidence as well as qualifications of experts.
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BVR's Guide to Valuations for IRC 409A Compliance
December 2009
This Guide, authored by expert Neil J. Beaton, focuses on the nuts and bolts of performing valuation and allocation analyses specifically related to Internal Revenue Code 409A. In these types of valuations, metrics and methodologies differ by the stage of investment and the availability of quantitative and qualitative data.
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Business Valuation Discounts & Premiums, 2nd Edition
April 2009
In this newly updated edition of Business Valuation: Discounts and Premiums, Shannon Pratt brings together the latest collective wisdom and knowledge about all major business discounts and premiums.
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Business Valuation and Federal Taxes: Procedure, Law and Perspective, 2nd Edition
Combining the expert knowledge of Senior Judge David Laro and Shannon Pratt, Business Valuation and Federal Taxes, Second Edition presents the authors' decades of experience, with advice on everything practitioners need to know about the relationship between federal taxes and valuation, and specifically valuations relating to business interests.
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Training
Black Scholes Option Model: Global Education by iiBV (eLearning Course)
The Black Scholes Option Model was first published in 1973, but the applicability in valuation is strong to this day. Join iiBV expert Andrew Strickland as he dissects and explains the various components of the models, and how they can be utilized in your valuation.
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Excel for Valuation: Beginner to Advanced (eLearning course)
Whether you're new to the field or a veteran business valuation practitioner, there is no tool more critical than Excel. BVR's new eLearning course, "Excel for Valuation: Beginner to Advanced," will catapult your Excel knowledge and skills so you can work as efficiently as possible with spreadsheets, formulas and functions. You can customize the course to match your skill level; start with the very basics or jump right into more complex areas. The eLearning combination of video, notes, take-away templates, quizzes, and exercises ensure you will remain thoroughly engaged for the duration of the course.
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International Business Valuation Standards and Ethics (eLearning course)
Valuation is a global profession, and for many that means complying with the new 2017 International Valuation Standards and Code of Ethical Principles. This comprehensive eLearning course delivers what you need to know to demonstrate global valuation competency and understand the significant changes to the standards. See practical and relevant examples by working through an actual case study that follows all of the logical steps of a valuation engagement. Hold yourself to a higher global standard and be prepared to venture wherever your next valuation assignment takes you.
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International Cost of Capital: Global Education by iiBV (eLearning course)
The income approach is the most relied upon approach for most valuations, and determining the cost of capital for your engagement for a non-U.S. company is often difficult due to lack of local data. Utilizing commonly applied models in developing international cost of capital, such as relative volatility models or country yield spread models, is critical for success. Learn the shortcomings of each model in terms of their ability to capture the systematic and unsystematic risk in a subject company.
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Monte Carlo: Applications, Examples and Best Practices for Valuation (eLearning course)
As complexity and uncertainty continue to increase, business valuation experts must up their game to master the challenges that accompany today's engagements. Rise to – and soar beyond – the occasion using Monte Carlo simulations, an indispensable method for advanced valuation scenarios. This eLearning course, "Monte Carlo: Applications, Examples and Best Practices for Valuation" distills the best instruction and content on the topic.
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Valuing Early Stage Companies: Global Education by iiBV (eLearning course)
Early stage companies are challenging to value. Often with undeveloped or even no revenue these companies require a unique set of tools for a business valuer. Learn the common models used to deploy valuations in this area such as the Current Value Method, Option Pricing Model, and the Probability Weighted Expected Return Method (PWERM), along with their shortcomings.
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Valuing Intangible Assets: Global Education by iiBV (eLearning course)
Every valuation professional needs to be able to identify the differences between intangible and tangible assets. The first step is to define the major categories of intangible assets and understand the common models used to determine value. Often the purpose of intangible valuation is for financial reporting contexts, including purchase price allocation. Join Jon Barton in this fundamental eLearning course that builds on core valuation concepts with in depth lectures and Excel-based case studies.
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Valuing Minority Interests: Global Education by iiBV (eLearning course)
Valuing a partial interest in a business is difficult, and when that interest is a minority ownership stake the impact to value can be significant. In this eLearning course, led by John Barton, you’ll learn methods to adjust for and quantify minority discounts. Control is a key issue, and understanding the multiple methods an appraiser can utilize is critical to a defensible valuation.
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06
/ September
2018
Calculation Engagements: Risks, Rewards and New Guidance
23
/ October
2014
A Lively Debate on Global Business Valuation Education
10
/ September
2014
Price and Value: Discerning the Difference, an Advanced Workshop
06
/ August
2013
Reports & Reporting Standards in Litigation
09
/ February
2012
The State of IPR&D: Examinig the AICPA Exposure Draft
15
/ September
2010
Standards and Risks for IP Value: The International Perspective
Deal & Market Data
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News & Research
Business Valuation Update
The Business Valuation Update (BVU), a monthly newsletter with searchable online access, includes new thinking from leading professionals, detailed reports from valuation conferences, analysis of new business valuation approaches, thorough analysis of “landmark” legal cases in key business valuation issues, regulatory and standards updates, and much more.
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Blog Posts
19
/ December
2016
Compromised Section 1031 appraisal sinks Exelon tax strategy for fossil fuel power plant sale
U.S. Tax Court Judge David Laro frequently has cautioned experts not to give in to hiring attorneys who want to shape the appraisal. Although federal and state discovery rules offer some protection for attorney-expert communication, there is a risk of exposure and with it a risk of damage to the expert’s work product and reputation. A recent Section 1031 case, which Judge Laro handled, illustrates what happens when the communication is discovered. Read more >>
