Valuing a business: the analysis and appraisal of closely held companies
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| Main Authors: | , |
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| Format: | Book |
| Language: | English |
| Published: |
New York [u.a.]
McGraw-Hill
2008
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| Edition: | 5. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XLI, 1098 S. |
| ISBN: | 9780071441803 0071441808 |
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| adam_text | VALUING A BUSINESS THE ANALYSIS AND APPRAISAL OF CLOSELY HELD COMPANIES
FIFTH EDITION SHANNON P. PRATT, CFA, FASA, MCBA, MCBC, CM&AA CHAIRMAN
AND CEO SHANNON PRATT VALUATIONS, INC. ALINA V NICULITA, CFA, MBA
PRESIDENT AND COO SHANNON PRATT VALUATIONS, INC. ME: GRAUU HILL . NEW
YORK * CHICAGO * SAN FRANCISCO * LISBON * LONDON MADRID * MEXICO CITY *
MILAN * NEW DELHI * SAN JUAN SEOUL * SINGAPORE * SYDNEY * TORONTO
CONTENTS PART I STATE OF THE PROFESSION, THE ENGAGEMENT, AND THE BASIC
THEORY . 1 1. BUSINESS VALUATION STANDARDS AND CREDENTIALS 3 GROWING
CONSENSUS ON BUSINESS VALUATION STANDARDS. THE APPRAISAL FOUNDATION.
BACKGROUND AND ORGANIZATION. UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL
PRACTICE. STANDARDS PUBLISHED BY BUSINESS VALUATION PROFESSIONAL
ORGANIZATIONS. OTHER ORGANIZATIONS THAT HAVE OFFERED GUIDANCE ON
BUSINESS VALUATION ISSUES. INTERNAL REVENUE SERVICE. DEPARTMENT OF
LABOR. ASSOCIATION FOR INVESTMENT MANAGEMENT AND RESEARCH. THE ESOP
ASSOCIATION. RECOGNITION OF PROFESSIONAL STANDARDS BY COURTS.
INTERNATIONAL ACCEPTANCE OF U.S. STANDARDS AND PRACTICES. PROFESSIONAL
ORGANIZATIONS OFFERING ACCREDITATION IN BUSINESS VALUATION. AMERICAN
SOCIETY OF APPRAISERS. INSTITUTE OF BUSINESS APPRAISERS. NATIONAL
ASSOCIATION OF CERTIFIED VALUATION ANALYSTS. AMERICAN INSTITUTE OF
CERTIFIED PUBLIC ACCOUNTANTS. THE CANADIAN INSTITUTE OF CHARTERED
BUSINESS VALUATORS. SUMMARY. BIBLIOGRAPHY. 2. DEFINING THE ASSIGNMENT 29
BASIC ELEMENTS OF THE VALUATION ASSIGNMENT. DEFINITION OF WHO OFFERED
AND WHO ACCEPTED THE ASSIGNMENT. DESCRIPTION OF THE LEGAL INTEREST OR
INTERESTS TO BE APPRAISED. DESCRIPTION OF THE BUSINESS ENTITY.
DESCRIPTION OF THE SPECIFIC BUSINESS INTEREST. INTERESTS OTHER THAN
DIRECT FEE SIMPLE OWNERSHIP. DESCRIPTION OF THE SPECIFIC OWNERSHIP
INTEREST CHARACTERISTICS. CONTROL VERSUS MINORITY. DEGREE OF
MARKETABILITY. VALUATION DATE. PURPOSE OF THE APPRAISAL. STANDARDS OF
VALUE. FAIR MARKET VALUE. INVESTMENT VALUE. INTRINSIC OR FUNDAMENTAL
VALUE. FAIR VALUE UNDER STATE STATUTES. FAIR VALUE FOR FINANCIAL
REPORTING. GOING-CONCERN VERSUS LIQUIDATION PREMISE OF VALUE. SOURCES OF
GUIDANCE AS TO APPLICABLE STANDARDS AND PREMISES OF VALUE. FORM OF THE
WORK PRODUCT. SCHEDULING. FEE ARRANGEMENTS. SUMMARY. 3. BUSINESS
VALUATION THEORY AND PRINCIPLES 55 GENERALLY ACCEPTED THEORY. RELIANCE
ON PROJECTED VERSUS HISTORICAL BENEFITS. BASIC VARIABLES AFFECTING
VALUE. IMPACT OF RISK ON VALUE. ACCEPTED BUSINESS VALUATION APPROACHES
AND METHODS. BACKGROUND AND STRUCTURE. INTERRELATIONSHIP OF THE THREE
BROAD APPROACHES. IMPACT OF CONTROLLING VERSUS NONCONTROLLING OWNERSHIP
INTEREST. IMPACT OF MARKETABILITY. DISTINCTION BETWEEN DISCOUNT FOR LACK
OF CONTROL AND DISCOUNT FOR LACK OF MARKETABILITY. OTHER QUALITATIVE
FACTORS AFFECTING VALUE. MATCHING THE VALUATION METHODOLOGY WITH THE
STANDARD AND PREMISES OF VALUE. SUM OF PARTS NOT NECESSARILY EQUAL TO
WHOLE. SUMMARY OF BUSINESS VALUATION PRINCIPLES. BIBLIOGRAPHY. CONTENTS
PART II GATHERING AND ANALYZING DATA 73 4. GATHERING COMPANY DATA 75
GENERALIZED COMPANY INFORMATION CHECKLIST. FINANCIAL STATEMENTS.
RELEVANT TIME PERIOD. LEVELS OF FINANCIAL STATEMENT PREPARATION. IMPACT
OF ENTERPRISE LEGAL STRUCTURE. FEDERAL TAX RETURNS. INTERIM STATEMENTS.
OTHER FINANCIAL SCHEDULES. CURRENT ASSETS AND LIABILITIES. PLANT AND
EQUIPMENT. OFFICERS AND DIRECTORS COMPENSATION SCHEDULE. DISTRIBUTION
OF OWNERSHIP. DIVIDEND OR PARTNERSHIP WITHDRAWAL SCHEDULE. SCHEDULE OF
KEY PERSON LIFE INSURANCE. OFF-BALANCE SHEET ASSETS OR LIABILITIES.
RELATED PARTY TRANSACTION INFORMATION. OPERATING INFORMATION. COMPANY
HISTORY. BROCHURES, CATALOGS, WEB SITES, AND PRICE LISTS. KEY PERSONNEL.
CUSTOMER AND SUPPLIER BASE. CONTRACTUAL AGREEMENTS AND OBLIGATIONS.
INDUSTRY AND TRADE ASSOCIATION INFORMATION. LIS T OF PAST TRANSACTIONS
IN THE STOCK OR OFFERS TO BUY. BUDGETS AND FORECASTS. CAPITAL
REQUIREMENTS. CAPITAL EXPENDITURES. DEFERRED MAINTENANCE. WORKING
CAPITAL REQUIREMENTS. COMPANY DOCUMENTS RELATING TO THE RIGHTS OF
OWNERS. CORPORATE OR PARTNERSHIP RECORDS. BUY-SELL AND EMPLOYEE STOCK
OWNERSHIP PLAN AGREEMENTS. EMPLOYMENT AND NONCOMPETE AGREEMENTS.
SUMMARY. 5. SITE VISITS AND INTERVIEWS 91 HISTORY. DESCRIPTION OF THE
BUSINESS. MANAGEMENT AND MANAGEMENT COMPENSATION. OPERATIONS. MATERIALS
AND SUPPLIES. LABOR AND GOVERNMENT RELATIONS. PLANT AND EQUIPMENT.
INVENTORY. MARKETS AND MARKETING. FINANCE. CURRENT ASSETS. FIXED ASSETS.
INTANGIBLE ASSETS. CURRENT LIABILITIES. CAPITAL STRUCTURE. OFF-BALANCE
SHEET ITEMS. PROFITABILITY AND BUDGETING. INSURANCE. DIVIDENDS. PRIOR
ARM S-LENGTH TRANSACTIONS OR OFFERS. CATCH-ALL QUESTION. INTERVIEWS OF
OUTSIDERS. PROFESSIONALS RELATED TO THE COMPANY. OTHER POSSIBLE OUTSIDE
INTERVIEWS. SUMMARY. 6. RESEARCHING ECONOMIC AND INDUSTRY INFORMATION
103 NATIONAL ECONOMIC INFORMATION. THE FEDERAL STATISTICAL SYSTEM.
BANKS. BUSINESS PERIODICALS AND STATISTICAL SERVICES. REGIONAL ECONOMIC
INFORMATION. INDUSTRY INFORMATION. GENERAL INDUSTRY INFORMATION.
COMPOSITE COMPANY DATA. INFORMATION ON MANAGEMENT COMPENSATION. ONLINE
INFORMATION. INDEXES TO ECONOMIC AND INDUSTRY INFORMATION. SUMMARY.
BIBLIOGRAPHY. 7. ANALYZING FINANCIAL STATEMENTS 129 NORMALIZING VERSUS
CONTROLLING ADJUSTMENTS. ADEQUACY OF ALLOWANCE AND RESERVE ACCOUNTS.
ALLOWANCE FOR DOUBTFUL ACCOUNTS * ACCOUNTS RECEIVABLE. ALLOWANCE FOR
DOUBTFUL ACCOUNTS * NOTES RECEIVABLE. INVENTORY ACCOUNTING METHODS.
FIFO, LIFO, AND OTHER METHODS. WRITE-DOWN AND WRITE-OFF POLICIES.
DEPRECIATION METHODS AND SCHEDULES. DECLINING-BALANCE METHOD.
SUM-OF-THE- YEARS -DIGITS METHOD. ACRS AND MACRS. ANALYTICAL
IMPLICATIONS. DEPLETION. TREATMENT OF INTANGIBLES. LEASEHOLD INTERESTS.
OTHER INTANGIBLE ASSETS. CAPITALIZATION VERSUS EXPENSING OF VARIOUS
COSTS. TIMING OF RECOGNITION OF REVENUES AND EXPENSES. CONTRACT WORK.
INSTALLMENT SALES. SALES INVOLVING ACTUAL OR CONTINGENT LIABILITIES.
PRIOR-PERIOD ADJUSTMENTS. ACCOUNTING FOR LEASES. NET OPERATING LOSS
CARRYFORWARDS. TREATMENT OF INTERESTS IN AFFILIATES. EXTRAORDINARY OR
NONRECURRING ITEMS. ORDINARY VERSUS EXTRAORDINARY ITEMS. OTHER
NONRECURRING ITEMS. DISCONTINUED OPERATIONS. OPERATING VERSUS CONTENTS
IX NONOPERATING ITEMS. MANAGEMENT COMPENSATION AND PERQUISITES.
TRANSACTIONS INVOLVING COMPANY INSIDERS. CONTINGENT ASSETS AND
LIABILITIES. ADJUSTMENTS TO ASSET VALUATIONS. MARKETABLE SECURITIES.
OTHER ASSETS. COMPUTATION OF EARNINGS PER SHARE. WEIGHTED AVERAGE BASIS.
BASIC VERSUS DILUTED EARNINGS. COMPUTATION OF BOOK VALUE PER SHARE. AN
EXAMPLE OF THE EFFECT OF ALTERNATIVE ACCOUNTING METHODS. ADJUSTING THE
BALANCE SHEET TO CURRENT VALUES. SUMMARY. BIBLIOGRAPHY. 8. FINANCIAL
STATEMENT RATIO ANALYSIS 153 USE AND INTERPRETATION OF RATIO ANALYSIS.
COMMON-SIZE STATEMENTS. SHORT-TERM LIQUIDITY MEASURES. CURRENT RATIO.
QUICK (ACID-TEST) RATIO. ACTIVITY RATIOS. ACCOUNTS RECEIVABLE TURNOVER.
INVENTORY TURNOVER. SALES TO NET WORKING CAPITAL. SALES TO FIXED ASSETS
AND TOTAL ASSETS. RISK ANALYSIS. BUSINESS RISK. FINANCIAL RISK. BALANCE
SHEET LEVERAGE RATIOS. TOTAL DEBT TO TOTAL ASSETS. EQUITY TO TOTAL
ASSETS. LONG-TERM DEBT TO TOTAL CAPITAL. EQUITY TO TOTAL CAPITAL. FIXED
ASSETS TO EQUITY. DEBT TO EQUITY. INCOME STATEMENT COVERAGE RATIOS.
TIMES INTEREST EARNED. COVERAGE OF FIXED CHARGES. INCOME STATEMENT
PROFITABILITY RATIOS. RETURN ON INVESTMENT RATIOS. RETURN ON EQUITY.
RETURN ON INVESTMENT. RETURN ON TOTAL ASSETS. ASSET UTILIZATION RATIOS.
SUMMARY. PART III BUSINESS VALUATION APPROACHES AND METHODS 171 9.
INCOME APPROACH: DISCOUNTED FUTURE ECONOMIC INCOME METHOD 173
INTRODUCTION: THEORETICAL AND PRACTICAL SOUNDNESS OF THE APPROACH. THE
BASIC DISCOUNTED ECONOMIC INCOME FRAMEWORK. THE NUMERATOR: EXPECTED
PROSPECTIVE ECONOMIC INCOME. THE DENOMINATOR: THE DISCOUNT RATE.
ESTIMATING THE DISCOUNT RATE. RETURN AND RATE OF RETURN DEFINED.
COMPONENTS OF THE DISCOUNT RATE. THE RISK-FREE RATE. THE EQUITY RISK
PREMIUM. THE CAPITAL ASSET PRICING MODEL. SYSTEMATIC AND UNSYSTEMATIC
RISK. BETA: THE MEASURE OF SYSTEMATIC RISK. USING BETA TO ESTIMATE
EXPECTED RATE OF RETURN. LEVERED AND UNLEVERED BETAS. ASSUMPTIONS
UNDERLYING THE CAPITAL ASSET PRICING MODEL. THE SIZE PREMIUM. THE
BUILD-UP MODEL. FORMULA FOR THE BUILD-UP MODEL. COMPANY-SPECIFIC RISK
PREMIUM. INDUSTRY RISK PREMIA. THE DISCOUNTED CASH FLOW OR THE IMPLIED
METHOD OF ESTIMATING THE COST OF CAPITAL. ARBITRAGE PRICING THEORY.
SOURCES OF DATA TO ESTIMATE THE COST OF EQUITY CAPITAL. RISK-FREE RATE.
EQUITY RISK PREMIUM. BETA. SIZE PREMIUM. INDUSTRY RISK PREMIA.
INVESTMENT-SPECIFIC RISK. ARBITRAGE PRICING THEORY FACTORS. RATE OF
RETURN ALLOWED TO REGULATED COMPANIES. COST OF CAPITAL YEARBOOK.
DISCOUNTING ECONOMIC INCOME AVAILABLE TO OVERALL CAPITAL. DEFINING THE
CAPITAL STRUCTURE. WEIGHTED-AVERAGE COST OF CAPITAL FORMULA. SHOULD AN
ACTUAL OR A HYPOTHETICAL CAPITAL STRUCTURE BE USED? SPECIFI C PROJECTION
PERIOD PLUS A TERMINAL VALUE. THE MIDYEAR DISCOUNTING CONVENTION.
EXAMPLE OF APPLICATION OF DISCOUNTED ECONOMIC INCOME METHODS. ESTIMATING
AN EQUITY DISCOUNT RATE. DISCOUNTING NET CASH FLOW TO EQUITY. ESTIMATING
A WEIGHTED-AVERAGE COST OF CAPITAL. DISCOUNTING NET CASH FLOW TO
INVESTED CAPITAL. CAVEATS IN USING DISCOUNTED ECONOMIC INCOME METHODS.
CONVERTING A DISCOUNT RATE APPLICABLE TO NET CASH FLOW TO A DISCOUNT
RATE APPLICABLE TO NET INCOME. DOES THE DISCOUNTED ECONOMIC INCOME MODEL
PRODUCE A CONTROL OR A MINORITY VALUE? WHAT STANDARD OF VALUE DOES A
DISCOUNTED CONTENTS ECONOMIC INCOME MODEL PRODUCE? COMMON ERRORS.
MISMATCHING THE DISCOUNT RATE WITH THE ECONOMIC INCOME MEASURE.
CONFUSING DISCOUNT RATES WITH CAPITALIZATION RATES. PROJECTING GROWTH
BEYOND WHAT THE CAPITAL BEING VALUED WILL SUPPORT. PROJECTING THAT
EXTRAPOLATION OF THE RECENT PAST REPRESENTS THE BEST ESTIMATE OF FUTURE
RESULTS. DISCOUNTING A TERMINAL VALUE FOR AN INCORRECT NUMBER OF
PERIODS. INTERNALLY INCONSISTENT CAPITAL STRUCTURE PROJECTION.
ASSUMPTIONS THAT PRODUCE A STANDARD OR PREMISE OF VALUE OTHER THAN THAT
CALLED FOR IN THE VALUATION ENGAGEMENT. SUMMARY. BIBLIOGRAPHY. 10.
INCOME APPROACH: CAPITALIZED ECONOMIC INCOME METHOD 237 ESSENTIAL
DIFFERENCE BETWEEN THE DISCOUNTING MODEL AND THE CAPITALIZATION MODEL.
THE PERPETUAL ECONOMIC INCOME STREAM MODEL. CONVERTING A DISCOUNT RATE
TO A CAPITALIZATION RATE*THE CONSTANT GROWTH MODEL. THE GORDON GROWTH
MODEL, SENSITIVITY TO GROWTH RATE ASSUMPTIONS. WHEN TO USE THE
DISCOUNTING VERSUS THE CAPITALIZATION METHOD. EQUIVALENCE OF THE
DISCOUNTING AND CAPITALIZATION METHODS. IMPLEMENTING THE CAPITALIZED
ECONOMIC INCOME METHOD. PROJECTING THE BASIC ECONOMIC INCOME LEVEL AND
THE GROWTH RATE. START WITH SUSTAINABLE EXPECTED ECONOMIC INCOME. THE
PROJECTED LONG-TERM GROWTH RATE. DEFINING THE COMPONENTS IN THE
CAPITALIZATION METHOD. VALUING EQUITY VERSUS INVESTED CAPITAL. SELECTING
THE APPROPRIATE MEASURE OF ECONOMIC INCOME. MODIFICATION OF THE
CAPITALIZED ECONOMIC INCOME METHOD TO REFLECT THE MIDYEAR DISCOUNTING
CONVENTION. USING THE CAPITALIZED ECONOMIC INCOME METHOD TO DEVELOP A
TERMINAL VALUE FOR THE DISCOUNTED ECONOMIC INCOME METHOD. WHY THE
CAPITALIZED ECONOMIC INCOME METHOD IS PREFERABLE. IMPLEMENTATION OF THE
CAPITALIZED ECONOMIC INCOME METHOD TO ESTIMATE THE TERMINAL VALUE. DOES
THE CAPITALIZED ECONOMIC INCOME METHOD PRODUCE A CONTROL VALUE OR A
MINORITY VALUE? WHAT STANDARD OF VALUE DOES THE CAPITALIZED ECONOMIC
INCOME MODEL PRODUCE? RELATIONSHIP BETWEEN THE CAPITALIZED ECONOMIC
INCOME METHOD AND THE MARKET APPROACH. DERIVATION OF INCOME APPROACH
CAPITALIZATION RATES VERSUS MARKET APPROACH MULTIPLES. ECONOMIC INCOME
VARIABLES USED IN THE INCOME APPROACH VERSUS THE MARKET APPROACH.
SUMMARY. BIBLIOGRAPHY. 11. MARKET APPROACH: GUIDELINE PUBLICLY TRADED
COMPANY METHOD 261 OVERVIEW OF THE GUIDELINE PUBLICLY TRADED COMPANY
METHOD. WHEN IS THE GUIDELINE PUBLICLY TRADED COMPANY METHOD MOST
USEFUL? STANDARD OF VALUE. OWNERSHIP CHARACTERISTICS. GOING-CONCERN
VERSUS LIQUIDATION VALUE. QUANTITY AND QUALITY OF AVAILABLE DATA.
CRITERIA FOR GUIDELINE COMPANY SELECTION. HOW MANY GUIDELINE COMPANIES?
TIME PERIOD TO CONSIDER. DECIDING WHICH VALUATION MULTIPLES TO USE.
INFLUENCE OF THE OWNERSHIP CHARACTERISTICS. GOING-CONCERN VERSUS
LIQUIDATION VALUE. TYPE OF COMPANY. AVAILABILITY OF DATA. COMPILING
GUIDELINE COMPANY TABLES. DEVELOPING A LIST OF GUIDELINE COMPANIES.
FINANCIAL STATEMENT ADJUSTMENTS TO GUIDELINE COMPANIES. ADJUSTING FOR
OPERATING LEASES. COMPARATIVE RATIO ANALYSIS. OBTAINING THE GUIDELINE
COMPANIES MARKET VALUE DATA. PRESENTING GUIDELINE COMPANY TABLES.
SELECTING AND WEIGHTING MULTIPLES FOR THE SUBJECT COMPANY BASED ON
GUIDELINE COMPANIES. IMPACT OF GUIDELINE COMPANY DATA EVALUATION.
MEASURES OF CENTRAL TENDENCY AND DISPERSION. MULTIPLES OF ECONOMIC
INCOME VARIABLES. CAPITALIZATION OF DIVIDENDS OR CONTENTS
DIVIDEND-PAYING CAPACITY. MULTIPLES OF REVENUE. MULTIPLE OF STOCK VALUE
TO ASSET VALUE. TREATING NONOPERATING ASSETS, EXCESS ASSETS, AND ASSET
DEFICIENCIES. NONOPERATING ASSETS. MARGINAL OPERATING REAL ESTATE.
EXCESS ASSETS OR ASSET DEFICIENCIES. BEWARE OF RECENT ACQUISITIONS .
MULTILINE COMPANIES. PROCEDURES FOR VALUATION. PORTFOLIO EFFECT.
TYPICAL ADJUSTMENTS TO REACH A VALUE CONCLUSION. VALUATION MULTIPLES
USING MARKET VALUE OF INVESTED CAPITAL. COMMON ERRORS. FAILURE TO
CONDUCT AN ADEQUATE SEARCH FOR GUIDELINE COMPANY DATA. FAILURE TO MAKE
APPROPRIATE FINANCIAL STATEMENT ADJUSTMENTS TO GUIDELINE COMPANIES.
MULTIPLES THAT MISMATCH NUMERATOR AND DENOMINATOR. SIMPLE RELIANCE ON
AVERAGE OF GUIDELINE COMPANY MULTIPLES WITHOUT COMPARATIVE ANALYSIS.
SUMMARY. BIBLIOGRAPHY. 12. MARKET APPROACH: GUIDELINE MERGED AND
ACQUIRED COMPANY METHOD 309 OVERVIEW OF THE MERGED AND ACQUIRED COMPANY
METHOD. WHEN IS THE GUIDELINE MERGED AND ACQUIRED COMPANY METHOD MOST
USEFUL? STANDARD OF VALUE. GOING-CONCERN VERSUS LIQUIDATION VALUE.
QUANTITY AND QUALITY OF DATA AVAILABLE. CONTROL TRANSACTION
(ACQUISITION) VALUATION MULTIPLES. ANNOUNCEMENT VERSUS CLOSING DATE
VALUE. CAVEAT: CHECK THE DEAL STRUCTURE. DEAL TERMS. EXACTLY WHAT WAS
TRANSACTED? NONCOMPETE AND EMPLOYMENT OR CONSULTING AGREEMENTS. SOURCES
OF MERGER AND ACQUISITION DATA. SOURCES FOR LARGE COMPANY TRANSACTIONS.
SOURCES FOR MIDDLE-MARKET AND SMALLER COMPANY TRANSACTIONS. PAS T
SUBJECT COMPANY TRANSACTIONS. PAST SUBJECT COMPANY CHANGES OF CONTROL.
BONA FIDE OFFERS. PAST ACQUISITIONS BY THE SUBJECT COMPANY. FORMULAS OR
RULES OF THUMB. NONOPERATING ASSETS, EXCESS ASSETS, AND ASSET
DEFICIENCIES. SELECTING AND WEIGHTING MULTIPLES FOR THE SUBJECT COMPANY
BASED ON GUIDELINE TRANSACTIONS. IMPACT OF GUIDELINE TRANSACTIONAL DATA
EVALUATION. MULTIPLE OF STOCK VALUE TO ASSET VALUE. REACHING THE VALUE
CONCLUSION. SUMMARY. BIBLIOGRAPHY. 13. THE CAPITALIZED EXCESS EARNINGS
METHOD 331 THE HISTORY OF THE CAPITALIZED EXCESS EARNINGS METHOD. THE
CAPITALIZED EXCESS EARNINGS VALUATION METHOD. PRACTICAL APPLICATION OF
THIS METHOD. THE SEEMING SIMPLICITY OF THIS METHOD. AN ILLUSTRATION.
ANALYSIS OF THE CAPITALIZED EXCESS EARNINGS METHOD. ESTIMATION OF THE
NET TANGIBLE ASSET VALUE. ESTIMATION OF THE NORMALIZED LEVEL OF
EARNINGS. APPROPRIATE RATE OF RETURN ON TANGIBLE ASSETS. APPROPRIATE
DIRECT CAPITALIZATION RATE FOR EXCESS EARNINGS. COMPREHENSIVE EXAMPLE.
THE TREATMENT OF NEGATIVE GOODWILL. COMMON ERRORS IN APPLYING THE
CAPITALIZED EXCESS EARNINGS METHOD. FAILURE TO ALLOW FOR
SHAREHOLDER/EMPLOYEE SALARY. FAILURE TO USE REALISTIC ESTIMATE OF FUTURE
NORMALIZED EARNINGS. ERRORS IN DEVELOPING THE APPROPRIATE DIRECT
CAPITALIZATION RATES. SUMMARY. BIBLIOGRAPHY. 14. ASSET-BASED APPROACH:
ASSET ACCUMULATION METHOD 349 FUNDAMENTALS OF THE ASSET ACCUMULATION
METHOD. ASSET-BASED APPROACH VERSUS BOOK VALUE. ASSET ACCUMULATION
METHOD AND CAPITALIZED EXCESS EARNINGS METHOD. ASSET ACCUMULATION METHOD
* INDIVIDUAL REVALUATION. COMBINING ELEMENTS OF ASSET ACCUMULATION
METHOD AND CAPITALIZED EXCESS EARNINGS METHOD. ASSET ACCUMULATION METHOD
PROCEDURES. OBTAIN OR DEVELOP A COST-BASIS BALANCE SHEET. IDENTIFY
ASSETS AND LIABILITIES TO BE REVALUED. IDENTIFY OFF-BALANCE SHEET
ASSETS. IDENTIFY OFF-BALANCE SHEET AND CONTINGENT LIABILITIES. VALUE THE
ACCOUNTS IDENTIFIED ABOVE. CONSTRUCT A CONTENTS VALUE-BASIS BALANCE
SHEET. INDIVIDUAL ASSET VALUATION PROCEDURES. FINANCIAL ASSETS. REAL
ESTATE. TANGIBLE PERSONAL PROPERTY. INTANGIBLE REAL PROPERTY. INTANGIBLE
PERSONAL PROPERTY. CATEGORIZATION OF INTANGIBLE ASSETS. VALUATION OF
INTANGIBLE ASSETS. REMAINING USEFUL LIFE ANALYSIS OF INTANGIBLE ASSETS.
EXAMPLE. ADVANTAGES OF THE ASSET ACCUMULATION METHOD. DISADVANTAGES OF
THE ASSET ACCUMULATION METHOD. SUMMARY. BIBLIOGRAPHY. PART IV DISCOUNTS,
PREMIUMS, AND THE VALUE CONCLUSION 381 15. CONTROL AND ACQUISITION
PREMIUMS 383 LEVELS OF VALUE. ELEMENTS OF CONTROL. CONTROL OR LACK OF
CONTROL COVERS A SPECTRUM. HOW THE STANDARD OF VALUE AFFECTS THE CONTROL
PREMIUM. FAIR MARKET VALUE. FAIR VALUE. FAIR VALUE FOR FINANCIAL
REPORTING. INVESTMENT VALUE. MARKET EVIDENCE REGARDING CONTROL AND
ACQUISITION PREMIUMS. THE MERGERSTAT REVIEW. THE MERGERSTAT/SHANNON
PRATT S CONTROL PREMIUM STUDY. NEGATIVE CONTROL PREMIUMS. MEANS,
MEDIANS, AND EFFECT OF NEGATIVE PREMIUMS. ROBINSON, RUMSEY, AND WHITE
STUDY. SUMMARY. BIBLIOGRAPHY. 16. DISCOUNT FOR LACK OF CONTROL 397 LACK
OF CONTROL COVERS A SPECTRUM. FACTORS THAT INFLUENCE THE LACK OF CONTROL
DISCOUNT. EFFECT OF STATE STATUTES. ARTICLES OF INCORPORATION AND
BYLAWS. POTENTIAL DILUTION. PREEMPTIVE RIGHTS. CUMULATIVE VERSUS
NONCUMULATIVE VOTING. CONTRACTUAL RESTRICTIONS. FINANCIAL CONDITION OF
BUSINESS. HIGHLY REGULATED INDUSTRIES. BUY-SELL AND OTHER SHAREHOLDER
AGREEMENTS. FIDUCIARY DUTIES. PRIVATE COMPANY WITH PUBLIC SECURITIES.
PRIVATE COMPANY THAT OPERATES LIKE A PUBLIC COMPANY. CONTROL HAS ALREADY
BEEN DISSIPATED. NONOPERATING ASSETS. EMPIRICAL EVIDENCE TO QUANTIFY
LACK OF CONTROL DISCOUNTS. DISCOUNTS FROM NET ASSET VALUE. HOLDING
COMPANIES. LIMITED PARTNERSHIPS. BUILT-IN GAINS DISCOUNT. TRUST AND
ESTATE SALES STUDY. DISCOUNTS FOR DIRECT UNDIVIDED OWNERSHIP INTERESTS
IN REAL ESTATE. PROCEDURES FOR THE VALUATION OF NONCONTROLLING OWNERSHIP
INTERESTS. THE DISCOUNT APPROACH. THE DIRECT COMPARISON APPROACH. THE
BOTTOM-UP APPROACH (INCOME APPROACH). ADJUSTMENTS TO INCOME STATEMENT.
SUMMARY. BIBLIOGRAPHY. 17. DISCOUNTS FOR ILLIQUIDITY AND LACK OF
MARKETABILITY 415 CONCEPT AND IMPORTANCE OF MARKETABILITY. ADJUSTMENT
FOR LACK OF MARKETABILITY FOR NONCONTROLLING OWNERSHIP INTERESTS.
EVIDENCE FOR THE QUANTIFICATION OF DISCOUNT FOR LACK OF MARKETABILITY.
MARKETABILITY DISCOUNTS EXTRACTED FROM PRICES OF RESTRICTED STOCKS. SEC
INSTITUTIONAL INVESTOR STUDY. GELMAN STUDY. TROUT STUDY. MORONEY STUDY.
MAHER STUDY. STANDARD RESEARCH CONSULTANTS STUDY. WILLAMETTE MANAGEMENT
ASSOCIATES STUDY. SILBER STUDY. FMV OPINIONS, INC., STUDY. MANAGEMENT
PLANNING, INC., STUDY. JOHNSON STUDY. COLUMBIA FINANCIAL ADVISOR STUDY.
LIQUISTAT DATABASE. SUMMARY OF EMPIRICAL STUDIES ON RESTRICTED STOCK
TRANSACTIONS. STUDIES OF PRIVATE TRANSACTIONS BEFORE INITIAL PUBLIC
OFFERINGS. ROBERT W. BAIRD & COMPANY STUDIES. WILLAMETTE MANAGEMENT
ASSOCIATES STUDIES. CRITICISMS OF WILLAMETTE MANAGEMENT ASSOCIATES
STUDIES. VALUATION ADVISOR STUDIES. SUMMARY OF CONCLUSIONS FROM PRIVATE
TRANSACTION STUDIES. OTHER ANALYSIS OF DISCOUNTS FOR LACK OF
MARKETABILITY FOR MINORITY OWNERSHIP INTERESTS. DISCOUNTS FOR LACK OF
MARKETABILITY FOR CONTROLLING OWNERSHIP CONTENTS XIII INTERESTS.
ILLIQUIDITY FACTORS AFFECTING CONTROLLING OWNERSHIP INTERESTS. BENCHMARK
FOR THE ILLIQUIDITY DISCOUNT FOR CONTROLLING OWNERSHIP INTERESTS.
DIFFERENCES BETWEEN PRIVATE AND PUBLIC COMPANY ACQUISITION PRICE/
EARNINGS MULTIPLES. FACTORS THAT AFFECT THE DISCOUNTS FOR ILLIQUIDITY
AND LACK OF MARKETABILITY. PUT RIGHTS. DIVIDEND PAYMENTS. POTENTIAL
BUYERS. SIZE OF INTEREST. PROSPECT OF PUBLIC OFFERING OR SALE OF THE
BUSINESS. INFORMATION ACCESS AND RELIABILITY. RESTRICTIVE TRANSFER
PROVISIONS. COMPANY CHARACTERISTICS: SIZE, PERFORMANCE, AND RISK. COURT
DECISIONS ON DISCOUNTS FOR ILLIQUIDITY AND LACK OF MARKETABILITY.
MANDELBAUM V. COMMISSIONER REVIEWS LACK OF MARKETABILITY FACTORS. ESTATE
OF BARGE V. COMMISSIONER CONSIDERS LACK OF MARKETABILITY FACTORS.
OKERLUND V. UNITED STATES APPROVES PRE-IPO STUDIES. MCCORD V.
COMMISSIONER LACKS REBUTTAL. HOWARD V. SHAY UPHOLDS 50 PERCENT DLOM.
SUMMARY. BIBLIOGRAPHY. 18. OTHER VALUATION DISCOUNTS 459 ENTITY LEVEL
DISCOUNTS. KEY PERSON DISCOUNTS. DISCOUNTS FOR TRAPPED-IN CAPITAL GAINS
TAXES. PORTFOLIO (NONHOMOGENEOUS ASSETS) DISCOUNT. DISCOUNT FOR
CONTINGENT LIABILITIES. OTHER SHAREHOLDER LEVEL DISCOUNTS. NONVOTING
VERSUS VOTING STOCK. BLOCKAGE. SUMMARY. BIBLIOGRAPHY. 19. VALUATION
SYNTHESIS AND CONCLUSION 471 THE RECONCILIATION PROCESS. CRITERIA FOR
THE SELECTION OF VALUATION APPROACHES AND METHODS. QUANTITY AND QUALITY
OF AVAILABLE DATA. TYPE OF BUSINESS, NATURE OF BUSINESS ASSETS, AND TYPE
OF INDUSTRY SUBJECT TO VALUATION. NATURE OF THE BUSINESS INTEREST
SUBJECT TO VALUATION. STATUTORY, JUDICIAL, AND ADMINISTRATIVE
CONSIDERATIONS. INFORMATIONAL NEEDS OF THE VALUATION AUDIENCE. PURPOSE
AND OBJECTIVE OF THE ANALYSIS. PROFESSIONAL JUDGMENT AND EXPERTISE OF
THE ANALYST. RECONCILING DIVERGENT INDICATIONS AMONG VALUATION METHODS.
WEIGHTING OF VALUATION METHOD RESULTS. AT WHAT POINT ARE VALUATION
DISCOUNTS AND PREMIUMS APPLIED? CONCLUDING THE VALUE ESTIMATE. EXPLICIT
WEIGHTING. IMPLICIT WEIGHTING. FINAL VALUE ESTIMATE. SUMMARY. PART V
WRITING AND REVIEWING BUSINESS VALUATION REPORTS 483 20. WRITING THE
BUSINESS VALUATION REPORT 485 OVERVIEW OF THE BUSINESS VALUATION REPORT.
USPAP REPORTING STANDARDS. WRITTEN BUSINESS VALUATION REPORTING
STANDARDS. ORAL BUSINESS VALUATION REPORTING STANDARDS. USPAP ETHICS
PROVISIONS. RETENTION OF VALUATION REPORTS AND WORK PAPER FILES.
CONFIDENTIALITY PROVISION. INTERNAL REVENUE SERVICE BUSINESS VALUATION
GUIDELINES. VALUATION INDUSTRY REPORTING STANDARDS. AMERICAN SOCIETY OF
APPRAISERS. THE CANADIAN INSTITUTE OF CHARTERED BUSINESS VALUATORS.
NATIONAL ASSOCIATION OF CERTIFIED VALUATION ANALYSTS. INSTITUTE OF
BUSINESS APPRAISERS. AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS.
GUIDELINES FOR EFFECTIVE REPORT WRITING. WHAT CAUSES INEFFECTIVE REPORT
WRITING? MAKE THE REPORT INCISIVE. SUMMARY. BIBLIOGRAPHY. 21. SAMPLE
REPORT 501 INTRODUCTION. DESCRIPTION OF THE ASSIGNMENT. SUMMARY
DESCRIPTION OF THE COMPANY. CAPITALIZATION AND OWNERSHIP. SOURCES OF
INFORMATION. ANALYSIS OF THE U.S. ECONOMY. OVERVIEW. OUTLOOK. ANALYSIS
OF THE POULTRY PROCESSING CONTENTS INDUSTRY. OVERVIEW. THE CURRENT
MARKET. EXPORTS. IDENTIFICATION OF GUIDELINE COMPANIES. OVERVIEW.
DESCRIPTIONS OF SELECTED GUIDELINE COMPANIES. FINANCIAL STATEMENT
ANALYSIS. OVERVIEW. BALANCE SHEETS. INCOME STATEMENTS. CASH FLOW
STATEMENTS. ADJUSTMENTS. FINANCIAL AND OPERATING RATIOS. VALUATION OF
COMMON STOCK. OVERVIEW. THE GUIDELINE PUBLICLY TRADED COMPANY METHOD.
THE DISCOUNTED CASH FLOW METHOD. OVERALL VALUATION CONCLUSION. DISCOUNT
FOR LACK OF MARKETABILITY. SUMMARY AND CONCLUSION OF EMPIRICAL RESEARCH.
SELECTION OF THE APPLICABLE LACK OF MARKETABILITY DISCOUNT FOR A WARM
CHICKEN NONCONTROLLING OWNERSHIP INTEREST. 22. REVIEWING A BUSINESS
VALUATION REPORT 535 IDENTIFICATION OF THE SUBJECT PROPERTY. RELEVANT
DATES. DEFINITION OF VALUE. STANDARD OF VALUE. REASON FOR THE SELECTED
STANDARD OF VALUE. PURPOSE OF THE VALUATION. ACTUAL OR ASSUMED OWNERSHIP
CHARACTERISTICS. DEGREE OF MARKETABILITY. DEGREE OF OWNERSHIP CONTROL.
BASIC COMPANY INFORMATION. ECONOMIC AND INDUSTRY OUTLOOK. SOURCES OF
INFORMATION. SITE VISITS. MANAGEMENT INTERVIEWS. ECONOMIC AND INDUSTRY
DATA. COMPANY FINANCIAL STATEMENTS. INCOME APPROACH DATA. MARKET
APPROACH DATA. ASSET-BASED APPROACH DATA. FINANCIAL STATEMENT ANALYSIS.
FINANCIAL STATEMENT ADJUSTMENTS. COMPARATIVE FINANCIAL STATEMENT
ANALYSIS. VALUATION METHODOLOGY. INCOME APPROACH. MARKET APPROACH.
ASSET-BASED APPROACH * ASSET ACCUMULATION METHOD. ASSET-BASED APPROACH *
CAPITALIZED EXCESS EARNINGS METHOD. ARE THE DATA USED APPROPRIATE FOR
THE VALUATION DATE? COST OF CAPITAL DATA. MARKET APPROACH DATA.
ASSET-BASED APPROACH DATA. VALUATION SYNTHESIS AND CONCLUSION. ANALYST S
QUALIFICATIONS. PROFESSIONAL ACCREDITATIONS. EDUCATION. PROFESSIONAL
ASSOCIATION MEMBERSHIPS. EXPERIENCE AND PROFESSIONAL INVOLVEMENT.
APPRAISAL CERTIFICATION. STATEMENT OF CONTINGENT AND LIMITING
CONDITIONS. OVERALL EVALUATION. PART VI VALUING SPECIFIC SECURITIES AND
INTERESTS 545 23. VALUING DEBT SECURITIES 547 COMMON SITUATIONS
REQUIRING VALUATION OF DEBT SECURITIES. PURCHASE OR SALE FOR CASH.
EXCHANGE OF EQUITY FOR DEBT. GIFT AND ESTATE TAXES. ALLOCATION OF TOTAL
ENTERPRISE VALUE AMONG CLASSES OF SECURITIES. ADJUSTING A BALANCE SHEET
FOR DEBT SECURITIES OWNED OR OWED. LEASE FINANCING. METHOD OF VALUATION.
AMOUNT AND TIMING OF FUTURE PAYMENTS. ESTIMATION OF YIELD TO MATURITY.
MARKETABILITY ASPECTS OF CLOSELY HELD DEBT SECURITIES. SPECIAL
CHARACTERISTICS OF VARIOUS DEBT SECURITIES. CALL PROVISIONS. SINKING
FUND PROVISIONS. COLLATERAL PROVISIONS. INCOME TAX STATUS. ZERO COUPON
DEBT. CONVERTIBLE DEBT. SUMMARY. BIBLIOGRAPHY. 24. VALUING PREFERRED
STOCK 563 COMMON SITUATIONS REQUIRING VALUATION OF PREFERRED STOCK.
PURCHASE OR SALE FOR CASH. EXCHANGE OF COMMON EQUITY OR DEBT FOR
PREFERRED STOCK. GIFT AND ESTATE TAXES. ALLOCATING TOTAL ENTERPRISE
VALUE AMONG CLASSES OF SECURITIES. ADJUSTING A BALANCE SHEET FOR
PREFERRED STOCK OWNED OR OUTSTANDING. INCOME TAXES * CODE SECTION 409A.
SPECIAL CHARACTERISTICS OF CLOSELY HELD PREFERRED STOCKS. DIVIDEND RATE.
LIQUIDATION PREFERENCE. CUMULATIVE VERSUS NONCUMULATIVE DIVIDENDS.
REDEEMABLE VERSUS R NONREDEEMABLE. PUT OPTION. VOTING VERSUS NONVOTING.
PARTICIPATING VERSUS CONTENTS NONPARTICIPATING. CONVERTIBLE VERSUS
NONCONVERTIBLE. METHOD OF VALUATION. ASSESSING DIVIDEND AND LIQUIDATION
PAYMENT RISK. COMPARISON WITH PUBLICLY TRADED PREFERRED STOCKS.
CAPITALIZING THE INCOME STREAM. MARKETABILITY ASPECTS OF CLOSELY HELD
PREFERRED STOCK. REVENUE RULING 83-120. SUMMARY. BIBLIOGRAPHY. 25.
INTRODUCTION TO VALUING STOCK OPTIONS 585 COMMON SITUATIONS REQUIRING
VALUATION OF OPTIONS. TERMINOLOGY. THE BASIC CALL OPTION EQUATION. THE
BLACK-SCHOLES OPTION MODEL. EUROPEAN OPTIONS ON NON-DIVIDEND-PAYING
STOCKS. EUROPEAN OPTIONS ON DIVIDEND-PAYING STOCKS * THE MERTON MODEL.
AMERICAN CALL OPTIONS * THE PSEUDO-AMERICAN CALL OPTION MODEL. EMPIRICAL
TESTS OF BLACK-SCHOLES OPTIONS MODELS. VALUING OPTIONS ON THE STOCK OF
CLOSELY HELD COMPANIES. THE BINOMIAL MODEL FOR AMERICAN CALL OPTIONS.
INTRODUCTION. METHODOLOGY. EMPLOYEE INCENTIVE STOCK OPTIONS. USING
OPTION PRICING TO VALUE THE BUILT-IN GAINS (BIG) TAX LIABILITY. REAL
OPTIONS. SUMMARY. BIBLIOGRAPHY. 26. VALUING S CORPORATION STOCK AND
INTERESTS IN OTHER PASS-THROUGH ENTITIES 613 CASE LAW HISTORY. GROSS V.
COMMISSIONER. WALL V. COMMISSIONER. ESTATE OF HECK V. COMMISSIONER.
ESTATE OF ADAMS V. COMMISSIONER. EMPIRICAL RESEARCH ON SALES OF
CONTROLLING INTERESTS. ERICKSON-WANG STUDY. MATTSON, SHANNON, AND UPTON
STUDY. SUMMARY OF EMPIRICAL RESEARCH. MODELS FOR VALUATION OF S
CORPORATION MINORITY INTERESTS. SUMMARY. BIBLIOGRAPHY. PART VII
VALUATIONS FOR SPECIFIC PURPOSES 625 27. VALUATIONS FOR GIFT AND ESTATE
TAX PURPOSES 627 INTRODUCTION. CURRENT TAX RATES AND PENALTIES.
APPRAISER PENALTY AND POTENTIAL FOR BLACKLISTING. GUIDELINES FOR FEDERAL
GIFT AND ESTATE TAX VALUATIONS. WEIGHT TO BE ACCORDED VARIOUS FACTORS.
CAPITALIZATION RATES. AVERAGE OF FACTORS. RESTRICTIVE AGREEMENTS.
SUMMARY OF GUIDELINES. CHAPTER 14 SPECIAL VALUATION GUIDELINES. VALUING
RECAPITALIZATIONS AND SENIOR EQUITY INTERESTS UNDER SECTION 2701.
VALUATION ISSUES UNDER SECTION 2702. BUY-SELL AGREEMENTS AND LEASES
(INCLUDING OPERATING AGREEMENTS OF LLCS) OR SALE OF OPTIONS UNDER
SECTION 2703. VALUATION RULES FOR LAPSING RIGHTS AND OTHER RESTRICTIONS
UNDER SECTION 2704. LOCKING IN THE THREE-YEAR GIFT TAX STATUTE OF
LIMITATIONS. SHIFTING THE BURDEN OF PROOF FROM THE TAXPAYER TO THE IRS.
VALUATION ISSUES IN ESTATE AND GIFT TAX PLANNING. PLACING FAMILY ASSETS
IN CORPORATE, LIMITED LIABILITY COMPANY, OR PARTNERSHIP FORM. MINIMIZING
TAXES THROUGH A SERIES OF TIMELY MINORITY OWNERSHIP INTEREST TRANSFERS.
LOSS OF KEY PERSON. TRAPPED-IN CAPITAL GAINS DISCOUNTS. OTHER ESTATE
PLANNING SITUATIONS REQUIRING VALUATIONS. OTHER GIFT AND ESTATE
VALUATION ISSUES. SUMMARY. BIBLIOGRAPHY. 28. ESTATE AND GIFT TAX COURT
CASES 661 STANDARD OF VALUE. APPROACHES TO VALUE. BURDEN OF PROOF.
SELECTION OF GUIDELINE COMPANIES. BUY-SELL AGREEMENTS. COVENANTS NOT TO
COMPETE. RELIANCE ON SUBSEQUENT SALES. SUBSEQUENT EVENTS AND DATA.
DISCOUNT FOR LACK OF MARKETABILITY (DLOM). DISCOUNTS FOR LACK OF
MARKETABILITY*CONTROLLING OWNERSHIP INTERESTS. DISCOUNT FOR LACK OF
CONTROL (DLOC). BLOCKAGE CONTENTS DISCOUNTS. KEY PERSON DISCOUNT.
CONTINGENT LIABILITY DISCOUNTS. COMBINED DISCOUNTS. PREMIUMS. TRAPPED-IN
CAPITAL GAINS TAXES. S CORPORATIONS. FAMILY LIMITED PARTNERSHIPS. FLP
VALUATION ISSUES. VALIDITY ISSUES. FOCUS ON WILLING SELLER AS WELL AS ON
WILLING BUYER. INADEQUACY OF THE VALUATION. MUST USE EMPIRICAL DATA TO
QUANTIFY VARIABLES. SUFFICIENCY OF DATA. SUMMARY. REFERENCES. 29.
BUY-SELL AGREEMENTS 707 TYPES OF BUY-SELL AGREEMENTS. VALUATION
PROVISIONS OF THE BUY-SELL AGREEMENT. NEED FOR CLEAR DIRECTION. FORMULA
APPROACHES. NEGOTIATION AMONG THE PARTIES. INDEPENDENT OUTSIDE
APPRAISAL. UNDERSTANDING AN AGREEMENT S PRICING PHILOSOPHY. TERMS AND
FUNDING. TERM PAYMENT PROVISIONS. FUNDING THE BUY-SELL AGREEMENT WITH
LIFE INSURANCE. RESTRICTIONS ON TRANSFER. BUY-SELL AGREEMENT VALUES FOR
ESTATE AND GIFT TAX VALUATION UNDER CHAPTER 14. VALUATION REQUIREMENTS
UNDER SECTION 2703. BIBLIOGRAPHY. 30. VALUATION FOR INCOME TAX PURPOSES
723 INTRODUCTION. FEDERAL INCOME TAX REASONS TO CONDUCT AN APPRAISAL.
VALUATION OF PROPERTY RECEIVED IN A TRANSACTION. DETERMINING BASIS IN A
PROPERTY. JOINT OWNERSHIP OF PROPERTY. PROPERTY ACQUIRED FROM A
DECEDENT. - VALUATION REQUIREMENTS FOR CHARITABLE CONTRIBUTION
DEDUCTIONS. DOCUMENTATION REQUIREMENTS * CONTRIBUTIONS OF PROPERTY.
NONCASH PROPERTY CONTRIBUTIONS. APPRAISALS FOR NONCASH CONTRIBUTIONS.
YEAR^END CHARITABLE GIFTING CONSIDERATIONS. LIMITATIONS ON CHARITABLE
CONTRIBUTION DEDUCTIONS. VALUATION OF COMPENSATION. MULTIFACTOR TESTS.
INDEPENDENT INVESTOR TEST. VALUATION OF WORTHLESS AND ABANDONED
PROPERTY. WORTHLESS SECURITIES. VALUATION ASPECTS OF SECTION 165.
ABANDONMENT LOSS FOR NONDEPRECIABLE BUSINESS ASSETS. WORTHLESS STOCK
DEDUCTION. SUMMARY OF WORTHLESS AND ABANDONED PROPERTY VALUATION.
VALUATION ASPECTS OF CANCELLATION OF INDEBTEDNESS INCOME. UNFAVORABLE
TAX CONSEQUENCES OF DEBT RESTRUCTURING. INSOLVENCY PROVISIONS OF CODE
SECTION 108. INSOLVENCY TEST ILLUSTRATIVE EXAMPLE. THE COSTS OF CODE
SECTION 108. VALUATION-RELATED INCOME TAX PENALTIES. THE SECTION 6695A
APPRAISER PENALTIES. THE SECTION 6662 ACCURACY-RELATED PENALTIES.
NEGLIGENCE PENALTY. SUBSTANTIAL VALUATION OVERSTATEMENT PENALTY.
SUBSTANTIAL OVERSTATEMENT OF PENSION LIABILITIES PENALTY. DEFINITIONS
AND SPECIAL RULES UNDER SECTION 6664. TAX RETURN PREPARER PENALTIES.
SUMMARY OF VALUATION-RELATED INCOME TAX PENALTIES. VALUATION ASPECTS OF
INTERCOMPANY TRANSFER PRICING. KEY FEATURES OF THE FINAL SECTION 482
REGULATIONS. SPECIAL CIRCUMSTANCES. MULTIPLE YEAR DATA. PURPOSES AND
ROLES OF VALUATION AND ECONOMIC ANALYSIS EXPERTS. TYPES OF EXPERTS.
SUMMARY OF TRANSFER PRICING VALUATION ISSUES. VALUATION OF INTELLECTUAL
PROPERTIES FOR STATE INCOME TAXATION PURPOSES. TRADEMARKS AND TRADE
NAMES. TRANSFER OF INTELLECTUAL PROPERTIES. CREATION OF THE INTELLECTUAL
PROPERTY HOLDING COMPANY. VALUATION OF THE TRANSFERRED INTELLECTUAL
PROPERTIES. SUMMARY. BIBLIOGRAPHY. 31. INCOME TAX COURT CASES 753
INTRODUCTION. GENERAL VALUATION METHODOLOGY ISSUES. PABST BREWING
COMPANY V. COMMISSIONER. NATHAN AND GERALDINE MORTON V. COMMISSIONER.
CARACCI V. COMMISSIONER. GOW V. COMMISSIONER. BTR DUNLOP HOLDINGS, INC.
V. COMMISSIONER. CHARITABLE CONTRIBUTION ISSUES. JOHN T. AND LINDA L.
CONTENTS HEWITT V. COMMISSIONER. JOHN C. TODD V. COMMISSIONER. GERALD D.
AND CATHERINE LEIBOWITZ V. COMMISSIONER. KOBLICK V. COMMISSIONER.
REASONABLE COMPENSATION ISSUES. MULTIFACTOR TESTS. LABELGRAPHICS, INC.
V. COMMISSIONER * 9TH CIRCUIT. B&D FOUNDATIONS, INC. V. COMMISSIONER *
10TH CIRCUIT. BREWER QUALITY HOMES, INC. V. COMMISSIONER. O.S.C. &
ASSOCIATES, INC. V. COMMISSIONER. LAW OFFICES * RICHARD ASHARE, PC. V.
COMMISSIONER. ALPHA MEDICAL, INC. V. COMMISSIONER. BEINER, INC. V.
COMMISSIONER. E.J. HARRISON AND SONS, INC. V. COMMISSIONER. INDEPENDENT
INVESTOR TEST. EXACTO SPRING CORPORATION V. COMMISSIONER * 7TH CIRCUIT.
MENARD, INC. V. COMMISSIONER. INTANGIBLE ASSET VALUATION ISSUES. NESTLE
HOLDINGS, INC. V. COMMISSIONER. BEMIDJI DISTRIBUTION COMPANY V.
COMMISSIONER. FRONTIER CHEVROLET CO. V. COMMISSIONER. DHL CORPORATION
AND SUBSIDIARIES V. COMMISSIONER. OTHER INCOME TAX ISSUES. PURCHASE
PRICE ALLOCATION. INDECK ENERGY SERVICES, INC. V. COMMISSIONER. PRESENT
VALUE AS INDICATOR OF FOR PROFIT STATUS. WALFORD V. COMMISSIONER.
STOCK WARRANT VALUATION. KIMBERLIN V. COMMISSIONER. VALUATION AS
ACCOUNTING METHOD. IN RE HEILIG MEYERS COMPANY. SUMMARY. 32. VALUATIONS
FOR EMPLOYEE STOCK OWNERSHIP PLANS 809 GENERAL ESOP FRAMEWORK. TYPES OF
ESOPS. NONLEVERAGED ESOPS. LEVERAGED ESOPS. ALL PARTIES TO A LEVERAGED
ESOP TRANSACTION BENEFIT. VALUATION OF A COMPANY FOR ESOP PURPOSES.
ADEQUATE CONSIDERATION. INDEPENDENCE OF THE APPRAISER AND THE
APPRAISER S ROLE. REPORTING REQUIREMENTS. VALUATION APPROACHES AND
METHODS. ESOP-SPECIFIC ADJUSTMENTS. ESOP CONTRIBUTIONS. NORMALIZED
EMPLOYEE BENEFIT COSTS. COMPENSATION ADJUSTMENTS. ESOP COMPENSATION
ADJUSTMENT. CONTROL PREMIUMS. DISCOUNT FOR LACK OF MARKETABILITY. PUT
OPTION AND REPURCHASE LIABILITY. CURRENT CONTROVERSIES. POSTTRANSACTION
VALUE IN LEVERAGED ESOPS. LEGISLATIVE AND REGULATORY ISSUES IN ESOPS.
SECTION 1042 ROLLOVER. 409(1) EMPLOYER SECURITIES. PRINCIPAL
DEDUCTIBILITY AND CODE SECTION 415. CODE SECTION 133 INTEREST EXCLUSION.
THE IRS AUDIT GUIDELINES. ESOP SPECIFIC PLAN ADMINISTRATION ISSUES.
ALLOCATIONS TO PARTICIPANT ACCOUNTS. DISTRIBUTION POLICY.
DIVERSIFICATION. FINANCE ISSUES IN LEVERAGED ESOPS. REPURCHASE
LIABILITY. REPURCHASE OR RECYCLING. REDEMPTION. MANAGING THE REPURCHASE
LIABILITY. METHODS OF FUNDING. FIDUCIARY ISSUES IN ESOPS. VOTING ISSUES.
TRUSTEE S VOTING RIGHTS. CIRCULARITY OF CONTROL. INDEPENDENT, DIRECTED,
OR INTERNAL TRUSTEE. ACCOUNTING FOR ESOPS. NUANCES OF S CORPORATION
ESOPS. LIMITATIONS ON S CORPORATION TAX BENEFITS. VOTING ISSUES. FORM OF
DISTRIBUTION. S CORPORATION DISTRIBUTIONS. STEPS TO IMPLEMENTING AN
ESOP. SUMMARY. BIBLIOGRAPHY. 33. ESOP COURT CASES 837 INTRODUCTION.
SOMMERS DRUG STORES. INTRODUCTION. THE FACTS OF THE DISTRICT COURT CASE.
THE FACTS OF THE APPEAL. THE PLAINTIFF S POSITION. THE DEFENDANTS
POSITION. COMMENTARY AND CONCLUSION. U.S. NEWS & WORLD REPORT.
INTRODUCTION. THE FACTS OF THE CASE. THE VALUATION ISSUES. THE DISTRICT
COURT S DECISION. THE APPEALS COURT S DECISION. COMMENTARY AND
CONCLUSION. ANDRADE V. PARSONS. INTRODUCTION. THE FACTS OF THE CASE. THE
DISTRICT COURT S DECISION. THE APPEALS COURT S DECISION. COMMENTARY AND
CONCLUSION. REICH V. VALLEY NATIONAL BANK OF ARIZONA. INTRODUCTION. THE
DISTRICT COURT S FINDINGS. COMMENTARY AND CONCLUSION. HOWARD V. CONTENTS
SHAY. INTRODUCTION. THE FACTS OF THE CASE. THE DISTRICT COURT S
DECISION. THE DISTRICT COURT S DECISION*COMMENTARY AND CONCLUSION. THE
APPEALS COURT S DECISION. THE DISTRICT COURT RETRIAL. THE DISTRICT COURT
RETRIAL* COMMENTARY AND CONCLUSION. EYLER V. COMMISSIONER. INTRODUCTION.
THE ISSUES OF THE CASE. THE FACTS OF THE CASE. THE ISSUES BEFORE THE
COURT. THE PETITIONER S POSITION. THE APPEALS COURT DECISION*THE
VALUATION ISSUES. THE APPEALS COURT DECISION*THE FIDUCIARY ISSUES.
COMMENTARY AND CONCLUSION. DAVIS V. TORVICK. INTRODUCTION. THE FACTS OF
THE CASE. THE ISSUES OF THE CASE. THE PLAINTIFFS POSITION. THE
DEFENDANTS POSITION. THE DISTRICT COURT S DECISION. COMMENTARY AND
CONCLUSION. HENRY V. CHAMPLAIN ENTERPRISES. INTRODUCTION. THE FACTS OF
THE CASE. THE ISSUES OF THE CASE. THE DISTRICT COURT S DECISION.
COMMENTARY AND CONCLUSION. ECKELKAMP V. BESTE. INTRODUCTION. THE FACTS
OF THE CASE. THE DISTRICT COURT S DECISION. THE APPEALS COURT S
DECISION. COMMENTARY AND CONCLUSION. HORN V. MCQUEEN. INTRODUCTION. THE
FACTS OF THE CASE. THE DISTRICT COURT S DECISION. COMMENTARY AND
CONCLUSION. CHAO V. HALL HOLDING CO., INC. INTRODUCTION. THE FACTS OF
THE CASE. THE DISTRICT COURT S DECISION. THE APPEALS COURT S DECISION.
COMMENTARY AND CONCLUSION. KEACH V. U.S. TRUST CO. INTRODUCTION. THE
FACTS OF THE CASE. THE ISSUES BEFORE THE DISTRICT COURT. THE DISTRICT
COURT S DECISION. THE ISSUES BEFORE THE APPEALS COURT. THE APPEALS
COURT S DECISION. COMMENTARY AND CONCLUSION. ARMSTRONG V. LASALLE BANK
NATIONAL ASS N. INTRODUCTION. THE FACTS OF THE CASE. THE DISTRICT
COURT S DECISION. THE APPEALS COURT S DECISION. COMMENTARY AND
CONCLUSION. KENNEDY V. TRUSTMARK NATIONAL BANK. INTRODUCTION. THE FACTS
OF THE CASE. THE DISTRICT COURT S DECISION. COMMENTARY AND CONCLUSION.
SUMMARY. 34. VALUATIONS FOR AD VALOREM TAXATION 873 INTRODUCTION.
DEFINITIONS OF AD VALOREM TAXATION TERMINOLOGY. MARKET VALUE AS THE
GENERAL BASIS OF PROPERTY ASSESSMENT. THE PROPERTY TAX VALUATION
PROCESS. THE PROPERTY TAX EQUALIZATION PROCESS. ASSESSMENT RATIO
STUDIES. USE OF ASSESSMENT RATIO STUDIES IN ADMINISTRATIVE APPEALS AND
LITIGATION. THE PROPERTY TAX UNITARY VALUATION PROCESS. THE PROPERTY TAX
APPEAL PROCESS. STEPS IN THE AD VALOREM TAXATION VALUATION PROCESS: THE
ASSESSING AUTHORITYS OBJECTIVE. THE PROPERTY OWNER S OBJECTIVE. THE
INDEPENDENT VALUATION ANALYST S OBJECTIVE. SPECIAL TOPICS.
IDENTIFICATION AND QUANTIFICATION OF FUNCTIONAL OBSOLESCENCE.
IDENTIFICATION AND QUANTIFICATION OF THE ECONOMIC COMPONENT OF EXTERNAL
OBSOLESCENCE. ISSUES IN UNIT VALUATION FOR AD VALOREM PURPOSES.
JURISDICTIONAL DIFFERENCES. VALUE EXCLUDED FROM THE TAXABLE UNIT.
IDENTIFICATION AND VALUATION OF INTANGIBLE ASSETS IN THE UNIT METHOD OF
ASSESSMENT. ALTERNATIVES TO USE OF STOCK MARKET DATA. PROBLEMS WITH
THE USE OF STOCK MARKET DATA IN PROPERTY TAX VALUATIONS. INTRODUCTION.
INCOME APPROACH VALUATION ISSUES. RESOLVING CIRCULARITY DUE TO PROPERTY
TAX EXPENSES. DIFFERENCES IN THE RISK AND EXPECTED RETURN INVESTMENT
CHARACTERISTICS BETWEEN OPERATING PROPERTY AND NEGOTIABLE SECURITIES.
CAPITALIZATION OF LEASED EQUIPMENT RENTAL EXPENSE. INTRODUCTION.
OPERATING LEASE RENTAL EXPENSE. SUMMARY. BIBLIOGRAPHY. 35. DISSENTING
STOCKHOLDER AND MINORITY OPPRESSION ACTIONS 905 DISSENTING STOCKHOLDER
ACTIONS. INTERPRETATION OF THE FAIR VALUE STANDARD IN DISSENT CASES.
THAT WHICH HAS BEEN TAKEN. THE DELAWARE BLOCK METHOD. CONTENTS XIX
SHOULD CONSIDER ALL RELEVANT FACTORS. REQUIREMENT FOR ENTIRE FAIRNESS.
FAIR CONSIDERATION. PROCEDURAL FAIRNESS. CONSEQUENCES OF LACK OF ENTIRE
FAIRNESS. MINORITY INTEREST DISSOLUTION ACTIONS. INTERPRETATION OF THE
FAIR VALUE STANDARD IN DISSOLUTION CASES. SUMMARY. BIBLIOGRAPHY. 36.
DISSENTING STOCKHOLDER AND MINORITY OPPRESSION COURT CASES 915 READERS
MUST INTERPRET CASES CAREFULLY. FAIR VALUE IS NOT FAIR MARKET VALUE.
PREMISE OF VALUE. BREACH OF FIDUCIARY DUTY EXPANDS PLAINTIFFS POTENTIAL
DAMAGES. APPROACHES TO VALUE. SHOULD CONSIDER MARKET VALUE, ASSET VALUE,
AND INVESTMENT VALUE. MARKET APPROACH. GUIDELINE MERGED AND ACQUIRED
COMPANY (TRANSACTION) METHOD. DISCOUNTED CASH FLOW METHOD. NET ASSET
VALUE. EXCESS EARNINGS METHOD. WEIGHTING OF METHODS. DISCOUNTS AND
PREMIUMS. LACK OF CONTROL DISCOUNTS REJECTED. LACK OF CONTROL DISCOUNTS
ACCEPTED. OWNERSHIP CONTROL PREMIUM ACCEPTED. LACK OF MARKETABILITY
DISCOUNTS REJECTED. LACK OF MARKETABILITY DISCOUNTS ACCEPTED. LACK OF
COMBINATORIAL VALUE DISCOUNT REJECTED. DISCOUNTS FOR TRAPPED-IN CAPITAL
GAINS. DISCOUNTS LEFT TO COURT S DISCRETION. SUFFICIENCY OF VALUATION
EVIDENCE. DR. PANGLOSS AND MR. SCROOGE. SUMMARY. 37. VALUATIONS FOR
MARITAL DISSOLUTION PURPOSES 943 THE MARITAL ESTATE. COMMUNITY PROPERTY.
EQUITABLE DISTRIBUTION. ACTIVE OR PASSIVE APPRECIATION DURING MARRIAGE.
ACTIVE OR PASSIVE POST-VALUATION DATE APPRECIATION. STANDARD OF VALUE.
INVESTMENT VALUE. FAIR MARKET VALUE. INTRINSIC VALUE. FAIR VALUE.
INTERNAL CONTRADICTIONS IN THE CASE LAW. VALUATION DATE. DISCOVERY.
GOODWILL. VALUATION METHODS. INCOME APPROACH. MARKET APPROACH.
ASSET-BASED APPROACH. THE CAPITALIZED EXCESS EARNINGS METHOD. USUALLY
EMPLOY MORE THAN ONE METHOD. COMPENSATION. NONCOMPETE COVENANTS.
BUY-SELL AGREEMENTS. TREATMENT OF TRAPPED-IN CAPITAL GAINS TAXES.
VALUATION DISCOUNTS AND PREMIUMS. THE ROLE OF THE ANALYST. JOINTLY
RETAINED ASSIGNMENTS. ADEQUACY OF EVIDENCE. SUMMARY. BIBLIOGRAPHY. 38.
MARITAL DISSOLUTION COURT CASES 963 STANDARDS OF VALUE. FAIR MARKET
VALUE. FAIR VALUE. INVESTMENT VALUE. PREMISE OF VALUE. ACTIVE VERSUS
PASSIVE APPRECIATION. ACTIVE APPRECIATION AS A MARITAL ASSET. ACTIVE
APPRECIATION MUST BE PROVEN. VALUATION DATE. GOODWILL. THE MARKET VALUE
OF GOODWILL PARADOX. PERSONAL GOODWILL NOT A MARITAL ASSET IN MANY
STATES. PERSONAL GOODWILL IS A MARITAL ASSET IN MANY STATES. OTHER
GOODWILL ISSUES. THE DOUBLE DIPPING ISSUE. VALUATION METHODS IN THE
FAMILY LAW COURTS. THE SIZE ARGUMENT. THE LIQUIDITY ARGUMENT. THE RISK
ARGUMENT. THE COST OF FLOTATION ARGUMENT. NONCOMPETE COVENANTS. BUY-SELL
AGREEMENTS. CASES REJECTING BUY-SELL AGREEMENTS. CASES FINDING BUY-SELL
PRICE CONTROLLING. BUY-SELL AGREEMENT MAY BE CONSIDERED. DISCOUNTS FOR
LACK OF CONTROL AND LACK OF MARKETABILITY. DISCOUNT FOR LACK OF CONTROL.
DISCOUNT FOR LACK OF MARKETABILITY. ADEQUACY OF EVIDENCE. THE NEED FOR A
SOLID RECORD. PRESERVING THE RECORD. INADEQUATE EVIDENCE. GREATER WEIGHT
GIVEN TO VALUATION PROFESSIONALS. REJECTION OF UNQUALIFIED EXPERTS AND
UNACCEPTED METHODOLGIES. APPRAISER S DUE DILIGENCE DUTIES. TREATMENT OF
TAX LIABILITIES. SUMMARY. 39. FAIR VALUE FOR FINANCIAL REPORTING 1005
DEFINITION OF FAIR VALUE. DIFFERENCES FROM FAIR MARKET VALUE.
DISCLOSURES. CONTENTS PART VIII LITIGATION AND DISPUTE RESOLUTION 1009
40. LITIGATION SUPPORT SERVICES 1011 VALUATION-RELATED CONTROVERSY
MATTERS. TYPES OF LITIGATION. CONTRACT DISPUTES. COMMERCIAL TORTS.
BUSINESS INTERRUPTION CLAIMS. ANTITRUST CLAIMS. SHAREHOLDER DISPUTES AND
SECURITIES LITIGATION. MARITAL DISSOLUTION. PERSONAL INJURY OR WRONGFUL
TERMINATION CASES. ESTATE, GIFT, AND INCOME TAXES. STATE AND LOCAL
PROPERTY TAXES. BANKRUPTCY/INSOLVENCY/ REORGANIZATION. INTELLECTUAL
PROPERTY RIGHTS INFRINGEMENT. ENGAGING THE APPRAISER. QUALIFICATIONS.
CONFLICTS OF INTEREST. ENGAGEMENT AGREEMENT. DISCOVERY. ASSESSING THE
CASE. BUSINESS APPRAISAL DISCOVERY. PERMANENT FILES. ACCOUNTANT S FILES.
BANK FILES. INVOICES. INTERROGATORIES. DEPOSITIONS. RESEARCH.
CALCULATING THE AMOUNT OF DAMAGES. THE BEFORE-AND-AFTER METHOD. THE
YARDSTICK (COMPARABLE) METHOD. SALES PROJECTIONS ( BUT FOR ) METHOD.
MITIGATION. SUMMARY OF DAMAGES. WORK PRODUCT. AFFIDAVITS. WRITTEN
REPORTS. CRITIQU E OF THE OPPOSITION. EXPERT TESTIMONY. REBUTTAL.
ASSISTANCE IN PREPARING BRIEFS. SUMMARY. 41. EXPERT TESTIMONY 1031
BACKGROUND PREPARATION. BASIC PREPARATION AND DOCUMENTATION. FEDERAL
RULES OF CIVIL PROCEDURE. STATE RULES ARE OFTEN LESS STRINGENT.
DISCOVERY. READING PRIOR CASES AND ARTICLES. FEDERAL RULES OF EVIDENCE
REGARDING EXPERT TESTIMONY. USE OF HEARSAY EVIDENCE. CHALLENGES TO
TESTIMONY PER DAUBERT/KUMHO. DAUBERT. GENERAL ELECTRIC V. JOINER. KUMHO
TIRE COMPANY. OTHER CASES RELY ON DAUBERT FACTORS. DEPOSITIONS. WHAT TO
BRING TO THE DEPOSITION. DEPOSITION TESTIMONY. AFTER THE DEPOSITION.
OUTLINING COURTROOM TESTIMONY. QUALIFYING THE WITNESS. DESCRIPTION OF
THE ASSIGNMENT. SUMMARY OF CONCLUSION. DESCRIPTION OF STEPS TAKEN.
FINDINGS. FINAL CONCLUSION. EXHIBITS. PREPARATION WITH THE ATTORNEY. IN
THE COURTROOM. GENERAL GUIDELINES FOR TESTIMONY. DIRECT EXAMINATION.
CROSS-EXAMINATION. REDIRECT EXAMINATION. REBUTTAL TESTIMONY. EXCLUSION
OF WITNESSES. COURTS EXPECTATIONS REGARDING EXPERT TESTIMONY. SUMMARY.
BIBLIOGRAPHY. 42. ARBITRATION AND MEDIATION 1053 ADVANTAGES OF ADR OVER
COURT TRIAL. SITUATIONS SUITABLE FOR ARBITRATION. CORPORATE AND
PARTNERSHIP DISSOLUTIONS AND BUYOUTS OF MINORITY INTERESTS. DISSENTING
STOCKHOLDER ACTIONS. DAMAGE CASES. DIVORCES. TH E ARBITRATION AGREEMENT.
FACTORS SPECIFIED IN THE ARBITRATION AGREEMENT. FACTORS LEFT TO THE
ARBITRATORS DISCRETION. OTHER FACTORS TO ADDRESS. SELECTION OF
ARBITRATORS. CRITERIA FOR SELECTION. PROCEDURE FOR SELECTION. AMERICAN
ARBITRATION ASSOCIATION PROCEDURE. ENGAGEMENT AND COMPENSATION OF
ARBITRATORS. THE ARBITRATION PROCESS. REVIEW OF ARBITRATION DOCUMENT.
INITIAL COMMUNICATION AMONG ARBITRATORS. FIELD VISIT. HEARINGS. THE
VALUATION MEETING. REPORTING THE RESULTS OF THE ARBITRATION. MEDIATION.
HOW MEDIATION DIFFERS FROM ARBITRATION AND LITIGATION.
SELF-DETERMINATION IS THE FUNDAMENTAL PRINCIPLE. ROLE OF THE BUSINESS
VALUATION EXPERT IN MEDIATION. MEDIATION IN FAMILY LAW. MEDIATION IN
FEDERAL TAX DISPUTES. SUMMARY. BIBLIOGRAPHY. PROFESSIONAL ARBITRATION
AND MEDIATION ORGANIZATIONS. APPENDIX A INTERNATIONAL GLOSSARY OF
BUSINESS VALUATION TERMS 1069 INDEX 1077
|
| any_adam_object | 1 |
| author | Pratt, Shannon P. 1933-2021 Niculita, Alina V. |
| author_GND | (DE-588)142483109 |
| author_facet | Pratt, Shannon P. 1933-2021 Niculita, Alina V. |
| author_role | aut aut |
| author_sort | Pratt, Shannon P. 1933-2021 |
| author_variant | s p p sp spp a v n av avn |
| building | Verbundindex |
| bvnumber | BV025440977 |
| classification_rvk | QP 770 |
| ctrlnum | (OCoLC)255230941 (DE-599)BVBBV025440977 |
| dewey-full | 657.73 |
| dewey-hundreds | 600 - Technology (Applied sciences) |
| dewey-ones | 657 - Accounting |
| dewey-raw | 657.73 |
| dewey-search | 657.73 |
| dewey-sort | 3657.73 |
| dewey-tens | 650 - Management and auxiliary services |
| discipline | Wirtschaftswissenschaften |
| edition | 5. ed. |
| format | Book |
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| id | DE-604.BV025440977 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T22:34:17Z |
| institution | BVB |
| isbn | 9780071441803 0071441808 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-020058943 |
| oclc_num | 255230941 |
| open_access_boolean | |
| owner | DE-11 DE-739 DE-188 DE-706 |
| owner_facet | DE-11 DE-739 DE-188 DE-706 |
| physical | XLI, 1098 S. |
| publishDate | 2008 |
| publishDateSearch | 2008 |
| publishDateSort | 2008 |
| publisher | McGraw-Hill |
| record_format | marc |
| spelling | Pratt, Shannon P. 1933-2021 Verfasser (DE-588)142483109 aut Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt; Alina V. Niculita 5. ed. New York [u.a.] McGraw-Hill 2008 XLI, 1098 S. txt rdacontent n rdamedia nc rdacarrier Unternehmensbewertung (DE-588)4078594-4 gnd rswk-swf Unternehmensbewertung (DE-588)4078594-4 s DE-188 Niculita, Alina V. Verfasser aut GBV Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020058943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Pratt, Shannon P. 1933-2021 Niculita, Alina V. Valuing a business the analysis and appraisal of closely held companies Unternehmensbewertung (DE-588)4078594-4 gnd |
| subject_GND | (DE-588)4078594-4 |
| title | Valuing a business the analysis and appraisal of closely held companies |
| title_auth | Valuing a business the analysis and appraisal of closely held companies |
| title_exact_search | Valuing a business the analysis and appraisal of closely held companies |
| title_full | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt; Alina V. Niculita |
| title_fullStr | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt; Alina V. Niculita |
| title_full_unstemmed | Valuing a business the analysis and appraisal of closely held companies Shannon P. Pratt; Alina V. Niculita |
| title_short | Valuing a business |
| title_sort | valuing a business the analysis and appraisal of closely held companies |
| title_sub | the analysis and appraisal of closely held companies |
| topic | Unternehmensbewertung (DE-588)4078594-4 gnd |
| topic_facet | Unternehmensbewertung |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=020058943&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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