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Business Valuation Sourcebook for Attorneys
Case law, regulations, analysis and more. All in one legal desk reference!
New 2010 Edition - Published July 2010
Order Now for $99 | View Table of Contents
Edited by Bill Sipes, CPA/ABV, PFS, CFF, ASA, CBA, BVA
BVR’s Business Valuation Sourcebook is the essential go-to reference for attorney’s handling cases that involve business valuation. This critical desk reference
compiles all the critical primary legal research materials you need in one place -- saving you valuable time. IRS code, regulations and
standards—as well as summaries and commentary on landmark BV cases—including Jelke and McCord—are all included in this comprehensive
550+ page reference.
The BV Sourcebook includes:
- Case law abstracts and analysis from across the BV spectrum
- An at-a-glance chart of landmark cases by topic for easy reference
- State-by-state summary of the leading U.S. cases deciding the disposition of goodwill in marital dissolution
- Business Valuation Standards from the AICPA, ASA, IBA and NACVA – including recent changes
- Relevant IRS Code, Revenue Rulings and Procedures, and Treasury Regulations
- Summary of FAS 157, Fair Value Measurements
- BVR’s Professional Association Directory
- The Federal and Regional Reporter’s List
- A Glossary of Business Valuation Terms
Your time is valuable. Don’t waste it mining larger legal information services or the Web for hard-to-find answers to your business valuation questions. Rely on Business Valuation Resources, LLC and BVLaw™ for all of your business valuation-related research needs. The BV Sourcebook puts everything you need in one place!
Table of Contents
Introduction
Chapter 1—Internal Revenue Code
- § 409A. Inclusion in gross income of deferred compensation under nonqualified deferred compensation plans
- § 1060. Special allocation rules for certain asset acquisitions
- § 1374. Tax imposed on certain built-in gains
- § 2031. Defi nition of gross estate
- § 2032. Alternate valuation
- § 2036. Transfers with retained life estate
- § 2044. Certain property for which
marital deduction was previously allowed
- § 2511. Transfers in general
- § 2512. Valuation of gifts
- § 2701. Special valuation rules in case of transfers of certain interests in corporations or partnerships
- § 2702. Special valuation rules in case of transfers of interests in trusts
- § 2703. Certain rights and restrictions disregarded
- § 2704. Treatment of certain lapsing rights and restrictions
- § 6501. Limitations on assessment and collection
- § 6662. Imposition of accuracy-related penalty on underpayments
Chapter 2—Treasury Regulations
- Sec. 20.2031-1 Defi nition of gross estate; valuation of property
- Sec. 20.2031-3 Valuation of interests in businesses
- Sec. 25.2703-1 Property subject to restrictive arrangements
- Sec. 25.2703-2 Effective date
- Sec. 25.2704-1 Lapse of certain rights
- Sec. 25.2704-2 Transfers subject to applicable restrictions
- Sec. 25.2704-3 Effective date
- Sec. 301.6501(c)-1 Exceptions to general period of limitations on assessment and collection
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Chapter 3—Revenue Rulings and Procedures
- 59-60 Valuing Shares of Capital Stock of Closely Held Corporations for Estate and Gift Tax Purposes
- 65-192 Applying 59-60 to Income Tax Valuations
- 65-193 Modifi cation of 59-60 Regarding Tangible and Intangible Assets
- 68-609 Excess Earnings Method
- 77-287 Valuation of Restricted Stock
- 83-120 Closely Held and Preferred Stock
- 85-75 Penalty for Valuation Overstatement
- 93-12 Closely Held Interests and Family Transfers
- 98-34 Compensatory Stock Options
- Rev. Proc. 2003-51 Allocation of lump sum purchases of a business
- 2006-96 Guidance Regarding Appraisal Requirements for Noncash Charitable Contributions
Chapter 4—Landmark Cases
- Index of Cases by Topic 4-A
- Astleford v. Commissioner
- Astleford Has it All: Latest Tax Court Case on FLP Discounts, Data, and More
- Dallas v. Commissioner
- Tax Court Declines to Tax-Affect S Corp In Gift Transfer Case
- Tax Court Rejects Tax-Affecting of S Corporation
- Daubert v. Merrell Dow Pharmaceuticals
- Comparing the Butler-Pinkerton Model to Traditional Methods Under Four Daubert Criteria
- ‘Intrinsic Value’ Doesn’t Meet Daubert Criteria
- Valuation Experts Required To Have Clear Credentials, Experience, and Methods
- Experienced (but Uncertifi ed) Expert Caught in Deposition
- Gross v. Commissioner (II)
- Daubert issue rears its ugly head in Gross case
- Estate of Jelke v. Comm’r
- Jelke Overruled: 11th Cir. Approves 100% Discount For Imbedded Capital Gains
- Divorce Court Analyzes Built-In Capital Gains and Net Asset Value in Divorce
- Delaware Open MRI Radiology Associates, P.A. v. Kessler, et al
- Must-read Opinion from Chancery Court on Tax Affecting, DCF Discounts, and More
- Kumho Tire Co. v. Carmichael 4-30
- Federal cases challenge fi nancial experts on basis of Daubert/Kumho tests
- State courts consider application of Daubert/Kumho tests to appraisal experts
- Implications of Kumho for Business Appraisal Experts
- Daubert/Kumho state challenges to appraisal experts
- Mandelbaum v. Commissioner
- Minority Share Gifts: Court Finds 30% Discount for Lack of Marketability
- Tax Court provides list of factors to consider in determining the size of a marketability discount
- McCord v. Commissioner of Internal Revenue
- 5th Circuit Reverses McCord, Confi rming Original Valuation Of Marketability Discounts
- McCord Reversed: Fifth Circuit Affi rms Use of Fixed Dollar Gifts of Limited Partnership Interests
- After McCord: The Future Of FLP Valuations and Discount Determinations
- In re Med Diversifi ed, Inc.
- BV on Trial in Bankruptcy? New York Court Excludes Appraisal as ‘Junk Science’
- Where Perceived Bias Infects Entire Valuation, Expert Excluded as Unreliable under FRE 702(3)
- NY Bankruptcy Court Confi rms Valuation of Customer Lists, With High Praise for Valuator
- Estate of Mirowski v. Commissioner
- Good News on FLP and LLC Planning—Appraisals Have Value!
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Chapter 5—Additional Cases
- New Cases in 2010 Edition
- Estate of Litchfield v. Commissioner
- Gaskill v. Robbins
- Sieger v. Zak
- Estate of Jorgensen v. Commissioner
- Peterka v. Dennis
- Estate of Miller v. Commissioner
- Chick-Fil-A v. CFT Development, LLC
- MDG Internat’l v. Australian Gold, Inc.
- Fleischmann v. Fleischmann
- Inzer v. Inzer
- Keller v. United States
- In re American Home Mortgage Holdings, Inc.
- Murphy v. U.S.
- In re TOUSA, Inc.
- Veritas Software Corp. v. Commissioner
- In re Marriage of Devries
- Grelier v. Grelier
- In re Sunbelt Beverage Corp. Shareholder Litigation.
- Estate of Black v. Comm’r
- Lemmen v. Lemmen
- Amaraneni v. Amaraneni
- Dickert v. Dickert
- Mistretta v. Mistretta
- Mandell v. Mandell
- Heckerman v. Commissioner
- Estate of Godley v. Commissioner (II)
- Estate of Abraham v. Commissioner
- First Circuit Affirms FLP Case Against Taxpayer
- Remainder Interest in FLP Units Argument Rejected
- Patricia M. Adams, et al. v. United States of America
- Assignee Interest Not Subject to Liquidation Rights
- Estate of Baird v. Commissioner
- Hypothetical Partition Discount is Insufficient for Fractionalized, Non-controlling Interests
- Fully Documented and Supported Appraisal Reports Helped Put IRS on Notice That Its Litigation Position Was Unsupportable
- Estate of Berg v. Commissioner
- Estate of Berg v. Commissioner
- Bergquist v. Commissioner
- Tax Court Rejects Appraisal of Donated Stock for Incorrect Premise of Value
- Bernier v. Bernier
- Debate over Tax-Affecting Plays Out in New Divorce Case
- Estate of Bigelow v. Commissioner
- FLP Disregarded Where Decedent Retains Insuffi cient Funds
- Section 2036(a) Applied to Recapture theValue of Real Property Transferred to FLP
- Estate of Brocato v. Commissioner
- 11% Blockage Discount Applied in Apartment Valuations
- Crescent/Mach I Partnership v. Turner
- Del. Chancery’s Preference For DCF Turns On Credible Projections
- Estate of Deputy v. Commissioner
- Tax Court Accepts Negative Industry Risk Premium and Unique Combined Discount Matrix
- Income Approach Used to Value Boat Manufacturer
- Derby v. Comm’r
- Tax Court Examines Charitable Deduction
- Estate of Dunn v. Commissioner (I)
- Equipment Company Valuation Turns on Asset- and Earnings-based Values
- Heavy Equipment Rental Company Valued Using Weighted Earnings and Asset Approaches
- Estate of Weinberg v. Commissioner
- Tax Court Rejects QMDM and Use of Single Comparable
- Quantitative Marketability Discount Model Determined Unhelpful
- Estate of Ray A. Ford v. CIR
- Holding Company’s Valued Using Net Asset Value
- Richard S. Gesoff v. IIC Industries Inc.
- Small-Stock and Company Specifi c Risk Premia Considered in Fair Value Analysis
- Estate of Gimbel v. Commissioner
- Tax Court Determines Methodology, Discounts for Large Block of Public Shares
- Gow v. Commissioner (II)
- Fourth Circuit Affi rms Gow v. Commissioner
- Voting Trust Not a Factor in Determining Fair Market Value
- Estate of Green v. Commissioner
- DLOM major issue; Tax Court ‘splits the baby’
- Fair Market Value of Minority Interest in a Closely Held Bank Determined
- Gross v. Commissioner
- IRS and Taxpayer Agree to 35% DLOM— if FLP Transfers Pass ‘Indirect Gift’ Tests
- Hackl v. Commissioner
- Seventh Circuit Affi rms Tax Court; Gifts Were of Future Interests
- Seventh Circuit Affi rms Decision Denying Application of Sec. 2503 Exclusion Where the Restrictions on Transferability Attached to LLC Units Are Severe
- Hansen v. 75 Ranch Company
- Montana Dissenter Awarded Double Amount Originally Offered
- Harmon v. Harmon
- Buy-sell Agreement One Factor in Value of Medical Practice
- Value of an Interest in a Medical Practice Is Not Set by the Buy-Sell Provision
- Estate of Heck v. Commissioner
- Tax Court Rejects Use of Single ‘Similar’ Comparable
- S Corp. Valued Using DCF Method
- Highfi elds Capital, Ltd. v. AXA Financial, Inc.
- Del. Chancery Rejects DCF Analysis in Insurance Co. Appraisal
- Estate of Hillgren v. Commissioner
- Tax Court Disregards FLP That is Disregarded by Taxpayer
- Sec. 2036(a) Applied to Look Through an FLP
- Holman v. Commissioner
- Tax Court Takes Novel Approach to DLOM Holding Period in Holman
- Huber v. Commissioner
- ‘Friends and Family’ Gifts of Private Stock Support 50% DLOM
- ‘Arm’s-Length’ Determined Using Morrissey Test
- Estate of Hurford v. Comm’r
- Latest FLP Case Lists ‘Bad Facts’ to Avoid
- Estate of Jameson v. Commissioner
- Fifth Circuit Acknowledges Substantial Built-in Tax Liability on Timber Property
- Janda v. Commissioner
- Tax Court Considers QMDM and Restricted Stock Studies in Determining Discount for Lack of Marketability
- Quantitative Marketability Discount Model Rejected
- Kimberlin v. Comm’r.
- IRS Stumbles on Characterization and Valuation of Stock Warrants
- Kohler et al. v. Commissioner
- Kohler: Textbook Valuation of Large Closely-Held Leads to Total Victory for Taxpayer
- Tax Court Emphasizes Importance of Valuation Credentials and Familiarity with the Subject Company
- LabelGraphics, Inc. v. Commissioner (II)
- Ninth Circuit Affi rms Tax Court Reasonable Compensation Ruling
- Litman v. United States
- Litman a New Landmark Among Cases Considering Restricted Stock Discounts 5-97
- Mad Auto Wrecking v. CIR
- Tax Court Provides List of Factors to Consider in Determining the Appropriate Amount of Owners’ Compensation
- Martin Ice Cream Company y. CIR
- Sale of Subsidiary after Split-off Does Not Establish Value of that Subsidiary
- Estate of Mellinger v. Commissioner
- Frederick’s of Hollywood Stock Not Aggregated for Valuation; 25% Blockage Discount Applied
- Aggregation and Blockage Considered
- Estate of Mitchell v. Commissioner (II)
- Ninth Circuit Vacates and Remands Tax Court’s Valuation in Mitchell
- Normandie Metal Fabricators, Inc. v. CIR
- Hypothetical Investor Test Used to Determine Officers’ Reasonable Compensation
- Peracchio v. Commissioner
- Tax Court Displeased With All Experts’ DLOC and DLOM Analyses
- Limited Partnership Units Valued
- Estate of Lillie Rosen v. Internal Revenue Service
- ‘Classic’ FLP Case by Judge Laro Finds No §2036 Estate Tax Exception
- Salt Lake Tribune Publishing Co., LLC v. Management Planning, Inc.
- Appraisal ≠ Arbitration; a Court May Review Buy-Sell Valuation for Certain Errors
- Estate of Simplot v. Commissioner (I)
- Tax Court Accords Superpremium to Small Voting Block; Allows Deduction of 100% of Trapped-in Capital Gains Tax
- Voting Privileges Valued as a Percentage of the Company’s Total Equity Value
- Comments on the Reversal of Simplot
- Stone v. United States
- Do BV Methods Apply to Determining Discount for Fractional Interest in Art?
- Strangi v. Commissioner
- Fifth Circuit Affi rms Tax Court’s Application of § 2036 to FLP Assets
- Bona Fide Sale Exception to Sec. 2036 Analyzed
- Temple v. United States
- Latest Court Looks at DLOM: Assumptions Are Everything
- Standard Valuation Discounts Considered
- Estate of Thompson v. Comm’r
- IRS Burden of Proof Does Not Obviate Errors In Taxpayer Valuation
- FLPs Disregarded—2036(a)(1) Applied Once Again!
- Third Circuit Addresses Sec. 2036(a) Exception in FLP Case
- Estate of True v. Commissioner
- Buy-sell Agreements are Testamentary Devices
- Univ. of Pittsburgh v. Townsend
- Federal Court Clarifi es Rule on Discovery of Draft Valuation Reports
- Wechsler v. Wechsler
- Appeals Court Affi rms Dollar-for-Dollar Discount in Divorce
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Chapter 6—Standards
- AICPA Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset
- AICPA Code of Professional Conduct: Section 101—Independence TOC-8 BVR’s Business Valuation Sourcebook
- AICPA Code of Professional Conduct: Section 102—Integrity and Objectivity
- AICPA Code of Professional Conduct: ET Section 201—General Standards
- AICPA Code of Professional Conduct: ET Section 202—Compliance with Standards
- AICPA Code of Professional Conduct: Section 301—Confi dential Client Information
- AICPA Code of Professional Conduct: Section 302—Contingent Fees
- AICPA Code of Professional Conduct: Section 501—Arts Discreditable
- ASA Principles of Appraisal Practice and Code of Ethics
- ASA Business Valuation Standards
- IBA Business Appraisal Standards
- FASB Summary of Statement No. 123 (revised 2004)
- FASB Summary of Statement No. 141 (revised 2007)
- FASB Summary of Statement No. 142
- FASB Summary of Statement No. 144
- FASB Summary of Statement No. 157
- FASB Summary of Statement No. 159
- NACVA Professional Standards
Chapter 7—Appendix of Key Valuation Articles and Other Material
- 4th Quarter 2008 Economic Outlook Update™
- Reporting Standards Update: What all BV Analysts Must Know
- Courtesy of the IRS: 22 Ways to Avoid Appraisal Missteps
- Summary of FAS 157, Fair Value Measurements
- Federal and Regional Reporter’s List
- Goodwill Hunting in Divorce
- BVR’s Professional Association Directory 2009 Edition
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