Business Valuation and Taxes Procedure Law and Perspective phần 1 pptx

[...]... Management Interviews Interviews with Persons Outside the Company Conclusion xiii 13 0 13 1 13 1 13 7 13 7 13 8 13 9 14 7 15 2 15 3 15 3 15 4 15 5 15 5 15 6 15 6 15 7 15 8 15 9 15 9 16 1 16 6 16 7 16 7 16 8 16 8 16 8 16 9 17 0 17 0 17 2 17 2 17 8 17 8 17 8 17 8 17 9 18 0 xiv TABLE OF CONTENTS 14 The Income Approach Summary of Approaches, Methods and Procedures Introduction to the Income Approach Net Cash Flow: The Preferred Measure of Economic Benefit... (Nonhomogeneous Assets) Discount 18 1 18 1 18 2 18 2 18 4 18 4 19 0 19 0 19 4 19 5 19 6 200 2 01 209 209 210 210 211 213 217 219 219 220 220 222 224 224 224 229 230 260 260 260 2 61 265 266 266 267 2 71 276 Table of Contents xv Discount for Contingent Liabilities Conclusion 279 2 81 18 Discounts for Lack of Marketability 282 Summary: General Introduction to Shareholder-Level Discounts and Premiums Definition of Marketability... Option Valuation Specific Rules for Valuing Options Conclusion 22 IRS Positions Summary Introduction 283 283 284 285 285 286 2 91 294 295 299 302 309 310 311 311 311 317 318 3 21 323 324 324 324 325 326 327 328 328 329 330 334 339 340 340 3 41 xvi TABLE OF CONTENTS Rev Rul 59-60 Rev Rul 65 -19 2 Rev Rul 65 -19 3 Rev Proc 66-49 Rev Rul 68-609 Rev Proc 77 -12 Rev Rul 77-287 Rev Rul 83 -12 0 Rev Rul 85-75 Rev Rul 93 -12 ... Qualified Appraiser 1 1 2 3 7 15 16 17 17 17 17 19 23 24 24 25 25 26 26 27 28 29 30 31 33 34 35 37 xi xii TABLE OF CONTENTS Concerns about Expert Testimony Court-Appointed Expert Conclusion Appendix: Expert Credentials and Qualifications 38 40 41 42 4 Sources of Law and Choice of Courts 48 Summary Structure of the American Legal System Tax Law Tax Litigation 48 48 49 51 5 Burden of Proof in Valuation Controversies... Conclusion 12 Economic and Industry Analysis Summary Objective of Economic and Industry Analysis National Economic Analysis Regional and Local Economic Analysis Industry Analysis Conclusion Partial Bibliography of Sources for Economic and Industry Analysis 13 Site Visits and Interviews Summary Site Visits Management Interviews Interviews with Persons Outside the Company Conclusion xiii 13 0 13 1 13 1 13 7 13 7 13 8... Wiley & Sons, Inc.: Business Valuation Discounts and Premiums; Business Valuation Body of Knowledge: Exam Review and Professional Reference, 2nd edition; Business Valuation Body of Knowledge Workbook; Cost of Capital: Estimation and Applications, 2nd edition; Cost of Capital Workbook; and The Market Approach to Valuing Businesses He is also the author of The Lawyer’s Business Valuation Handbook, published... Rul 93 -12 Tax Advice Memorandum 19 94-36-005 Rev Proc 2003- 51 Conclusion 23 Business Appraisal Reports 342 350 354 354 358 359 3 61 367 3 71 372 374 378 382 383 Summary Business Valuation Report-Writing Standards Elements of the Business Valuation Report Organization of the Report Qualities of a Good Appraisal Report Conclusion 384 384 392 397 397 399 24 Questions to Ask Business Valuation Experts 400 Summary... coauthor of Valuing a Business: The Analysis and Appraisal of Closely Held Companies, 4th edition, and Valuing Small Businesses and Professional Practices, 3rd edition (both published by McGraw-Hill), Guide to Business Valuations, 14 th edition (published by Practitioners Publishing Company), and Guide to Canadian Business Valuations He was a founder of Willamette Management Associates, and served as a managing... Dr Pratt develops and teaches business valuation courses for the American Society of Appraisers, the American Institute of Certified Public Accountants, and the Association of Mergers & Acquisitions Advisors, and frequently speaks on business valuation at national legal, professional, and trade association meetings He has also developed a seminar on business valuation for judges and lawyers Besides life... purposes: • • • • • • • • Standards of business valuation Subsequent events Business valuation experts Sources of law and choice of courts Burden of proof in valuation controversies Penalties and sanctions Valuation and choice of entity IRS positions Next, this book addresses the techniques and procedures of performing a business valuation, with topics such as: • • Adjustments to financial statements Comparative . Inc.