Business Valuation and Federal Taxes: Procedure, Law and Perspective / Edition 2

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Business Valuation and Federal Taxes Procedure, Law, andPerspective Second Edition

Combining the expert knowledge of Senior Judge David Laro andShannon Pratt, Business Valuation and Federal Taxes, SecondEdition presents the authors' decades of experience, with advice oneverything practitioners need to know about the relationshipbetween federal taxes and valuation, and specifically valuationsrelating to business interests. This reference features in-depthexaminations of numerous topics that are particularly important topractitioners and explores a broad understanding of the basicknowledge needed to appreciate business valuation.

Valuators, CPAs consulting on valuations, attorneys, corporatedevelopment officers, and intermediaries on business valuation willbenefit from insightful discussions on topics ranging from generaldefinitions to valuing complex business interests, as well as newdiscussions of:

  • Personal versus enterprise goodwill
  • New materials on transfer pricing and customs valuations and howrecent markets have affected both the income and marketapproaches
  • Coverage of FAS 157 and the many changes to penalties andsanctions affecting both taxpayers and appraisers
  • Several important new court cases

Coverage is also included on standards of business valuation,IRS positions, burden of proof in valuation controversies,questions to ask business valuation experts, economic and industryanalysis, and tax-affecting pass-through entities.

Complete with a full overview of the laws, procedures, andapproaches related to business valuation, this invaluable referenceis a wellspring of vital information on valuation approaches,techniques, finance-related issues, burden of proof, standards,choice of entity, and much more.

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Product Details

  • ISBN-13: 9780470601624
  • Publisher: Wiley
  • Publication date: 5/3/2011
  • Edition number: 2
  • Pages: 482
  • Product dimensions: 6.70 (w) x 10.10 (h) x 1.80 (d)

Meet the Author

Senior Judge David Laro was appointed to the United StatesTax Court, confirmed by the Senate, and invested as a federal judgein November 1992. He formerly practiced law in Flint and Ann Arbor,Michigan, for twenty-four years, specializing in tax law. SeniorJudge Laro was chairman and CEO of a publicly traded internationalcompany, and he cofounded Republic Bancorp, a Michigan bank holdingcompany. He is an adjunct professor of law at Georgetown UniversityLaw School and a visiting professor at the University of San DiegoLaw School.

Shannon P. Pratt is one of the most successful andrespected authors in the field of business valuations. He hasauthored many industry standard books, including Cost ofCapital, Fourth Edition; Business Valuation Discounts andPremiums, Second Edition; and The Market Approach to ValuingBusinesses, Second Edition, all published by Wiley. Over adistinguished career of more than four decades, he has performedvaluation engagements for M&A, ESOPs, and numerous otherpurposes. He is also Editor Emeritus of Shannon Pratt's BusinessValuation Update, the premier monthly newsletter in the field ofbusiness valuation. Dr. Pratt is CEO of Shannon Pratt Valuations, abusiness valuation firm located in Portland, Oregon.

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Table of Contents

Foreword to Second Edition.

Foreword: Legal Practitioner's Perspective.

Foreword: Law Professor's Perspective.

Foreword: Business Appraiser's Perspective.

Preface to the New Edition.


About the Authors.

CHAPTER 1: Standards of Business Valuation.

CHAPTER 2: Subsequent Events.

CHAPTER 3: Business Valuation Experts.

CHAPTER 4: Sources of Law and Choice of Courts.

CHAPTER 5: Burden of Proof in Valuation Controversies.

CHAPTER 6: Penalties and Sanctions.

CHAPTER 7: How the Form of Entity Affects Valuation.

CHAPTER 8: Valuation of S Corporations and Other Pass-ThroughTax Entities: Minority and Controlling Interests.

CHAPTER 9: Transfer Pricing.

CHAPTER 10: Customs Valuation.

CHAPTER 11: Adjustments to Financial Statements.

CHAPTER 12: Comparative Financial Statement Analysis.

CHAPTER 13: Economic and Industry Analysis.

CHAPTER 14: Site Visits and Interviews.

CHAPTER 15: The Income Approach.

CHAPTER 16: The Market Approach.

CHAPTER 17: The Asset-Based Approach.

CHAPTER 18: Entity-Level Discounts.

CHAPTER 19: Minority Discounts/Control Premiums.

CHAPTER 20: Discounts for Lack of Marketability.

CHAPTER 21: Other Shareholder-Level Discounts.

CHAPTER 22: Personal versus Enterprise Goodwill.

CHAPTER 23: Weighting of Approaches.

CHAPTER 24: IRS Positions.

CHAPTER 25: Business Appraisal Reports.

CHAPTER 26: Valuation of Options.

CHAPTER 27: Questions to Ask Business Valuation Experts.

APPENDIX A: International Glossary of Business ValuationTerms.

APPENDIX B: Bibliography.

Table of Cases.


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