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Business Valuation and Taxes
Cover of Business Valuation and Taxes
Business Valuation and Taxes
Procedure, Law, and Perspective
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Disputes over valuation issues fill the court's dockets and for good reason, fair market valuations are required frequently by the law. The authors believe that approximately 243 sections of the Code and several thousand references in the Regulations explicitly require fair market value determination. Consequently, taxpayers file an estimated 15 million tax returns each year reporting an event involving a valuation related issue. It is no mystery, therefore, why valuation cases are ubiquitous. Today, valuation is an important and highly sophisticated process. Valuators need legitimate guidance to perform their work. The objective of this book is to provide knowledge, and guidance to those who do the valuations as well as those who are affected by them.


This unprecedented text provides:

  • Clear guidance and perspective on business valuation from two of the nation's top authorities, Hon. David Laro and Dr Shannon Pratt.

  • Insightful perspective and discussion on critical issues, procedures and law pertaining to business valuation.

  • An overview of business valuation procedures

  • Law and techniques of Fair Market Value Opinion from the Hon. David Laro and Dr. Shannon Pratt who express their unique and critical views.

  • The business valuer with everything from the basics to the sophisticated. From definitions to valuing complex business interests, what you need to know about business valuation.

  • Everything from empirical market evidence to credible expert business valuation testimony discussed and analyzed by the Hon. David Laro and Dr. Shannon Pratt.

Disputes over valuation issues fill the court's dockets and for good reason, fair market valuations are required frequently by the law. The authors believe that approximately 243 sections of the Code and several thousand references in the Regulations explicitly require fair market value determination. Consequently, taxpayers file an estimated 15 million tax returns each year reporting an event involving a valuation related issue. It is no mystery, therefore, why valuation cases are ubiquitous. Today, valuation is an important and highly sophisticated process. Valuators need legitimate guidance to perform their work. The objective of this book is to provide knowledge, and guidance to those who do the valuations as well as those who are affected by them.


This unprecedented text provides:

  • Clear guidance and perspective on business valuation from two of the nation's top authorities, Hon. David Laro and Dr Shannon Pratt.

  • Insightful perspective and discussion on critical issues, procedures and law pertaining to business valuation.

  • An overview of business valuation procedures

  • Law and techniques of Fair Market Value Opinion from the Hon. David Laro and Dr. Shannon Pratt who express their unique and critical views.

  • The business valuer with everything from the basics to the sophisticated. From definitions to valuing complex business interests, what you need to know about business valuation.

  • Everything from empirical market evidence to credible expert business valuation testimony discussed and analyzed by the Hon. David Laro and Dr. Shannon Pratt.

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About the Author-
  • DAVID LARO was appointed by President Bush to the United States Tax Court, confirmed by the Senate, and vested as a federal judge in November 1992. He formerly practiced law in Flint and Ann Arbor, Michigan, specializing in tax law for twenty-four years. Judge Laro was chairman and CEO of a publicly traded international company and cofounded Republic Bancorp, a Michigan bank holding company. He is an adjunct professor of law at Georgetown University Law Center, a visiting professor at the University of San Diego Law School, and a lecturer at Stanford Law School. He is a frequent guest speaker and has written numerous articles on taxation.
Table of Contents-
  • Forewords.

    Preface.

    Acknowledgments.

    1. Standards of Business Valuation.

    Summary.

    Introduction.

    Sources for Defining Value.

    Definitions of Value.

    Premise of Value.

    Conclusion.

    2. Subsequent Events.

    Summary.

    Key Question.

    Valuation Date.

    Subsequent Events—Exceptions.

    Conclusion.

    3. Business Valuation Experts.

    Summary.

    Introduction.

    Proving Business Value.

    The Expert Appraiser.

    Types of Experts.

    Various Roles of Experts.

    Business Valuation Litigation Witnesses.

    Admissibility of Evidence Underlying Expert Opinions.

    Limitations to Admissibility.

    Reliability of the Expert.

    Minimum Thresholds for the Business Valuation Expert.

    Sarbanes-Oxley Act of 2002.

    Attorney Assistance to the Expert.

    Qualified Appraiser.

    Concerns about Expert Testimony.

    Court-Appointed Expert.

    Conclusion.

    Appendix: Expert Credentials and Qualifications.

    4. Sources of Law and Choice of Courts.

    Summary.

    Structure of the American Legal System.

    Tax Law.

    Tax Litigation.

    5. Burden of Proof in Valuation Controversies.

    Summary.

    Burden of Proof.

    Who Bears the Burden of Proof.

    Burden of Proof: Exceptions to the General Rule.

    6. Penalties and Sanctions.

    Summary.

    Introduction.

    What You Need to Know.

    Valuation Penalties.

    General Penalties.

    Discretionary Sanctions.

    7. Valuation and Choice of Entity.

    Summary.

    Introduction.

    Corporations.

    Limited Liability Companies.

    General Partnerships.

    Limited Partnerships.

    Sole Proprietorships.

    Valuation Considerations.

    Choice of Jurisdiction.

    Conclusion.

    8. Valuation of S Corporations and Other Pass-Through Tax Entities: Minority and Controlling Interests.

    Introduction.

    Case Law Background.

    S Corporation Minority Interest Appraisals.

    Comparison of Minority Interest Theories—A Summary of the Issues.

    S Corporation Controlling Interest Appraisals.

    Summary.

    S Corporation Valuation Issues—Partial Bibliography.

    9. Valuation of International Transactions.

    Summary.

    Introduction.

    Transfer Pricing.

    Customs Valuation.

    Conclusion.

    10. Adjustments to Financial Statements.

    Summary.

    Separating Nonoperating Items from Operating Items.

    Addressing Excess Assets and Asset Deficiencies.

    Handling Contingent Assets and Liabilities.

    Adjusting Cash-Basis Statements to Accrual-Basis Statements.

    Normalizing Adjustments.

    Controlling Adjustments.

    Conclusion.

    11. Comparative Financial Statement Analysis.

    Summary.

    Comparable Ratio Analysis.

    Common Size Statements.

    Tying the Financial Statement Analysis to the Value Conclusion.

    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.

    14. The Income Approach.

    Summary of Approaches, Methods and Procedures.

    Introduction to the Income Approach.

    Net Cash Flow: The Preferred Measure of Economic Benefit in the Income Approach.

    Discounting versus Capitalizing.

    Relationship between Discount Rate and Capitalization Rate.

    Projected Amounts of Expected Returns.

    Developing Discount and Capitalization Rates for Equity Returns.

    Weighted Average Cost of Capital (WACC).

    The Midyear Convention.

    The Income Approach in the Courts.

    Conclusion.

    Appendix: An Illustration of the Income...

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Procedure, Law, and Perspective
David Laro
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