Standards of Value
Theory and Applications
2nd Edition
Published on 28. March 2013
496 pages
978-1-118-22540-0 (ISBN)
Description
Expert direction on interpretation and application of standardsof value
Written by Jay Fishman, Shannon Pratt, and WilliamMorrison--three renowned valuationpractitioners--Standards of Value, Second Editiondiscusses the interaction between valuation theory and its judicialand regulatory application. This insightful book addressesstandards of value (SOV) as applied in four distinct contexts:estate and gift taxation; shareholder dissent and oppression;divorce; and financial reporting. Here, you will discover some ofthe intricacies of performing services in these venues.
* Features new case law in topics including personal good willand estate and gift tax, and updated to cover the new standardsissued since the first edition
* Includes an updated compendium discussing the standards ofvalue by state, new case law covering divorce, personal goodwill,and estate and gift tax, and coverage of newly issues financialstandards
* Shows how the Standard of Value sets the appraisal process inmotion and includes the combination of a review of court cases withthe valuator's perspective
* Addresses the codification of GAAP and updates SOV inindividual states
Get Standards of Value, Second Edition and discover theunderlying intricacies involved in determining "value."
More details
Other editions
Additional editions
Book
05/2013
2nd Edition
Wiley
€120.50
Shipment within 15-20 days
Previous edition
E-Book
11/2006
Wiley
€94.99
Available for download
Person
JAY E. FISHMAN, FASA, is coauthor or contributing authorof seven professional books. He is a managing director of FinancialResearch Associates, a regional business valuation and forensicaccounting firm. He has conducted hundreds of business valuationsand has qualified as an expert witness and provided testimony inseveral federal and state courts.
SHANNON P. PRATT is one of the most successful andrespected authors in the field of business valuations. He haswritten many industry standard texts. Over a distinguished careerspanning more than four decades, he has performed valuationengagements for M&As, ESOPs, and numerous other purposes. Dr.Pratt is CEO of Shannon Pratt Valuations, a business valuation firmlocated in Portland, Oregon.
WILLIAM J. MORRISON, CPA, ABV, CFF, is a partner atWithumSmith+Brown, a regional mid-Atlantic CPA firm, and isfrequently appointed by the courts as a valuation expert. He haspublished articles on forensic accounting and valuation. He is aformer FBI agent and has conducted thousands of forensic accountinginvestigations and business valuations of closely heldcompanies.
Content
Foreword
Preface
Acknowledgments
About the Authors
Introduction
Purpose
Chapter Preview
How Standard of Value Can Affect the Ultimate Conclusion of Value
Chapter 1 Common Standards and Premises of Value
Common Standards and Premises
Common Standards of Value
Common Operational Premises Underlying the Standard of Value
Other Issues
Summary
Chapter 2 Fair Market Value in Estate and Gift Tax
Introduction
Elements of Fair Market Value
Summary
Chapter 3 Fair Value in Shareholder Dissent and Oppression (Gilbert E. Matthews, Michelle Patterson and Jay E. Fishman)
Fair Value as the Standard of Value in Dissent and Oppression
The Appraisal Remedy for Dissenting Shareholders
The Oppression Remedy
Fair Value Is the Standard of Value in Appraisal and Oppression in Almost All States
Breaking Down the Components of Fair Value
Fair Value in Delaware
Ohio's Unique and Unfavorable Standard of Value in Appraisals
Fair Value Usually Excludes Discounts and Premiums
Equitable Adjustments to Fair Value
Summary
Chapter 4 Standards of Value for Partnership and Limited Liability Company Buyouts
Introduction
Buyout upon Dissociation
Buyout in Lieu of Dissolution
Dissenters' Rights
Effect of Dissociation
Dissent
Dissolution
Distribution upon Partner's Withdrawal
Limited Partnership Cases Rejecting Discounts
Limited Liability Companies, Generally
Uniform Acts
Buyout in Lieu of Dissolution
Withdrawal and Buyout
Dissenters' Rights
Professional LLCs
LLC Decisions
Summary
Chapter 5 Standards of Value in Divorce
Introduction
Premises and Standards of Value in Divorce
Standards of Value in Divorce among the 50 States
Value in Exchange
Value to the Holder
Summary
Chapter 6 Fair Value in Financial Reporting
Introduction
Application of Fair Value
Application of the Fair Value Standard to Business Combinations
Application of the Fair Value Standard to Asset Impairment Tests
Interpretation of Fair Value Compared to Other Standards of Value
Audit Issues
Summary
Appendix: Sources of Information
Appendix A International Business Valuation Standards
Introduction
International Valuation Standards Council
Toronto Valuation Accord
Royal Institute of Chartered Surveyors
International Financial Reporting Standards
Appendix B Fair Value in Dissent and Oppression Chart
Appendix C Standard of Value Divorce Chart
Index
