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Using a Non-Beta-Adjusted Size Premium in the Context of the CAPM Will Likely Overstate Risk and Understate Value

Measuring the Relative Performance of Small Stock vs. Large Stock and the Cost of Equity Roger Ibbotson and James Harrington discuss two different ways of measuring the relative performance of small stocks versus large stocks in this article: (i) the “small stock premium” and (ii) the “beta-adjusted size premium”. Ibbotson and Harrington demonstrate why using a non-beta-adjusted size premium within the cont ...

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Case Law Update

February 2019—U.S. Tax Court on Valuation of Conservation Easements and Expert Testimony The U.S. Tax Court issued two valuation decisions in late December 2018 that may be of interest to QuickRead readers. The opinion is 116 pages long and delves into what is a qualified real property easement that qualifies for a charitable deduction, and the 36-page memorandum provides guidance regarding how the court we ...

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Where Should Rich Clients Retire?

If your clients are super wealthy and want to avoid a big tax bill, they’re better off retiring in Michigan than in Maryland. The IRS collects around $18 billion in estate taxes annually, according to the agency. To read the full article in Financial Planning, click: Where Should Rich Clients Retire? ...

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How Tax Reform is Changing Clients’ Financial Plans

CPA financial planners name charitable giving, business structure and estate plans as the areas of clients' financial plans they have had to adjust most frequently after passage of the law known as the Tax Cuts and Jobs Act. Planners can tap into their technical expertise to evaluate how different tax strategies would align with a client's overall financial picture, said Robert Westley, CPA/PFS. Ultimately, ...

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Residency and Domicile Determinations

for State Income Tax Purposes How will the SALT limits impact growth? Demographic trends? In this article, the author looks at current data, considers these issues and other tax matters that complicate residency choices and options. A few years ago Fox News Channel’s commentator and nationally syndicated radio talk show host (both based in New York), Sean Hannity, threatened that he was going to leave New Y ...

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The Evolving Landscape

of Patent Litigation Damages In the last 18 months, we have seen numerous decisions which will likely have a dramatic impact on the landscape of patent litigation damages. Two of the most impactful decisions, Apple v. Samsung and WesternGeco v. Ion Geophysical, made their way to the United States Supreme Court. However, we will not see the true practical outcome of either of these hallmark decisions for man ...

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Valuation of Ambulatory Surgery Centers

In an Era of Reform: Value Drivers (Part II of II) As stated in Part I of this II-part series, as the demand for healthcare services continues to grow, the site at which these services are performed is experiencing a simultaneous transformation from the inpatient (e.g., hospital) setting to the outpatient setting—e.g., at ambulatory surgery centers (ASCs). This article will review the unique value drivers t ...

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The Daubert Standard’s Impact

on Expert Witness Testimony Expert witness testimony has played a vital role in both criminal and civil trials in the United States. Testimony from expert witnesses constantly helps judges and jurors reach conclusions in controversial and complex cases. Therefore, the Daubert Standard is important to know and understand in general, and especially as an expert witness. The Daubert Standard helps courts deter ...

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Preparing for an Unexpected SEC Audit

Preparing for an audit by the Securities and Exchange Commission can be a significant undertaking for a small firm. During stressful times such as this, leaders should stay confident and set a positive example for others. To read the full article in Smart Brief, click: Preparing for an Unexpected SEC Audit. ...

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Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China

Apple is rushing to release an iOS update in China to resolve potential infringement of Qualcomm patents. The news follows a report stating that a Chinese sales ban of certain iPhone models would cost Apple millions of dollars a day. To read the full article in Cult of Mac, click: Apple Hopes iOS Update Will Help Overturn Costly iPhone Sales Ban in China. ...

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Valuation of Ambulatory Surgery Centers

In an Era of Reform (Part I of II) As demand for healthcare services continues to grow, the site at which these services are performed is experiencing a simultaneous transformation from the inpatient (e.g., hospital) setting to the outpatient setting. This transformation is being driven by factors such as: (1) technological advancements; (2) an increasingly consumer-driven and convenience-driven healthcare ...

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Are You a Modern-Day Digital Sharecropper?

Or, Why Aren’t You Hosting Your Own Content? (Part I of III) Many of us create content for, and market on, social media platforms—like LinkedIn, YouTube, Facebook, and Twitter. The questions are: Is this a dangerous practice? And if so, what should we be doing instead? Many of us create content for, and market on, social media platforms, like: LinkedIn, YouTube, Facebook, and Twitter. The questions are: Is ...

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Trim Tax Tabs with These Year-End Moves: Tax Strategy Scan

With the year coming to a close, Kiplinger offers last-minute tips for retirees to enhance their tax savings this year. Clients nearing retirement will need to revise their tax-saving strategies, as some tax breaks are no longer available and replaced by new ones, thanks to the new tax law, according to Kiplinger. For example, these clients should consider running the numbers based on standard deduction and ...

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Advisor Shortage? What Advisor Shortage?

Excuse me, did Todd Thomson just say there too many financial advisors, not too few? Puncturing one of the RIA industry’s most widely-accepted axioms, the Dynasty Financial Partners chairman did indeed make that assertion at the recent MarketCounsel Summit in Las Vegas. Contrary to ominous reports of a talent shortage, Thomson said, too many advisors are serving too few clients. To read the full article in ...

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Google is Spending $1 Billion to Build a Massive New Campus in New York

Days after Apple announced a major expansion to its operations in the U.S.—including a new $1 billion campus in Austin—fellow tech giant Google has announced that it too will invest $1 billion as it sets up a new campus at Hudson Square in New York. To read the full article in Tech Crunch, click: Google is Spending $1 Billion to Build a Massive New Campus in New York. ...

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