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Every week we bring you featured industry articles pertaining to specific industry niches. These articles also appear in their respected categories in addition to the featured category. Expect three new featured articles per week.

Discounts for Lack of Marketability

Consideration for Closely Held Securities, Part I of II Valuation analysts may be asked to value closely held company securities for various reasons. These reasons include transaction pricing, financial accounting, taxation planning and compliance, and litigation (related to both breach of contract and tort claims). Depending on: 1) the business valuation approaches and methods applied; and 2) the benchmark ...

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Are You Ready to Serve as an Expert Witness?

The Question of Admissibility (Part III of VII) Are you ready to serve as an expert witness? Your training and experience are critical factors establishing your qualifications, but not a license to testify on matters beyond your scope of expertise. In this article, the author shares her experience evaluating your admissibility as an expert. ...

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Should Sponsorships be Part of Your Marketing Plan?

How do Sponsorships Rank as a Strategy for Business Development? How effective are sponsorships developing business leads? Sponsorships provide visibility to a captive audience and ideally convey the firm’s commitment to the cause or event. In this article, Dr. Frederiksen shares his findings on this subject, as well as discusses findings involving the pay to play sponsorships and the community sponsorship ...

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ABA Mid-Year Tax Section Roundup

Estate, Gift, and Tax Projects in the Horizon At the ABA Mid-Years Tax Section Meeting, Cathy Hughes and Melissa Liquerman of the IRS Office of Chief Counsel revealed a number of projects that are underway at the Service. In this article, several of those projects pertinent to valuation analysts are discussed, including the status of sec. 2704 regulations. ...

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The 76ers Will Make the 2015-16 Playoffs

Could that Opinion Survive a Daubert Challenge? (Part III of III) This is the third and final article of the series. Part I provided background for this thought exercise and identified the size of the hole the 76ers had to climb out of to make the playoffs. Part II addressed the path an expert might take to arrive at his or her opinion. This part addresses the implications of the thought exercise on valuati ...

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The 76ers Will Make the 2015-16 Playoffs

Could that Opinion Survive a Daubert Challenge? (Part II) This is the second article of a three-part article. Part I provided background for this thought exercise and identified the size of the hole that the 76ers had to climb out of to make the playoffs. Part II addresses the path an expert might take to arrive at his or her opinion. This part of the article has two objectives. First, it attempts to use a ...

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The Income Tax Treatment of Economic Damages Awards

Part 1: The Income Tax Treatment of Personal Economic Damages Awards Financial experts are frequently asked about the tax impact of damage awards, both paid and received. The complexities of the Internal Revenue Code (“IRC”) and judicial interpretations thereof make determining the taxability of receipts or payments difficult. The same is true when dealing with the taxability of economic damages awarded to ...

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A Testifying Expert Believes the 76ers Will Make the 2015-16 Playoffs

Could that Opinion Survive a Daubert Challenge? (Part I) This article is comprised of three parts. Part I provides background for this thought exercise and identifies the size of the hole the 76ers had to climb out of to make the playoffs. Part II will address the path an expert might take to arrive at his or her opinion. Part III will address the implications of this thought exercise on valuation-related D ...

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The Cost to Obtain Liquidity

Studies in the Closely Held Company Valuation (Part II of II) In the first part of this two-part discussion, the author identified six transaction risk factors attempting to sell a controlling (including 100 percent) interest in a closely held company. Those included: 1) an uncertain time horizon to complete the offering or sale; 2) “Make ready” accounting, legal, and other costs to prepare for and execute ...

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Tax Court Rules of What Constitutes a Gift in the Context of a Split-Dollar Life Insurance Policy

Estate of Morrissette v. Commissioner, 146 T.C. No. 11 (April 13, 2016) The Tax Court’s ruling in Morrissette is very important to the estate planning community, in that, intergenerational split-dollar life insurance arrangements have become much more popular since the IRS released its final split-dollar regulations in 2003. Yet, widespread use of this technique has been suppressed by uncertainty with respe ...

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Measuring the DLOM for a Closely Held Company Controlling Interest

Six Transaction Risks Owners Face Selling a Company that May Explain DLOM (Part I of II) In this first of a two-part article, Robert Reilly reviews the various models analysts use to estimate the DLOM and factors analysts consider in the DLOM selection. Valuation analysts often value closely held companies for transaction, taxation, financing, accounting, litigation, and other purposes. Depending on: 1) the ...

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How Social and Digital Media can be a #Majorrisk

Electronic Communication can be Fraught with Peril for the Unwary CPA Electronic communication can be fraught with peril for the unwary professional. CPAs who become over-reliant on this form of communication confront increased professional liability risk. This column explores some of the more common risks CPAs may encounter with electronic communication and discusses how a professional can make appropriate ...

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Lost Profits versus Lost Business Value

Differences Between the Two Values Damages remedies often focus on lost profits and lost business value, with such remedies typically calculated by financial experts. There continues to be a trend in the courts to preclude experts from testifying, or to disregard them altogether because their opinion does not meet the reasonable certainty standard. Either of these outcomes can be a devastating result for th ...

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Estate of Newberger v. Commissioner

What About Subsequent Events—Lessons from the Valuation of Artwork? In the December 2015 Tax Court Memo Estate of Newberger v. Commissioner, the Tax Court considered post-date-of-death sales prices in the valuation of three separate pieces of artwork owned by the decedent. Considered in one instance was the sale of the actual piece of art itself, and in two other instances, the sale of other pieces of art c ...

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Creating the Bridge Between Transfer Pricing and the Valuation of Intangibles

Mergers and acquisitions (M&A) have continued growing since 2008’s financial crisis.  Through the first three months of 2016, the value of worldwide M&A totaled nearly $750 billion.  Cross-border M&A activity totaled $308 billion—accounting for a quarterly record-high 41% share of global M&A value.  As in previous years, M&A in industries with hefty intangible assets—such as pharmaceutic ...

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What is the Best Way to Balance Your Marketing Investment?

Shift Your Investment Effort How much should a high-growth firm invest in marketing? What techniques or investments pay off more—traditional or social marketing? What should a high-growth marketing firm expect from these investments? How do results differ from firms that are not growing? How do high-growth firms differ from other firms? In this article, Dr. Frederiksen answers these and other questions. ...

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