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Fleming Cardiovascular, P.A. v. Commissioner

Qualified Business Appraiser and Appraisal Needed A November 2015 memorandum by the U.S. Tax Court in Fleming Cardiovascular, P.A. v. Commissioner found that the Internal Revenue Services ("IRS") did not abuse its discretion in revoking the Fleming Cardiovascular, P.A. Employee Stock Ownership Plan's ("ESOP") qualified and tax exempt status for failure to operate in accordance with plan documents. Of note, ...

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Harnessing the Power of Referral Marketing

The Best Source of Referrals is One Not Readily Considered How can one maximize referral opportunities? What separates the most successful professional services firms from the rest? One key difference is surprisingly simple, and often overlooked: successful firms understand the process of referrals. Most firms work under long-held referral assumptions that are not effective. Most believe that winning new bu ...

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Consider Market Approach Intellectual Property Valuation Methods

IP Valuation—Beyond the Income and Cost Approach Valuation analysts (“analysts”) are often asked to value debtor company intellectual property (IP) within a business bankruptcy context. Some of the bankruptcy reasons to value IP include the assessment of the following: the debtor’s solvency, a secured creditor’s collateral and protection, the fairness of a Section 363 IP asset sale or license, the debtor’s ...

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Utilization of the Asset/Cost Based Approach

In Appraising Outpatient Enterprises Healthcare related outpatient enterprises are those that provide services that do not require hospital admission and may be performed outside the premises of a hospital. Valuation of healthcare related outpatient enterprises, similar to the valuation of any business, should include consideration of the three general approaches to valuation, i.e., the income approach, the ...

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Transitioning the Financially Inexperienced Divorce Client to Self-Sufficiency

The Emergence of the Transitional Support Advisor Following a divorce, how does a financially naïve former spouse transition to become a financially independent former spouse? In this article, the author discusses what is a Transitional Support Expert and that professional’s role in a dissolution proceeding and following entry of the decree. ...

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Reasonable Certainty in Lost Profits Calculations

Prepare, Verify, and Excel at Trial In order to recover lost profits in a commercial damage case, three standards must be met. First, plaintiff must show proximate cause; second, the foreseeability; and third, reasonable certainty. This article will focus on the third standard, reasonable certainty. Experts seeking to provide realistic lost profit estimates must be aware of this standard. The following disc ...

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Taking a Deeper Look into Momentive, Part 2

Why the Choice Between Prime and Treasury Rate Matters Many bankruptcy practitioners have focused on the recent decisions in Momentive[1] that forced secured creditors to refinance prepetition loans at below market interest rates.  Most of these practitioners’ publications focus on the courts’ findings and the potential implication on future matters.  However, three interesting questions are not addressed i ...

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Taking a Deeper Look into Momentive, Part 1

Secured Creditors Lost Almost $200 Million in Economic Value Due to the Imposition of Below Market Interest Rates Many bankruptcy practitioners have focused on the recent decisions in Momentive[1] that forced secured creditors to refinance prepetition loans at below market interest rates.  Most of these practitioners’ publications focus on the courts’ findings and the potential implication on future matters ...

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Discount Rates

The Present Value of Future Lost Profits, and the Time Value of Money Experts estimating the present value of a business’ future lost profits have much less direction from the courts than their counterparts estimating the present value of a person’s lost earning capacity. Professional literature has attempted to fill this gap providing many articles discussing the differing methods for analyzing lost profit ...

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What Drives Business Value?

SPARC the Analysis and Shine Have you ever asked your clients what drives the value of their businesses? If they feel comfortable that they know what drives their business’ value, have you ever asked them why it does? In this article, first of a two part series, Sarah von Helfenstein shares her thoughts on the kinds of things that we, as business analysts and appraisers, should consider when assessing busin ...

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Separating Personal Goodwill from Entity Goodwill in the Closely Held Company Valuation

Guidance from Bross Trucking v. Commissioner (2014) Valuation analysts often have to separate company-owned entity goodwill from shareholder-owned personal goodwill in the valuation of closely held companies. These valuations may be performed for family law, shareholder dispute, breach of contract, or other litigation purposes; for transaction structuring and sale consideration allocation purposes; and for ...

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Internal Profiling for Fraud

How to Apply Survey Data to Your Company, using K-means Clustering We are in an age when fraud statistics and the individual profiles of those committing the fraud are at an all-time high. How does a firm identify factors that will enable the firm to understand the risk? The Association of Certified Fraud Examiners (ACFE) annual fraud survey—readily available for free—provides valuable insight to prevent fr ...

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Freeze Entities

Use of Synthetic Credit Ratings to Determine the Appropriate Market Yield for the Preferred Equity Interest Among the estate tax planning methods that include grants of “carried” or profit interests, grantor retained annuity trusts, outright gifts, etc., entity freeze is a less known, or perhaps, less utilized tool. Yet, in certain circumstances, a freeze entity can be a compelling wealth transfer mechanism ...

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Unprecedented Rise in Life Insurance Costs

Are Older Insured’s Doomed to Pay More? Why is the Cost of Insurance suddenly rising?! Is there anything that insureds can do? For decades, carriers explicitly said that COI increases were unthinkable. In this article, the author identifies the reasons given by four carriers for COI increases and looks at what some other carriers have done to mitigate COI increases. This is particularly important for older ...

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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 3 of 3) In the third article of this three part series, the author discusses the remaining portions of the Job Aid, specifically, the Discussion and Analysis Section of the Job Aid which addresses: Evidence-Based Valuation Analysis, Theory-Based Valuation Analysis, and Weighting of Factors and Approaches and shares his views on the value and limits of this docu ...

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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 2 of 3) In the first of this three-part series, the leading cases involving tax-affecting where analyzed; those cases discussed included: Gross, Wall, Heck, Adams, Dallas, Gallagher, Korbel, and Guistina. This second part analyzes the first two parts of the Job Aid by section, the “Executive Summary” and first three subsections of the “Discussion and Analysis”, ...

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Dissecting the IRS Job Aid on S Corporation Tax Affecting

Background and Objectives of the Job Aid (Part 1 of 3) The release of this series of Job Aids has been hailed by many as a new era of communication and understanding between the Internal Revenue Service, taxpayers, and practitioners. However, in the opinion of this author, and others, releasing these additional documents in such a formal manner seems to be an attempt to influence practitioner behaviors in s ...

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How Social Media Impacts Business Development

Not all Social Networks Are Created Equal Has your firm embraced social media? Be ready! The days of ignoring social media are long gone. Professional services firms looking to accelerate their growth need to embrace social media and dedicate the resources needed to create a strategy, implement it, and track it. In this article, the author presents research on the impact and value of social media to profess ...

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