Business Valuation and Taxes: Procedure, Law, and Perspective

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.

Download Description
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.

From the Inside Flap
There are several hundred sections of the Internal Revenue Code and several thousand references in the federal tax regulations that explicitly require fair market value determination. Consequently, taxpayers file an estimated fifteen million tax returns each year reporting an event involving a valuation-related issue. Business Valuation and Taxes is the first comprehensive resource providing knowledge and guidance to everyone involved in this high-stakes process, complete with a full overview of the laws, procedures, and approaches related to business valuation.

Business Valuation and Taxes provides insightful discussions on the relationship between federal taxes and valuation, and specifically, valuations relating to business interests. Combining the expert knowledge of coauthors Judge David Laro and Shannon Pratt, this accessible reference shares their decades of experience and advice on everything practitioners need to know about business valuation—from general definitions to valuing complex business interests.

Business Valuation and Taxes combines basic information with important perspectives on current issues. It provides a broad understanding of the basic knowledge needed to appreciate business valuation, and addresses the techniques and procedures of conducting a business valuation. It also features in-depth examinations of numerous topics that are particularly important to practitioners, including:

* Standards of business valuation
* Sources of law and choice of courts
* Subsequent events
* IRS positions
* Valuation and choice of entity
* Burden of proof in valuation controversies
* The income approach
* The market approach
* The asset-based approach
* Questions to ask business valuation experts
* Economic and industry analysis
* Tax-affecting pass-through entities
* And more!

Valuators, CPAs consulting on valuations, attorneys, corporate development officers, and intermediaries will discover a wellspring of vital information on valuation approaches, techniques, finance-related issues, burden of proof, standards, choice of entity, and much more.

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.

SHANNON P. PRATT’s reputation for knowledge and experience in the field of business valuation is legendary and unparalleled. As managing owner of Business Valuation Resources, LLC, he is the Editor-in-Chief of the monthly newsletter Shannon Pratt’s Business Valuation Update®. He has authored or coauthored several industry-standard books, including Valuing a Business: The Analysis and Appraisal of Closely Held Companies; Valuing Small Business and Professional Practices; Cost of Capital: Estimation and Applications; and Business Valuation Body of Knowledge (Wiley). He formed Willamette Management Associates and presently practices business valuation as an independent consultant………………………………………………………..

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