It is axiomatic that every valuation of a business or business interest must contain a definition or standard of value. Each standard of value contains numerous assumptions, and there can be significant variation in the application of a particular standard of value and its underlying assumptions. Standards of Value addresses many of the ambiguities inherent in applying common standards of value. Written by Jay Fishman, Shannon Pratt, and William Morrison–three renowned valuation practitioners who deal with these issues on a daily basis–this book discusses the interaction between valuation theory and its judicial and regulatory application. A must-read for appraisers, accountants, judges, attorneys, and appraisal users, this insightful book addresses standards of value as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, practitioners will discover some of the intricacies of performing services in these venues, and appraisers will find this book helpful in understanding why the practitioners are asking such questions. Providing expert direction on interpreting and applying standards of value, this guide includes: Valuations for estate and gift tax, shareholder dissent and oppression, and divorce matters presented within their respective judicial frameworksCase-by-case reasoning behind appraisal-related decisionsState-by-state analyses that provide a clearer idea of how a state’s established case law may give insight on the standard of valueA general overview of the concepts of value, cost, and priceFair market value in estate and gift tax valuationsFair value in dissenting and oppressed shareholder mattersThe premises and standards of value used when valuing a business in divorceCurrent and proposed standards for the reporting of assets and liabilities for corporations as established by the Financial Accounting Standards Board (FASB) of the AICPA
Standards Of Value
It is axiomatic that every valuation of a business or business interest must contain a definition or standard of value. Each standard of value contains numerous assumptions, and there can be significant variation in the application of a particular standard of value and its underlying assumptions. Standards of Value addresses many of the ambiguities inherent in applying common standards of value. Written by Jay Fishman, Shannon Pratt, and William Morrison–three renowned valuation practitioners who deal with these issues on a daily basis–this book discusses the interaction between valuation theory and its judicial and regulatory application. A must-read for appraisers, accountants, judges, attorneys, and appraisal users, this insightful book addresses standards of value as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, practitioners will discover some of the intricacies of performing services in these venues, and appraisers will find this book helpful in understanding why the practitioners are asking such questions. Providing expert direction on interpreting and applying standards of value, this guide includes: Valuations for estate and gift tax, shareholder dissent and oppression, and divorce matters presented within their respective judicial frameworksCase-by-case reasoning behind appraisal-related decisionsState-by-state analyses that provide a clearer idea of how a state’s established case law may give insight on the standard of valueA general overview of the concepts of value, cost, and priceFair market value in estate and gift tax valuationsFair value in dissenting and oppressed shareholder mattersThe premises and standards of value used when valuing a business in divorceCurrent and proposed standards for the reporting of assets and liabilities for corporations as established by the Financial Accounting Standards Board (FASB) of the AICPA