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Standards of Value: Theory and Applications, 2nd Edition

Book Description

Expert direction on interpretation and application of standards of value

Written by Jay Fishman, Shannon Pratt, and William Morrison—three renowned valuation practitioners—Standards of Value, Second Edition discusses the interaction between valuation theory and its judicial and regulatory application. This insightful book addresses standards of value (SOV) as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, you will discover some of the intricacies of performing services in these venues.

  • Features new case law in topics including personal good will and estate and gift tax, and updated to cover the new standards issued since the first edition

  • Includes an updated compendium discussing the standards of value by state, new case law covering divorce, personal goodwill, and estate and gift tax, and coverage of newly issues financial standards

  • Shows how the Standard of Value sets the appraisal process in motion and includes the combination of a review of court cases with the valuator's perspective

  • Addresses the codification of GAAP and updates SOV in individual states

Get Standards of Value, Second Edition and discover the underlying intricacies involved in determining "value."

Table of Contents

  1. Cover
  2. Series
  3. Title Page
  4. Copyright
  5. Dedication
  6. Foreword
  7. Preface
  8. Acknowledgments
  9. About the Authors
  10. Introduction
    1. PURPOSE
    2. CHAPTER PREVIEW
    3. HOW STANDARD OF VALUE CAN AFFECT THE ULTIMATE CONCLUSION OF VALUE
  11. Chapter 1: Common Standards and Premises of Value
    1. COMMON STANDARDS AND PREMISES
    2. COMMON STANDARDS OF VALUE
    3. COMMON OPERATIONAL PREMISES UNDERLYING THE STANDARD OF VALUE
    4. SUMMARY
  12. Chapter 2: Fair Market Value in Estate and Gift Tax
    1. INTRODUCTION
    2. ELEMENTS OF FAIR MARKET VALUE
    3. SUMMARY
  13. Chapter 3: Fair Value in Shareholder Dissent and Oppression
    1. FAIR VALUE AS THE STANDARD OF VALUE IN DISSENT, OPPRESSION, AND ENTIRE FAIRNESS CASES
    2. THE APPRAISAL REMEDY FOR DISSENTING SHAREHOLDERS
    3. THE OPPRESSION REMEDY
    4. FAIR VALUE IS THE STANDARD OF VALUE IN APPRAISAL AND OPPRESSION IN ALMOST ALL STATES
    5. THE VALUATION DATE—BEFORE THE EFFECTUATION OF THE CORPORATE ACTION TO WHICH THE SHAREHOLDER OBJECTS
    6. CUSTOMARY AND CURRENT VALUATION TECHNIQUES
    7. FAIR VALUE IN DELAWARE
    8. OHIO'S UNFAVORABLE STANDARD OF VALUE IN APPRAISALS
    9. FAIR VALUE NORMALLY EXCLUDES DISCOUNTS AND PREMIUMS
    10. EQUITABLE ADJUSTMENTS TO FAIR VALUE
    11. SUMMARY
  14. Chapter 4: Standards of Value for Partnership and Limited Liability Company Buyouts
    1. INTRODUCTION
    2. BUYOUT UPON DISSOCIATION
    3. BUYOUT IN LIEU OF DISSOLUTION
    4. DISSENTERS' RIGHTS
    5. PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS (LLPS)
    6. LIMITED LIABILITY COMPANIES, GENERALLY
    7. SUMMARY
  15. Chapter 5: Standards of Value in Divorce
    1. INTRODUCTION
    2. PREMISES AND STANDARDS OF VALUE IN DIVORCE
    3. STANDARDS OF VALUE IN DIVORCE AMONG THE 50 STATES
    4. VALUE IN EXCHANGE
    5. VALUE TO THE HOLDER
    6. SUMMARY
  16. Chapter 6: Fair Value in Financial Reporting
    1. INTRODUCTION
    2. APPLICATION OF FAIR VALUE
    3. APPLICATION OF THE FAIR VALUE STANDARD TO BUSINESS COMBINATIONS
    4. APPLICATION OF THE FAIR VALUE STANDARD TO ASSET IMPAIRMENT TESTS
    5. INTERPRETATION OF FAIR VALUE COMPARED TO OTHER STANDARDS OF VALUE
    6. AUDIT ISSUES
    7. SUMMARY
    8. APPENDIX: SOURCES OF INFORMATION
  17. Appendix A: International Business Valuation Standards
    1. INTRODUCTION
    2. INTERNATIONAL VALUATION STANDARDS COUNCIL
    3. TORONTO VALUATION ACCORD
    4. ROYAL INSTITUTE OF CHARTERED SURVEYORS
    5. INTERNATIONAL FINANCIAL REPORTING STANDARDS
  18. Appendix B: Chart—Fair Value in Dissent and Oppression
  19. Appendix C: Standards of Value in Divorce Classifications by State and Standard of Value
  20. Index