Standards of Value

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 "e;value."e;

Expert direction on interpretation and application of standardsof valueWritten by Jay Fishman, Shannon Pratt, and WilliamMorrison--three renowned valuationpractitioners--Standards of Value, Second Editiondiscusses the interaction between valuation theory and its judicialand regulatory application. This insightful book addressesstandards 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 ofthe intricacies of performing services in these venues.* Features new case law in topics including personal good willand estate and gift tax, and updated to cover the new standardsissued since the first edition* Includes an updated compendium discussing the standards ofvalue by state, new case law covering divorce, personal goodwilland estate and gift tax, and coverage of newly issues financialstandards* Shows how the Standard of Value sets the appraisal process inmotion and includes the combination of a review of court cases withthe valuator's perspective* Addresses the codification of GAAP and updates SOV inindividual statesGet Standards of Value, Second Edition and discover theunderlying intricacies involved in determining "value."

ForewordPrefaceAcknowledgmentsAbout the AuthorsIntroductionPurposeChapter PreviewHow Standard of Value Can Affect the Ultimate Conclusion of ValueChapter 1 Common Standards and Premises of ValueCommon Standards and PremisesCommon Standards of ValueCommon Operational Premises Underlying the Standard of ValueOther IssuesSummaryChapter 2 Fair Market Value in Estate and Gift TaxIntroductionElements of Fair Market ValueSummaryChapter 3 Fair Value in Shareholder Dissent and Oppression (Gilbert E. Matthews, Michelle Patterson and Jay E. Fishman)Fair Value as the Standard of Value in Dissent and OppressionThe Appraisal Remedy for Dissenting ShareholdersThe Oppression RemedyFair Value Is the Standard of Value in Appraisal and Oppression in Almost All StatesBreaking Down the Components of Fair ValueFair Value in DelawareOhio's Unique and Unfavorable Standard of Value in AppraisalsFair Value Usually Excludes Discounts and PremiumsEquitable Adjustments to Fair ValueSummaryChapter 4 Standards of Value for Partnership and Limited Liability Company BuyoutsIntroductionBuyout upon DissociationBuyout in Lieu of DissolutionDissenters' RightsEffect of DissociationDissentDissolutionDistribution upon Partner's WithdrawalLimited Partnership Cases Rejecting DiscountsLimited Liability Companies, GenerallyUniform ActsBuyout in Lieu of DissolutionWithdrawal and BuyoutDissenters' RightsProfessional LLCsLLC DecisionsSummaryChapter 5 Standards of Value in DivorceIntroductionPremises and Standards of Value in DivorceStandards of Value in Divorce among the 50 StatesValue in ExchangeValue to the HolderSummaryChapter 6 Fair Value in Financial ReportingIntroductionApplication of Fair ValueApplication of the Fair Value Standard to Business CombinationsApplication of the Fair Value Standard to Asset Impairment TestsInterpretation of Fair Value Compared to Other Standards of ValueAudit IssuesSummaryAppendix: Sources of InformationAppendix A International Business Valuation StandardsIntroductionInternational Valuation Standards CouncilToronto Valuation AccordRoyal Institute of Chartered SurveyorsInternational Financial Reporting StandardsAppendix B Fair Value in Dissent and Oppression ChartAppendix C Standard of Value Divorce ChartIndex