[下载]Standards of Value: Theory and Applications

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Standards of Value: Theory and Applications (Hardcover)

Author:Jay E. Fishman , Shannon P. Pratt , William J. Morrison

Publisher: Wiley

Publishing date: November 10, 2006

Pages:368 pages

Amazon Price:$80.30

Amazon Link:http://www.amazon.com/Standards-Value-Applications-Jay-Fishman/dp/0471694835/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1204796258&sr=8-1

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2008-3-6 17:42:00 上传

[下载]Standards of Value: Theory and Applications
需要: 36 个论坛币  [购买]

Book Description
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.

From the Inside Flap
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 frameworks
• Case-by-case reasoning behind appraisal-related decisions
• State-by-state analyses that provide a clearer idea of how a state's established case law may give insight on the standard of value
• A general overview of the concepts of value, cost, and price
• Fair market value in estate and gift tax valuations
• Fair value in dissenting and oppressed shareholder matters
• The premises and standards of value used when valuing a business in divorce
• Current and proposed standards for the reporting of assets and liabilities for corporations as established by the Financial Accounting Standards Board (FASB) of the AICPA

Contents
Acknowledgments xiii
Foreword xvii
Preface xix
Introduction: Standards of Value 1
1 Common Standards and Premises of Value 17
Common Standards and Premises 17
Price, Value, and Cost 18
Defining a Standard of Value 19
Premises of Value 20
Common Standards of Value 21
Fair Market Value 21
Fair Value 23
Investment Value 24
Intrinsic Value 25
Book Value 28
Common Operational Premises Underlying the Standard of Value 28
Going Concern 28
Liquidation Value 29
Other Issues 30
Fair Value in Alternate Contexts 30
Fair Market Value in Alternate Contexts 31
Standards of Value in the International Context 32
Summary 33
2 Fair Market Value in Estate and Gift Tax 35
Introduction 35
Common Definitions of Fair Market Value 36
History of Fair Market Value 37
Elements of Fair Market Value 41
Price at Which a Property Would Change Hands 42
Willing Buyer 44
Willing Seller 53
No Compulsion to Buy or Sell 56
Reasonable Knowledge of Relevant Facts 61
Common Discounts 77
Summary 84
3 Fair Value in Shareholder Dissent and Oppression 87
Introduction 87
Fair Value 91
Early References to Fair Value 91
Fair Value as Defined by Various Authorities and Statutes 92
Dissenter’s Rights 95
Overview and History 95
Growth in Popularity of the Appraisal Remedy 98
Context of Modern Appraisal Rights 99
Oppression Remedy 100
Development of Oppression Remedy 100
Alternative Remedies 104
Context of Oppression Remedy 105
Freeze-Outs and Squeeze-Oouts 106
Recognizing Oppression 108
Reasonable Expectations 110
Breach of Fiduciary Duty 112
Heavy-Handed and Arbitrary or Overbearing Conduct 113
Standard of Value in the 50 States 115
Breaking Down the Components of Fair Value 120
Before the Effectuation of the Corporate Action to Which
the Shareholder Objects 120
Excluding Any Appreciation or Depreciation in Anticipation
of the Corporate Action Unless Exclusion Would Be
Inequitable 122
Current and Customary Valuation Techniques 123
Discounts and Premiums 129
Level of Value 130
Other Shareholder Level Discounts 131
Entity-Level Discounts 134
Control Premiums 135
Extraordinary Circumstances 137
Equitable Adjustments 146
Delaware’s Entire Fairness 146
Consideration of Wrongdoing in Calculating Fair Value 149
Discounts Used as an “Equitable Adjustment” 154
Damage Claims 159
Fair Value and the Minority Shareholder 161
Summary 162
4 Standards of Value in Divorce 165
Introduction 165
Marital Property: General Background and History 168
Identification of Marital Property and Separate Property 170
Relationship between Valuation and Identification of
Intangible Assets 173
Appreciation on Separate Property 174
Premises and Standards of Value in Divorce 177
Premises of Value 177
Standards of Value 179
Premises of Value Revealed through the Valuation of
Insurance Agencies 183
Concepts of Value under the Two Premises 185
Standards of Value in Divorce among the 50 States 186
Lack of Statutory Insight 186
Revealing Standard of Value through Case Law 188
Toward a Standard of Value Classification System 192
Value in Exchange 201
Goodwill 201
Lack of Control and Marketability Discounts under Value in Exchange 216
Buy-Sell Agreements under Value in Exchange 221
Value to the Holder 226
Goodwill 226
Shareholder Level Discounts under the Value to the Holder
Premise 238
Buy-Sell Agreements under Value to the Holder 239
Summary 242
5 Fair Value in Financial Reporting 245
Introduction 245
Fair Value in Financial Reporting: What Is It? 246
History of Fair Value in U.S. Accounting Literature 249
Application of the Fair Value Standard to Business Combinations 253
Application of the Fair Value Standard to Asset Impairment Tests 258
Interpretation of Fair Value Compared to Other Standards of Value 263
Fair Value in Financial Reporting versus Fair Value in
Dissenters’ Rights Cases 263
Fair Value in Financial Reporting versus Investment Value 263
Fair Value in Financial Reporting versus Fair Market Value 263
Audit Issues 266
Summary 267
Sources of Information 269
Appendix A International Business Valuation Standards 271
Appendix B Fair Value in Dissent and Oppression Chart 281
Appendix C Standard of Value Divorce Chart 299

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2008-3-6 17:41:00 上传

[下载]Standards of Value: Theory and Applications
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