Standards of Value
Theory and Applications
Second Edition
Any valuation must have a standard of value underlying it in order to be meaningful. While some standards are clearly defined and widely agreed upon, many others pose significant ambiguities to the legal and regulatory bodies that adjudicate them. In order to produce accurate, legally meaningful valuations, practitioners need to understand both the relevant standard and the way it has typically been applied.
To this end, Standards of Value, Second Edition provides a detailed examination of the interactions between valuation theory and its practical applications. Covering such standards as investment value, fair value, and fair market value, the discussion spans four key areas: estate and gift taxation, shareholder dissent and oppression, divorce, and financial reporting. This essential volume offers professionals a useful survey of standards of value and their treatment in varying contexts across all fifty U.S. states and the District of Columbia. The in-depth coverage of each area draws on annotated statutes and regulations, law journals and other publications, and the reasoning in key precedential cases.
This fully revised and updated new edition features:
- New discussion of case law concerning divorce, personal good will, and estate and gift tax
- An updated and current compendium of standards of value by state
- Coverage of newly issued financial standards and GAAP codification
- A new chapter on standards of value for buyouts from general partnerships, limited partnerships, limited liability partnerships (LLPs), and limited liability companies (LLCs)
Because standards of value may offer room for interpretation, depending on the situation and venue, understanding the context of any valuation is essential for achieving a successful outcome. Standards of Value, Second Edition gives appraisers, attorneys, and other professionals an unparalleled guide to both the conceptual underpinnings and practical application of these key valuation frameworks.
Standards of Value
Theory and Applications
Second Edition
Any valuation must have a standard of value underlying it in order to be meaningful. While some standards are clearly defined and widely agreed upon, many others pose significant ambiguities to the legal and regulatory bodies that adjudicate them. In order to produce accurate, legally meaningful valuations, practitioners need to understand both the relevant standard and the way it has typically been applied.
To this end, Standards of Value, Second Edition provides a detailed examination of the interactions between valuation theory and its practical applications. Covering such standards as investment value, fair value, and fair market value, the discussion spans four key areas: estate and gift taxation, shareholder dissent and oppression, divorce, and financial reporting. This essential volume offers professionals a useful survey of standards of value and their treatment in varying contexts across all fifty U.S. states and the District of Columbia. The in-depth coverage of each area draws on annotated statutes and regulations, law journals and other publications, and the reasoning in key precedential cases.
This fully revised and updated new edition features:
- New discussion of case law concerning divorce, personal good will, and estate and gift tax
- An updated and current compendium of standards of value by state
- Coverage of newly issued financial standards and GAAP codification
- A new chapter on standards of value for buyouts from general partnerships, limited partnerships, limited liability partnerships (LLPs), and limited liability companies (LLCs)
Because standards of value may offer room for interpretation, depending on the situation and venue, understanding the context of any valuation is essential for achieving a successful outcome. Standards of Value, Second Edition gives appraisers, attorneys, and other professionals an unparalleled guide to both the conceptual underpinnings and practical application of these key valuation frameworks.
About the Author
JAY E. FISHMAN, FASA, is coauthor or contributing author of seven professional books. He is a managing director of Financial Research Associates, a regional business valuation and forensic accounting firm. He has conducted hundreds of business valuations and has qualified as an expert witness and provided testimony in several federal and state courts.
SHANNON P. PRATT is one of the most successful and respected authors in the field of business valuations. He has written many industry standard texts. Over a distinguished career spanning more than four decades, he has performed valuation engagements for M&As, ESOPs, and numerous other purposes. Dr. Pratt is CEO of Shannon Pratt Valuations, a business valuation firm located in Portland, Oregon.
WILLIAM J. MORRISON, CPA, ABV, CFF, is a partner at WithumSmith+Brown, a regional mid-Atlantic CPA firm, and is frequently appointed by the courts as a valuation expert. He has published articles on forensic accounting and valuation. He is a former FBI agent and has conducted thousands of forensic accounting investigations and business valuations of closely held companies.
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