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Showing 385–392 of 392 results
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FIN 46 may affect valuations of partnership interests
May / June 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 575
Abstract: Several years ago, the Financial Accounting Standards Board released Interpretation No. 46 (FIN 46), Consolidation of Variable Interest Entities. This interpretation requires the consolidation of business enterprises with certain related entities on their financial statements. This article talks about the implications of FIN 46 when valuing partnership interests for litigation purposes, including consolidating a variable interest entity.
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Federal court denies IRS access to taxpayer’s work product
May / June 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 1112
Abstract: A recent federal court decision lends support to taxpayers’ efforts to protect their tax accrual workpapers from disclosure to the IRS. The ruling in U.S. v. Textron Inc. (D.R.I. 2007) could prove critical in light of a relatively new accounting standard, FIN 48, which requires corporate taxpayers to document their uncertain tax positions and make related public disclosures. But because the years at issue in Textron occurred before the standard’s effective date, it remains unclear whether required public filing disclosures required will waive work product privilege.
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Supreme Court decision could require fresh patent valuations
March / April 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 687
Abstract: A U.S. Supreme Court ruling welcomed by many in the technology arena may have made it more difficult to obtain and retain patent protection. The decision in KSR International Co. v. Teleflex Inc (U.S. 2007) could diminish the value of some patents and their related revenues. Because it has implications for compliance with the Sarbanes-Oxley Act (SOX) and certain accounting standards, some companies may require new patent valuations.
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Valuing S corporations – Tax-affecting reels from another blow
March / April 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 664
Abstract: In Bernier v. Bernier (Mass. 2007), the court considered whether tax-affecting — which reduces a business’s projected future income by deducting hypothetical corporate income taxes — was inappropriate in valuing an S corporation. This article explains how the Bernier court arrived at the decision that the value of closely held companies with flow-through tax benefits should not be reduced by a full tax-affecting.
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Court rules on discoverability of draft expert reports
March / April 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 921
Abstract: When experts perform valuations for litigation purposes, issues can arise over the discoverability of their draft reports and their duty to preserve them as well as correspondence related to the drafts. A recent federal district court decision, University of Pittsburgh v. Townsend (E.D. Tenn. 2007), provides valuable guidance for attorneys and accounting experts by clarifying experts’ duties to preserve and disclose draft reports. This article discusses the case and the court’s findings.
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All’s fair? Court rules on standard of value in shareholder dispute
January / February 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 577
Abstract: The recent decision in Kim v. The Grover C. Coors Trust demonstrates the dramatic consequences that the very different definitions of fair value and fair market value can create. This article explores the issues in question and reinforces the notion that the parties to a valuation should clearly define the standard of value at the beginning of an engagement.
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What to expect from the new business valuation standard
January / February 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 925
Abstract: The American Institute of Certified Public Accountants (AICPA) has issued a new valuation standard that takes effect for engagements accepted on or after Jan. 1, 2008. Statement on Standards for Valuation Services No. 1, Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset applies to all AICPA members, including those who perform valuations for certain purposes — including transactions, financings and taxation. This article discusses how the new standard can affect attorneys by permitting only two types of engagement reports.
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A question of relevance – Calculating lost prospective profits
January / February 2008
Newsletter: Advocate's Edge / Litigation Support
Price: $225.00, Subscriber Price: $157.50
Word count: 991
Abstract: Establishing lost profits for businesses that were never actually operational can prove difficult. In Parlour Enterprises Inc. v. The Kirin Group, a California appellate court weighed in on the key factors to consider when calculating prospective profits in such cases. As this article explains, the court’s decision emphasizes the need to hire qualified valuators who can build a case with reasonable certainty by using, for example, expert testimony, financial data and market surveys.