19
Date: Tuesday, January 19, 2021
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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More information is available below

Featuring  (click image for bio)

William H. Frazier
ASA
W.H. Frazier & Co., Inc.

About This Program

When it comes to valuing minority interests in family investment entities such as family limited partnerships, business valuation professionals have not often used the income approach. However, in three recent Tax Court cases, the income approach was prominently featured, and, in one case, it was clearly the deciding factor in the court’s decision. Join William Frazier to learn about the nonmarketable investment company evaluation (NICE) method. Learn its origins, what it doesn’t replace, and how it has evolved over time. Attend this program and learn the latest about NICE. Also, by attending the program, you are eligible to receive, at no additional charge, the new, simplified NICE model, which will be coming out in the spring.

Agenda

    • Holding period ranges
    • Probability distributions
    • Asset classes and rate of return
    • Distributions
    • Lack of control
      • Mean reversion of returns
      • Asymmetrical information
      • Incremental RROR for lack of control
    • Lack of marketability or illiquidity
      • Survey of the academic literature
      • Incremental RROR for lack of marketability
    • Portfolio return
    • Determination of curve of best fit
      • One value
      • Iterative technique
    • Fair market value

Learning Objectives

    • Participants will learn that the income approach has come of age in valuing FLPs in Tax Court. The failure to use the income approach can put you at a competitive disadvantage
    • Participants will learn how the relationship between FMV and NAV (also known as the “total discount”) varies with time and risk. Further, the result is quantitatively determined based on salient, objective evidence
    • Participants will learn why the incremental rates of return for lack of control and lack of marketability are not static and must vary with time
    • Participants will learn how distributions and the future probability of liquidation affects value

Single Connection Policy

Admission to this event authorizes one computer and phone connection for one location. These connections may be transferred users and/or locations. Multiple concurrent connections for a single admission registration are not allowed.

Multi-User CPE Policy

Admission to this program includes one CPE certificate for one individual. Any additional listeners requesting CPE must pay a processing fee assessed at the completion of the online CE survey for this course.

CPE Processing Fees may be bypassed by entering a valid, unused CPE Authorization Code (for single event purchasers) or by logging into BVR's website (for subscribers to BVR's Training Series).

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)

Closed Captioning:

BVR now has closed captioning on all 2019 past programs. To try out this enhancement, subscribers can login to the Desktop Learning Center, select a program, and click play video. The captions will start to play automatically, and can be disabled from the player per your preference.


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