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The vast majority of U.S businesses are pass-through entities (S corporations, LLCs, and partnerships). The debate over how to value them has raged in the courts and academia for decades, and understanding how to do so is important to all valuation professionals. Recent cases such as the Estate of Cecil have demonstrated that the IRS and the Tax Court will accept tax affecting only when correctly applied and supported.
We will review the good, the bad, and the ugly analyses contained in important court decisions such as Delaware Open MRI, Kress v. U.S., Estate of Jones, Estate of Michael Jackson, Ryan v. Ryan, and Estate of Cecil.
Attendees will learn how to properly use the Van Vleet model (also known as the SEAM), which was accepted in the Estate of Cecil decision and others. In addition, we will discuss how the sunsetting provisions of the Tax Cuts and Jobs Act (TCJA) are bringing nonservice pass-through entity values in line with C corporation values.
Program Agenda
Provide a primer on the tax attributes of S corporations and other pass-through entities and how to use the Van Vleet model (also known as the SEAM);
Review recent court cases regarding the valuation of pass-through entities;
Understand important takeaways from each case;
Identify and understand the key elements of the TCJA and how these elements impact the valuation of pass-through entities;
Explain how to incorporate the provisions of the TCJA into the Van Vleet model; and
Demonstrate how the sunsetting features of the TCJA will bring the values of nonservice PTEs in line with C corporations.
Learning Objectives
Participants will learn about the differences between C corporations and pass-through entities and how those differences impact valuation;
Participants will learn how recent court decisions have addressed the complex issues involved in valuing pass-through entities;
Participants will understand how to use the Van Vleet model (also known as the SEAM); and
Participants will understand how the provisions of the TCJA affect the valuation of pass-through entities.
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