Date: Thursday, October 18, 2012
- PT / - ET
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Featuring  (click image for bio)

Nancy J. Fannon
Meyers, Harrison & Pia
Keith Sellers
University of Denver

About This Program

Despite years of debate, doubt, and uncertainty consensus on the treatment of S-corps and other pass through entities remains elusive. Even still, new thinking from academic research, practical valuation experience, and judicial decisions are shedding new light on still-lingering questions. In this exclusive webinar BVR welcomes expert appraiser Nancy Fannon for a hard look at this contentious, ongoing debate. Using new evidence from numerous sources Fannon will shed light on emerging considerations and how this volume of knowledge can be applied to pass through entity valuations today.


  • Introduction: Basic questions
  • Do shareholder taxes affect value?
  • Comparing existing models for pass-through entity valuation:
    • IRS/Tax court "model"
    • Valuation community "model"
    • PTE models
    • Van Vleet's method
    • DE Chancery "method"
    • "Grabowski" model
  • Underlying assumptions and their impacts
  • "How much" tax penalty is in the market return?
  • Value versus returns
  • Changes over time
  • How small changes reflect on current thinking
  • "Tax Capitalization Theory"
  • How taxes affect firm behavior
  • Pass through entity valuation models and cost of capital
  • Conclusion

Learning Objectives

  • Understand the underlying principles of the various S corp. methods
  • Learn what research tells us about those underlying principles
  • Learn how to apply the research regardless of the methodology employed

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: Credit Hours (Specialized Knowledge & Applications)

Closed Captioning:

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