Using Empirical Data to Value Family Limited Partnerships
Part 3 of BVR's 5th Annual Online Symposium on Estate and Gift Tax
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Recent scrutiny on the part of the Tax Court in reviewing discounts for lack of marketability and control has placed renewed emphasis on the accuracy and defensibility of these adjustments to limited partnership interest appraisals. In addition to objecting to how discounts are substantiated the Court has expressed dissatisfaction how empirical data is used to derive these discounts and the subjectivity in which those discounts were determined.
In "Using Empirical Data to Value Family Limited Partnerships," part 3 of BVR's Online Symposium on Estate & Gift Tax, expert Bruce Johnson explains the best practices by which to select and apply empirical data to FLP valuations. Given recent decisions from the courts and other reviewers Johnson's presentation is not to be missed.
- Valuing FLPs Using the Traditional Method
- The Asset Based Approach Using a Case Study
- Relevant Court Cases
- Pitfalls of Using General Averages
- Alternative Approaches Using a Case Study
- The Income Approach and Rates of Return
- The Market Approach and using Market Data
- Determining a Discount for Lack of Marketability
- Important Points to Remember
- Learn the objectives and shortcomings of traditional approaches to valuing family limited partnerships (FLPs)
- Learn what the courts are saying about FLP valuation and what this means for the appraisal process
- Understand how to apply rates of return to the income approach to valuing FLPs and market data to the market approach
- Understand the methodology through which discounts for lack of marketability, control, and liquidity are determined and applied
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