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Join Nancy Fannon and Keith Sellers for a special 4-hour workshop as they challenge traditional notions about the differences in value between a pass-through entity and the public market C corporation and reveal an abundance of research that shows that shareholder-level taxes do indeed affect a firm’s value. This workshop will guide participants through the evidence they need to support their valuation conclusions as they learn a new, more direct approach to pass-through entity valuation.
Background to tax issue and use of prior cash flow based methods
Pass-through entity valuation models
Fundamental financial principles
Deriving the cost of capital
Matching cost of capital to subject company
Affect of personal taxes
Tax capitalization theory
Equilibrium pricing
Research relating to tax affects on value
Tax Acts
Studies prior to 2003 Act
Studies based on 2003 Act
Assumptions employed in the cash flow based models
Proposal for alternative method
How academics have measured the extent of tax capitalization
How methodology is applied to data used for private company valuations
Demonstration of the calculation of the embedded tax in the market return
Effects of magnitude of adjustment depending on size of cost of capital
Affect of magnitude of adjustment if a WACC is employed
Learning Objectives
Understand the background to the pass through entity tax issue use of prior cash flow based methods
Understand pass-through entity valuation models
Learn about the effect that taxes have on value
Learn of the research relating to the affect of taxes on value
Learn of an alternative method for valuing pass through entities
Learn of areas for further research into the effect of taxes on value
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