Date: Wednesday, May 20, 2015
10:00am-2:00pm PT / 1:00pm-5:00pm ET
Format: A BVR Webinar

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Featuring  (click image for bio)

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

About This Program

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.

Get a sneak peek at some slides from the workshop >>


  • 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

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: 4.5 Credit Hours (Specialized Knowledge & Applications)

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Click here to preview some slides from the presentation.

Taxes and Value: The Ongoing Research and Analysis Relating to the S Corporation Valuation Puzzle

Interested in purchasing the Workshop and Book? Learn more about the special discount offer >>

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