Advanced Workshop on Taxes and Value: Guidance on the S Corporation Valuation Puzzle
BVR's Interactive Web Workshops
Wednesday, May 20, 2015
10:00am-2:00pm PT • 1:00pm-5:00pm ET
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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
- 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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