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About This Program

Agenda

• 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)

Business Valuation Resources is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org. NASBA Sponsor

Training Packs: Conference Recordings & Transcripts
Now delivered as an electronic download.

BVR's Training Packs are an indispensable addition to any valuation reference library. Use them as training tools as many times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.

Delivered as an electronic download approximately four weeks after the program has aired, each Training Pack includes:

• Recordings and transcripts of the presentation
• All presentation visual aids and handouts
• All ancillary reading materials suggested by our presenters

For a complete list of available Training Packs from past webinars, click here.

Subscriber Information

Subscribers to BVR's Training Passport Pro are automatically registered for this event. For more information contact BVR or login to your account.