Advanced Workshop on Taxes and Value: Guidance on the S Corporation Valuation Puzzle
BVR's Webinar Series
Tuesday, December 15, 2015
10:00am-2:00pm PT • 1:00pm-5:00pm ET
The recording and transcript for this webinar are available to subscribers:
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By popular demand, BVR is hosting Nancy Fannon and Keith Sellers for a special encore presentation of the hottest topic of the year: Taxes and Value: Guidance on the S Corporation Valuation Puzzle. In this replay of the blockbuster spring session the presenters 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. The “S-corp experts” will guide participants through the evidence they need to support their valuation conclusions with a new, more direct approach to pass-through entity valuation. As requested we will have extra time set aside for live Q&A.
- 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
- impact 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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