21
Date: Wednesday, March 21, 2018
Time:
10:00am-11:40am PT / 1:00pm-2:40pm ET
Format: A BVR Webinar

Earn 2 CPE credits
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Featuring  (click image for more information)

Spencer Jefferies
Partnership Profiles
James A. Park
ASA
Munroe, Park & Johnson, Inc.

About This Program

Do you value family limited partnerships (FLPs)? Do you know the proper application of pricing and rate of return data to derive a value using both the market approach and income approach? Do you know the best sources of empirical market data to use when valuing an FLP or other non-controlling interest in a real estate related entity, consistent with Rev. Ruling 59-60? Join this discussion on the practical application of the concepts discussed in Comprehensive Guide for the Valuation of Family Limited Partnerships. Spencer Jefferies, founder of Partnership Profiles, Inc., will discuss transaction data on non-listed REITs, LLCs and LPs that can be used to value a minority, nonmarketable interest in a real estate entity. Jim Park, a partner in the business valuation firm Munroe, Park & Johnson and co-author of Comprehensive Guide for the Valuation of Family Limited Partnerships, will utilize case studies to show how to apply this data when employing both the market and income approach to determine a value. Learn the pitfalls, court cases and best practices for your next family limited partnership valuation.

Agenda

  • Overview – Understanding the data you are using is critical to applying it correctly
  • Discussion of publicly held LP & REIT data
    • History of the market
    • Transactions between third party investors
    • Regulation and oversight
    • Depth of market
    • New REIT data coming to market
  • Application of publicly held LP & REIT data
    • Empirical methodologies
    • What has the court said about publicly held LP & REIT data
  • Case study
    • Income approach – Using rate of return to determine value
    • Market approach – Using price to NAV ratios

Learning Objectives

  • Understand the secondary market for comparable FLP data
  • Avoid IRS audits by preparing defendable appraisals
  • Learn how to use rate of return information to objectively value an FLP
  • Study court cases to see how the tax court has accepted this methodology
  • Follow a case study to see how the data should be applied

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CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group Internet-Based
Recommended CPE: 2 Credit Hours (Accounting Technical)


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