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The decision in Estate of Gallagher v. Commissioner reads like a memorandum on the state of valuation and its favored methods of analysis. Covering the guideline public company method, income approaches, tax-affecting, adjustments to financial statements, cash flow projections, rates of return, subsequent events and discounts for lack of marketability, Gallagher touches on nearly every point of the valuation process – and certainly every contentious issue within the valuation community. With this one decision the court has seemingly entered the fray of nearly all valuation disputes, if not further asserting itself in those on which it had already weighed.
To help make sense of this decision and what it means for the myriad of valuation techniques it addresses, BVR welcomes expert appraiser Chris Mercer and attorney L. Paul Hood Jr. for "Estate of Gallagher: How the Court Sees the State of Business Valuation," the first installment of BVR's 2011 Online Tax Summit. Join Mercer and Hood for a thorough examination of this decision, its immediate impact, and what it means for the future of valuation.
Adjustments to Subject Company Financial Statements
Applicability of the Market Approach
The Application of the DCF Method
The LLC's Financial Projections
To Tax Effect or Not?
Adjustments to Cash Flow
Capital Expenditures
Working Capital
WACC
Cost of Equity Capital
Cost of Debt Capital
Relative Weights of Debt & Equity in Calculating WACC
Adjustments to the LLC's Enterprise Value
Applicable Valuation Discounts
Discount for Lack of Control
Discount for Lack of Marketability
The Tax Court's Holding on Value
Mercer/Hood Comments on the Case and What It Might Mean for Business Appraisers
Closing Thoughts
Learning Objectives
Understand the decision in Estate of Gallagher v. Commissioner and identify its implications for the business appraisal process
Clarify the position of the U.S. Tax Court on the methods and techniques of business valuation
Learn how to best prepare a valuation for tax purposes in light of this decision
Sharpen your valuation skills to better present a clear, concise, and defensible conclusion of value in light of the court's decision
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