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The Non-Marketable Investment Company Evaluation (NICE) method seeks to determine the fair market value of equity interests in closely held investment entities, such as family limited partnerships (FLPs), "S" corporations, and limited liability companies (LLCs). As an income-based valuation approach, NICE avoids the discounts for lack of control and marketability found under the market approach, instead viewing these as investment risks that are embodied in the required rate of return of the subject interest.
In the second part of BVR's Online Symposium on Estate & Gift Tax expert appraisers William Frazier and Ashok Abbott join us to discuss the theories behind NICE as well as its implementation, analysis, and interpretation. As Frazier states in the 2010 edition of BVR's Guide to Business Valuation Issues in Estate & Gift Tax, "the NICE method should result in a fair market value reasonably close to values determined by the traditional method under the market approach, if the latter was applied properly." Join us for this program and learn how to add this precise valuation technique to the appraisal toolbox.
Program Agenda
Overview
Comparison to Traditional Methods
Liquidity and Marketability
Illiquidity Theory
Expansion of U.S. Liquidity
Calibrating the Impaired Marketability of an FLP Interest
Risk and Liquidity: U.S. Treasury & Municipal Bond Markets
Corporate Bond Illiquidity
Learning Objectives
Learn the theory and methodology behind the NICE method
Learn how, when, and why to utilize the NICE method
Learn how to calibrate the impaired marketability of an FLP interest
Learn how liquidity, risk, and trade volume affect the use of the NICE method
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