Featuring (click image for more information):

William Frazier ASA Stout Risius Ross, Inc.	Ashok Abbott Ph.D. West Virginia University

Why You Should Attend

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.

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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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.

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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 (Taxes and Specialized Knowledge & Applications)

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