Business Valuation Resources, LLC

The Effect of Taxes on Value in Private Capital Markets

Date: Wednesday, December 16, 2009
10:00am-11:40am PT / 1:00pm-2:40pm ET

Earn 2 CPE credits
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Free Download:
Introduction to The Effect of Tax Policy on Value in the Private Capital Markets,
Nancy Fannon's forthcoming Guide on the same subject

Teleconference $249.00
On Demand Pack* $249.00
Teleconference and On Demand Conference Pack* $339.00

*Please note: CPE credit is not available through On Demand Packs

Featuring (click image for more information):

Nancy Fannon
Fannon Valuation Group

Why you Should Attend

Hear Nancy Fannon
describe the program:

(Click to Play - Runtime 3'16")

As Nancy Fannon points out, "the area of pass-through entity valuation and the effect of taxes on value has been a topic that has confounded valuation analysts for about nine or ten years now." Indeed, it has been a problem without a solution in sight, particularly given the lack of data and studies on the subject within the business valuation community. Through groundbreaking research, Nancy has compiled a new collection of studies that address this previously unresolved area of valuation.

In "The Effect of Taxes on Value in Private Capital Markets" Nancy will present the findings of academic research on the effect of taxes on value, set to be released in a Guide of the same title. This 100-minute discussion will cover the results of years of study by researchers and the substantive evidence provided by numerous studies regarding tax affects. This presentation will have a lasting impact on anyone concerned with private market valuation. This opportunity to hear about this new research should not be missed.


  • Introduction
  • Discussion of the academic literature relating to the impacts of shareholder taxes on value in the public market
  • Empirical data related to shareholder taxes embedded in public market returns
  • The development of the cost of capital and how and why shareholder taxes are integral to modeling effects of shareholder taxes
  • Incorporating public market research into private market valuation models
  • Factors that mitigate the affect of shareholder taxes on value
  • The impact of institutional investors; investor and firm behavior in response to tax policy; changing tax regimes
  • Consideration of form of private entity when adjusting shareholder taxes from public market returns
    • Legal, regulatory, capital constraints, income taxes (including that S corporations bear the highest income tax burden), etc.
  • Q&A and conclusion

Learning Objectives

  • Learn the academic literature relating to the impact of shareholder taxes on value
  • Understand relevance of academic findings in the public market to private market valuation
  • Understand the direction this research indicates for the pass-through entity debate

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Purchase of admission to any of BVR's teleconferences grants ONE phone connection and ONE computer connection per physical location per registration. Additional unregistered phone or computer connections are a violation of BVR's Teleconference Usage Policy, and BVR reserves the right to withhold CPE credits from both registered and unregistered users in violation of this policy.

Group Discounts Available

For group discounts on Teleconferences contact Linda Mendenhall at or (503) 291-7963 ext. 125.

CPE Credits for Unlimited Listeners

Have as many eyes and ears take advantage of your registered connections as possible:CPE credit is available for an unlimited number of listeners to any registered line.

To add listeners for CPE credit, contact customer service ( or (503) 291-7963) with main registrant's name, the names of the persons to receive credit, and their email addresses. We welcome as many eyes and ears to take advantage of those connections as possible.

CPE Information

Prerequisites: Knowledge of Business Valuation
Program Level: Advanced
Preparation Required: None
Delivery Method: Group-Live
Recommended CPE: 2 Credit Hours (Consulting Services)

Business Valuation Resources, LLC is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417.
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On Demand Packs: Conference Recordings & Transcripts

BVR's On Demand Packs are an indispensable addition to any valuation reference library. Use them as training tools as many times as you'd like, wherever you are: play them at your computer at work or home, in your car, or on your personal audio device.

Each On Demand Packs includes:

  • Recordings and transcripts of the presentation
  • All presentation visual aides and handouts
  • All ancillary reading materials suggested by our presenters

For a complete list of available On Demand Packs from past teleconferences, click here.

Co-Presented By:

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Business Valuation Resources offers a complaint resolution and refund policy with a 100% money-back guarantee. If you are not completely satisfied with your conference experience, or have any concerns or complaints, you may contact Business Valuation Resources at (503) 291-7963 ext. 102 for a satisfactory resolution of your concern or you may submit a written request for a full refund of this program to Stephanie Crader at: or mail to BVR, LLC, 1000 SW Broadway, Suite 1200, Portland, OR 97205.