T U ESDAY, OCTOBER 15, 2013 continued
SESSION CONTENT
T U ESDAY, OCTOBER 15, 2013 continued
1:00- 2:30pm Using Market Data to Support Real Estate Partnership Discounts Spencer Jeffries President | Partnership Profiles, Inc. Argyle, TX
James R. Park, ASA Partner Munroe, Park & Johnson, Inc. San Antonio, TX
Learn how to properly apply the latest empirical data when valuing a non-controlling interest in a family limited partnership owning real estate. Using a case study, this session will feature various data sources to use and explain how to use the data to value an FLP that owns real estate under both the Market Approach and the Income Approach.
Valuing Customer Relationships and the Distributor Method PJ Patel, ASA, CFA Managing Director | Valuation Research Corporation New York, NY
Raymond Rath, ASA, CFA Managing Director | Financial Valuation and Advisory Services Irvine, CA
Ray Rath and PJ Patel will discuss the issues around the use of the MPEEM, distributor method, with and with-out method and cost approach to value customer related assets. They will discuss which method to use and when, and discuss the pros and cons of each approach. This session will be presented in case study format.
Expert Witness Skills: Tips and Techniques to Defend your Position Gary R. Trugman, ASA, CPA / ABV, MCBA, MVS President | Trugman Valuation Associates Plantation, FL
This presentation will be for any business valuer that either works in a litigation setting or whose work could end up in litigation. Whether your appraisal is for commercial litigation, divorce, estate and gift taxes, or for any other purpose, learn how to be prepared, testify and support your opinions in a courtroom. After over 300 court appearances, learn the good, the bad, and the ugly about being an expert witness.
3:00- 4:00pm Beyond a Reasonable Doubt – Tips and Techniques to Determine Owner-Employee Compensation Ronald L. Seigneur, ASA, CPA / ABV, CFF, CVA, CGMA Managing Partner | Seigneur Gustafson LLP Lakewood, CO
This session will focus on the appropriate methods resources used to support determinations of reasonable compensation for owneremployees. The session will highlight landmark case law that is instructive in reasonable compensation determinations and identify several sources of empirical evidence that are available to support compensation determinations.
Finally Final! The 2013 AICPA Cheap Stock Guide – What are the Implications? Amanda Miller, Ph. D. Executive Director | Ernst & Young LLP Redwood City, CA
The final version of the new AICPA Guide, Valuation of Privately- Held Company Securities Issued as Compensation, has finally been released. Join Amanda Miller for a discussion of the implications of the new guide, including: the new framework for evaluating private and secondary market transactions; new discussions on adjustments for control and marketability; and new discussions on highly leveraged entities. The session will also provide the opportunity for a robust discussion to answer your questions.
Recent Developments in the Use of Put Options to Determine Discounts for Lack of Marketability John D. Finnerty Professor of Finance | Fordham University New York, NY
The presentation will discuss the reasonableness of modeling the discount for lack of marketability as the value of a foregone put option and will compare three such models – the traditional Black-Scholes-Merton put option model, the lookback put option model, and the average-strike put option model. The assumptions underlying each model will be compared. Two examples will be discussed that contrast the values obtained from the three models.
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