Index of Past Issues of FVLE

ISSUE 25 – JUNE/JULY 2010

Front page – Cost of Equity Capital: Straight, with a Chaser
John Stockdale – Other Evidence about Discounts for Lack of Marketability (DLOMs)
Robin E. Taylor – Reports: How to Make Them More Understandable and Convincing
Marvin T. Brown – A Closer Look at Small Businesses and the S Corp Premium: Where’s the Value?
Kristopher A. Boushie – Direct and Indirect Patent Infringement – Damage Issues and Licensing
Chris D. Treharne and John Walker – Estate of Fortunato v. Commissioner
Chris D. Treharne and John Walker – Suzanne J. Pierre v. Commissioner
Chris D. Treharne and Fawntel Romero – Ringgold Telephone Company v. Commissioner
Chris D. Treharne and Fawntel Romero – Ludwick v. Commissioner
Chris D. Treharne and John Walker – Homan v. Commissioner

ISSUE 24 – APRIL/MAY 2010

Front page – Cost of Equity Capital: Straight, No Chaser
Stacey Udell – A Morningstar and Duff & Phelps Risk Premium (“ERP”) Comparison for 2010
Harold G. Martin and Peter N. Thacker, Jr. – Calculating the Terminal Period Value When Using the Discounted Cash Flow Method: Gordon Growth Model or Exit Multiple?
Carla G. Glass – USPAP: Current Issues
- Why should you be concerned about the first proposals for changes to the 2012-2013 edition of USPAP?
- What’s in the current (2010-2011) edition of USPAP?
Jay E. Fishman – Civil Money Penalties Against Appraisers: What Practitioners Should Know
Neil Beaton – Measuring Damages for New of Early-stage Businesses
Chris D. Treharne and John Walker – Estate of Charlene B. Shurtz v. Commissioner

ISSUE 23 – FEBRUARY/MARCH 2010

Front Page – Industry Update: Who’s Doing What?
Robert Reilly – AICPA Statement on Standards for Valuation Services: Implementation Update 2010
Michael A. Crain – Using statistics to asses lost profits during an economic downturn
R. James Alerding – Recognizing and Analyzing Promising Intellectual Property
Chris Hamilton – Business Valuation Services for Liquidation or Re-evaluation
Mark O. Dietrich – Current Issues in Healthcare Valuation
Eva Lang – GF Data Resources: Another Option for Information on Private Company Transactions
Stephen J. Bravo – Discount for Built-in Gain Taxes: An Update (“Litchfield, TCM 2009-21”)
Fawntel Romero and Chris D. Treharne – Price vs. Commissioner
Robert Ambrough – Rule 26: Major Changes for Attorneys and Experts

ISSUE 22 – DECEMBER 2009/JANUARY 2010

Front Page – Cross-Examination A View from the “Other” Side
Donald P. Wisehart – Boston’s Battle of the Beta
Michael J. Mard – Does the Fair Market Value of Land and Building Create Fair Value Error?
Darrell D. Dorrell – Are you a “Forensic Accountant”?
Chris D. Treharne and John Walker – Estate of Samuel P. Black vs. Commissioner

ISSUE 21 – OCTOBER/NOVEMBER 09

Front page – Transaction Databases: Useful of Not?
William Quackenbush – Risk Assessment and the DuPont Formula
Stacy Preston Collins – Industry Focus: Engineering and Architectural Firms
Checklist – Valuation Services Engagement Control
Richard M. Wise – What the Expert Witness Should Know About the Cross-Examiner’s Trial Tactics
Michael G. Kaplan – Eleven Ways that Attorneys Kill Their Own Experts

ISSUE 20 – AUGUST/SEPTEMBER 09

Front page - Common Sense Issues in Weighting Values
Kevin Yeanoplos - General Benchmarks Help Determine Cost of Capital
M. Mark Lee and Adrian M. Campelo - Adjusting Market Multiples: The Final Decision is Still a Matter of Professional Judgment
Rod P. Burkert - Increasing Your Personal Productivity
Derald Lyons - Guideline Company Transaction Method: When Comparables Sold Before the Financial Markets' Meltdown
Stacey Udell - A Look at Reasonable Compensation
Thomas Hilton - Discovery of Draft Reports: How Do You Spell Relief?

ISSUE 19 - JUNE/JULY 09

Front page - Butler Pinkerton and the Total Beta Model - Measuring Total Cost of Equity and Company-Specific Risk: An Interview with Peter Butler and Keith Pinkerton
Gil Matthews - Testing for an ‘Implied Minority Discount’ in Guideline Company Prices
Robin Taylor - Market Characteristics and Fair Value Reporting— Evolution, Revolution and Continuing Confusion
Larry Cook - Pulling the Plug: Small Business Owners Who Take a Hit and What They Can Do About It
Robert Ambrogi - When Your Own Experts Disagree
Steve Babitsky - Expert Witness Fees
Cost of Capital Corner

ISSUE 18 - APR/MAY 09

Front page - Cost of Capital: Should It be Adjusted to Reflect the Current Economic Climate?
Steve Bravo - The Appraiser, Penalties and the IRS: A Costly Combination
Linda Trugman - Valuing “Mom and Pop” Businesses: A Primer
Bob Grossman - Are Restricted Stock Studies Still Valid?
Harold Martin - The Direct and Indirect Methods of Valuing Minority Interests Using the Income Approach
Gail Markham and Becky Bokrand - Which Expert Are You — Leia or Boba Fett?
In the Courtroom
- Discounts and Only Discounts
- Attorney-Client Privileges and Experts
Cost of Capital Corner

ISSUE 17 - FEBRUARY/MARCH 2009

Front page - Industry Risk Premium Data: If You Use It, Use It with Knowledge
Bob Duffy - Exploring the New World of Quantitative DLOM Analyses
Ron Seigneur - Using Alternative Weighting Schemes to Project an Economic Benefit Stream
Jeff Balcombe, Keith Konen and J.R. Radcliffe - SFAS 142 Impairment Testing: Lack of Definition Creates Confusion
Alfred Zeiler, Guest Article - Sanity Checks: How? When? Why?
Scott Saltzman - Getting Conflicted Out of Engagements: An Old Game
Robert Ambrogi, Guest Article- Top Ten Expert Witness Cases of 2008
Bob Gray - Proven Professionals Address Tough Questions on Corporate/Special Investigations
Cost of Capital Corner

ISSUE 16 - DECEMBER 2008/JANUARY 2009

Front page - AICPA Standards: The Former Chair Interviews the Current Chair
Nancy Fannon - The Real S Corp Debate: Impact of Embedded Tax Rates from Public Markets
Harold Martin - The Guideline Co. Transaction Method: What Does the Information Really Mean?
John J. Stockdale - Regression Requires Elimination of Common Cause
Ron Seigneur - review- Understanding Business Valuation: A Practical Guide to Valuing Small to Medium Sized Businesses, 3rd ed.
Kristopher Boushie - An Introduction to Using Attribute Analysis in Valuing Patents
Jim Hitchner - New Study-Expert Witness Testimony
Mark Dietrich - Supply and Demand: Assessing the Impact of the Shortage of Physicians on Value
Robert Ambrogi - Guest Article - Expert Reports: Should Lawyers Keep Hands Off?
Daubert on the Docket
Jim Hitchner - review- Cost of Capital: Applications and Examples, Third Edition
Cost of Capital Corner

ISSUE 15 - OCTOBER/ NOVEMBER 2008

Front page- Major National Summit on DLOMs
Lance S. Hall, ASA, FMV Opinions, Inc.
“The Comparative Analysis of Restricted Stock Approach (CARS)” and
“The FMV Restricted Stock Study”
Z. Christopher Mercer, ASA, CFA, Mercer Capital
“Quantitative Marketability Discount Model (QMDM)”
Marc Vianello, Vianello Forensic Consulting, LLC
“The VFC Longstaff DLOM Methodology”
Dr. Sumon C. Mazumdar, LECG and University of California-Berkley
“Firm Value and Marketability Discounts” and “The Bajaj et al Study”
Dr. Ashok Abbott, University of West Virginia
“Abbott Liquidity Factor and Study”

ISSUE 14 - AUGUST/SEPTEMBER 2008

Front page - 2 court cases (Berquist; Daubert challenge)
Steve Hyden- Valuing Two Assets Using the Excess Earnings Method
Don Wisehart - SFAS 123r Valuation Defies “Intuition”
Don Barbo- Healthcare Valuations are All Local... or Are They?
Mike Crain- Discount Rates Used in Lost Profits Damages
Steve Babitsky and James Mangraviti- Forensic Companies Retooling
Prepping an Expert: How Far is Too Far?
Eva Lang- Adventures in Acrobat

ISSUE 13 - JUNE/JULY 2008

Front page- BV Standards Applications Update: Six Months into Compliance
Rod Burkert- Using Duff & Phelps Equity Risk Premiums with Fundamental Measures of Accounting Risk
Todd Fries and J.D. Radcliffe (Guest Columnists) - Accounting for Significant Risk in Discounted Cash Flow Analyses (DCF)
Gil Matthews - The Superiority of the Harmonic Mean as a Method for Averaging Multiples of Guideline Companies and Acquisitions
Mel Abraham - Build a Reputation, Build a Practice: The Best Four Investments You Can Ever Make
Tom Hilton - Imposter or the Real McCoy? The Looming Crisis of the Authenticity of Electronically Stored Information in Commercial Litigation
Michael Kaplan - What’s Happening at NACVA?
John Gilbert - In the Courtroom - Astleford v. Commissioner, T.C. Memo 2008-128 - May 5, 2008
Cost of Capital Corner

ISSUE 12 - APRIL/MAY 08

Front page- Cost of Capital Insights
Mark Lee- Jelke, Again: The Built-In Capital Gains Tax for a Stock Portfolio held by a C Corporation: A Third Alternative View
Jim Alerding- Ethics: Knowledge of Independence Issues is Especially Important to CPAs
• Michael Mard- SFAS 141R Accelerates Fair Value
Stephen Bravo- The Appraiser Penalty— Are You “More Likely Than Not”?
Steven Campana (Guest Columnist) The Ratio of Depreciation and Capital Expenditures and the Related Capital Expenditures Debt Service: The Mark Lee Model Continued
Daubert on the Docket
Risk Management, Engagement Letters, Reports and Turning Down Work or... Protection, More Protection and Don’t Eat Bad Food
Harold Martin- The Vavasseur Prime Bank Securities Fraud: A New Variation on the Classic Ponzi Scheme
Robin Taylor- An Update on the AICPA Business Valuation Committee

ISSUE 11 - FEBRUARY/MARCH 08

Front page- A Look at Alternate Views on Discounts for Lack of Marketability
Jim Hitchner - Book Review An Integrated Theory, 2nd edition - Mercer
John Stockdale- A DLOM Computational Model
Marc Vianello (Guest Columnist)- New Insight into Calculating DLOMs: The VFC Longstaff DLOM Methodology
Z. Christopher Mercer- A Long but Important Answer to a Short but Important Question
Ronald Seigneur- The Mandelbaum Factors Revisited: A Peek Behind the Curtains
Jim Hitchner- Recent Daubert Study Very Revealing
Kristopher Boushie- Apportionment of Intellectual Property Damages and the Entire Market Value Rule
James Rigby - Understanding Royalty Rates
Steven Campana - A Letter to the Editor
Eva Lang- Google Docs
Cost of Capital Corner

ISSUE 10 - DECEMBER 07/JANUARY 08

Front page - BV Standards: The Positive Side
Marvin Brown- Cost of Capital and Directors’ Duty of Care: The Interrelationship
Larry Cook- Valuation Premise, Standard or Both? Strategic, Synergistic or Investment Value vs. FMV
Jacob, Smith Weiss- Quantifying the Probability of Going Public: One of the Many Challenges in Applying the PWERM
Scott Saltzman - Conflict of Interest: Marital Dissolutions
Gail Markham and Becky Bokrand- Components of a Damages Claim in a Wrongful Death Case
Richard Wise- Shareholder and Income Tax Litigation: Canadian Courts Look to U.S. Jurisprudence
In the Courtroom
Court Rules on Three Important Issues Concerning Experts: Equal Access to Documents, Why They Excluded an Expert under Daubert, and Supplementing Rule 26 Reports
Speculative and Unreliable Damage Calculation Causes Expert Exclusion; Failure to Discount Lost
Profits Causes Partial Testimony Exclusion
It Ain’t Over Till It’s Over and Be Careful What You Ask For--You Just Might Get It!
Estate of Jelke (Gilbert)
Daubert on the Docket
Cost of Capital Corner

ISSUE 9 - OCTOBER/NOVEMBER 2007

Front page- Divorce Valuation: A Tale of Two States
Linda Trugman- Proper Use of IBA Database
Steve Hyden- Fair Value Measurements- The Interrelated Issues of Market Participants and Highest and Best Use
Don Wisehart- Probability-Weighted Expected Return Method: ‘PWERM’ might make an analyst squirm
Ed Dupke- The New AICPA Business Valuation Standards
Nancy Fannon- Expert Testimony in the courtroom: Is vigorous cross-examination enough?
Bob Gray- Common Problems in Purchase Price Disputes: An M&A ‘Expectation GAP’ v. ‘GAP’
Jay Fishman- AWake-up Call for All Appraisers
Mark Dietrich- The Summer of Our Discontent: Centers for Medicare and Medicaid Services (CMS) Add to the Burden of a Long, Hot Summer

ISSUE 8 - AUGUST/SEPTEMBER 2007

Front page - Standards: A Summary of AICPA’s Updated BV Standards
Rod Burkert - Adjusted Present Value: An Alternative ro the Traditional DCF/WACC Model
M. Mark Lee - The Ratio of Depreciation and Capital Expenditures in DCF Terminal Values
Tom Hilton - The E-Discovery Amendments to the Federal Rules of Civil Procedure
Gil Matthews and Michelle Peterson- Fairness in Delaware Freezeout Transactions: How Two Discrepant Legal Standards Affect Valuations
Bruce Bingham- Report on Valuation Standards’ Activity
In the Courtroom - Valuation Group on Trial: Sued for Alleged Improper Valuation
Eva Lang - EDGAR to Undergo Major Update

ISSUE 7 - JUNE/JULY 2007

Front page - Managing Risk: Engagement Letter and Report Language Examples
Ron Seigneur - A Review of the 2007 Morningstar Classic and Valuation SBBI Editions
Scott Saltzman - IRC§ 409A: Why It is Important to Public and Private Companies
Richard Gray (guest) - Corporate Divorce: ‘Breaking Up is Hard to Do’
Michael Crain - Cost Estimation in IP Damages
Kristopher Boushie - Establishing a Cap on Patent Damages
Michael Kaplan - Valuation Experts and Invited Risk

ISSUE 6 - APRIL/MAY 2007

Front page - DCF The ‘Disconnected’ Cash Flow Method
Robert Grossman - What is the Level of Value Produced by the Guideline Publicly Traded Company Method?
John J. Stockdale- DLOM for a Controlling Interest?
Steve Bravo- Ready or Not Part 1- New Tax Law and More Guidance for Federal Tax-Related Valuations
Robin Taylor - Common Mistakes in Valuation Reports
Terry Allen - Teaching Business Valuation in Foreign Countries
R. James Alerding - Intellectual Asset Theft: Losing a Foothold
Larry Cook - ‘Sweating the Small Stuff’ in Collaborative Divorce
David Ellner - Book Review of Z. Christopher Mercer’s - Buy Sell Agreements: Ticking Time Bombs or Reasonable Resolutions?
“Testimony-als”
Steven Babitsky - The 10 Biggest Marketing Mistakes Experts Make and How to Avoid Them
In the Courtroom
- Daubert Challenge Rejected: Assumptions in Expert Testimony Must be Tested by Cross-Examination and Introduction of Competing Testimony
- Idaho Rejects Differentiation of Personal and Enterprise Goodwill in Professional Services
  Corporation
- Daubert on the Docket

ISSUE 5 - FEBRUARY/MARCH 2007

Front page - Survival of the Fittest? Ten Experts Challenged in Daubert Case
Shannon Pratt - Pratt Says “Value” has no meaning unless the “standard of value” is defined
Dan Van Vleet - S Corporation Valuation Update
Tom Hilton - You Have to Be Believed to be Heard
Mark Dietrich - Regulatory Issues in Using Replication Cost for Valuing Physician Practices
Gail Markham - The Vital V’s of the Discovery Process
Mel Abraham- Family Limited Partnerships -Go forward and prosper, but watch your step!
Eva Lang- GOOGLE a Patent?
Linda Trugman - New IRS Business Valuation Guidelines
Robin Taylor - Common Mistakes in Valuation Reports
Richard Wise - Putting Fair Value Measurements to the ‘Attest’

ISSUE 4 - DECEMBER 2006/JANUARY 2007

Front Page - AICPA Standards Update: Interview with Ed Dupke
Rod Burkert - Developing the Cost of Equity: Ibbotson Associates vs. Duff & Phelps
Mike Mard - The Private Entities Endowed Research Fund
Steve Hyden - Overview of FASB’s New Fair Value Measurements: SFAS No. 157
Nancy Fannon - Presumed Innocent/Presumed Advocate? Why Experts Differ and What We Can Do About It
Scott Saltzman - Economic Damages: A Basic Primer on What Forensic Experts Need to Know
Jim Rigby - From Start-Up to Wind-Up: A Look at the High-Tech Industry
Mike Crain - News from the AICPA
Gary Trugman - Trugman Says... Valuation Landmines: If They Blow Up, You Do Not Want to be Close!
In the Courtroom
- New Jersey Considers Fair Value and Synergy

ISSUE 3 - OCTOBER/NOVEMBER 2006

Front Page - Daubert on the Docket:
Nancy Fannon - Lag Time in Date of Appraisal Results in Another S Corp Win for the IRS
Ron Seigneur - Industry Risk Premiums: What They Are and How to Apply Them
Jim Alerding - I.P. Value or No Value?
Kristopher Boushie - The Bell Tolls for Trolls? Potential Impact of the eBay Decision on Patent Litigation
Michael Kaplan - The Evidence vs. the Litigant’s Spin on the Evidence
Harold Martin - The Vavasseur Prime Bank Securities Fraud: A New Variation on the Classic Ponzi Scheme
Don Barbo - Current Events in Ambulatory Surgery Center Valuations
Chris Mercer - Mercer Says: The Effect of Life Insurance Proceeds in Valuation for Buy-Sell Agreements
Eva Lang - Expert Resources: Understanding the Industry
In the Courtroom
- Lost Profits Award Based on Comparable Dealerships and Management Projections Affirmed
- Expert’s Testimony is a Reasonable Yardstick to Find Lost Profits Reasonably Certain

ISSUE 2 - AUGUST/SEPTEMBER 2006

Front Page - Fair Value Measurement: FASB Update
Robin Taylor - Sensitivity (or is it Sensibility?) Analysis
Robert Duffy - What’s in a Letter? An Introduction to 141R
Linda Trugman - Using the Income Approach to Value Family Limited Partnerships
Donald Wisehart - Dangers of Mixing Transaction Databases
Gail Markham - Are Stock Options Marital Assets Subject to Equitable Distribution?
Five Tips for Preparing an Engagement Letter
Steve Oscher (guest columnist) - Forensic Services in Fraud: From Super Nerd to Super Sleuth
Terry Allen - What is Unique About Bank Valuation?
Mike Hill Sr. - Hill Says... USPAP 2006: Major Changes Afoot
Robert Grossman - What’s Happening at the NACVA?
Eva Lang - Expert Resources: Alacra - They’ve Got the Good Stuff
In the Courtroom
- Appreciation in Controlling Interest in Separate Property: Business Valued Using Recent
  Transaction of Minority Interest
- Court Tax Affects S Corporation in Fair Value Matter
- Herbert Kohler Jr. et. al. v. Commissioner

ISSUE 1 - JUNE/JULY 2006

Front Page - Litigation Services and Fees: What Clients Need to Know
Mel Abraham - Can a Hypothetical Buyer/Seller be Too Hypothetical?
Nancy Fannon - The Pratt’s Stats Private Transaction Database: Items You Need to Know
Robert Grossman - Does the Sum of the Parts Equal the Whole?
Rod Burkert - Control Adjustments and Levels of Value: Reality or Make-Believe?
John Stockdale - FLPs: Understanding Discounts from General Equity Closed-End Funds
Steve Hyden - Relief from Royalty Method
Mike Mard - Driving Your Company’s Value: Strategic Benchmarking for Value
Ron Seigneur - Introduction to Data Choices in the Income Approach to Value
Larry Cook - Resolving Tough Spots in Family Matters: Collaboration for Equitable Resolutions
Mike Crain - Financial Models: IP Valuation vs. IP Damage Measurements
Tom Hilton - The Damage Period: A Key Component in Economic Damages
Jim Alerding - What’s in a Name?
Michael Kaplan - Financial Experts: A Powerful But Underused Tool in Mediation
Eva Lang - Expert Resources: Fetch XL
Five Tips for Marketing and Managing a Practice
Bruce Bingham - Bingham Says... Guideline Public Company Method
Mike Hill Jr. - What’s Happening at the ASA?
Jim Rigby - Innovation and Software Firms
Mark Dietrich - A Brief Look into a Cloudy Crystal Ball: MedPAC’s 2006 Report
In the Courtroom
- Event Study Analysis Rejected When Other Possible Events Not Considered
- Consulting Company’s Lost Profits Speculative When Based on Potential Earnings of At-Will Employee
- Recovery of Lost Business Profits as Loss of Earning Capacity in Personal Injury Actions
- Huber v. Commissioner - Estate of Kelley v. Commissioner - Albert Strangi et. al. v. Commissioner
SEAK Deposition Preparation Outline