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Issue No. 67: June/July 2017
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Archive 2011 3-Pack: Three webinars on IRS DLOM Job Aid $398.00

Archive 2011 3-Pack: Three webinars on IRS DLOM Job Aid

This special webinar archive package contains three webinars on the topic "Discount for Lack of Marketability Job Aid for IRS Valuation Professionals". Purchase this 3-Pack for$398 which is a savings of $199 compared to purchasing each archived webinar separately.

Included are:

  • A Review of the "Discount for Lack of Marketabilty Job Aid for IRS Valuation Professionals" originally broadcast on August 23, 2011. Presented by Jim Hitchner, CPA/ABV/CFF, ASA, Moderator with Jim Alerding, CPA/ABV, ASA, CVA and Mike Gregory, ASA, AVA, MBA, PE, Retired IRS Engineering and Valuation Territory Manager
  • Lance Hall Rebuts IRS Criticisms of the FMV Opinions Restricted Stock Database originally broadcast on September 8, 2011. Presented by Lance Hall, ASA.
  • Chris Mercer's Opinions of the IRS Critiques of the DLOM Studies, Databases and Models originally broadcast on September 15, 2011. Presented by Chris Mercer, ASA, CFA, ABAR, with Travis W. Harms, CPA/ABV, CFA and Special Guest Brian Pearson, CPA/ABV/PFS, ASA

  • Session 1: A Review of the"Discount for Lack of Marketabilty Job Aid for IRS Valuation Professionals"

    Learn how the IRS evaluates discounts for lack of marketability in the IRS’s blockbuster document “Discount for Lack of Marketability Job Aid for IRS Valuation Professionals.” This 107-page Job Aid reviews almost all the DLOM models, databases and studies and was prepared by the IRS Engineering/Valuation Program DLOM Team. As stated in the IRS DLOM Job Aid: “We will endeavor to explain the intent of the approaches most widely relied upon by practicing valuators as to how each estimates DLOM. We will identify the parameters used in a given approach, the strengths and weaknesses of the approach, the review of the valuation community concerning the approach, and what the courts have had to say about the approach, if anything. The job aid also provides initial IDR questions for examination of DLOM and some sample report language for reviewers to consider in situations where it’s clear that the approach being used by the taxpayer is in error.”

    Session 2: Lance Hall Rebuts IRS Criticisms of the FMV Opinions Restricted Stock Database

    The IRS’s “Discount for Lack of Marketability Job Aid for IRS Valuation Professionals” critiqued the most well-known discount for lack of marketability methodologies used by valuation professionals, including the well-respected and widely used FMV Restricted Stock Study. Lance rebuts the IRS’s criticisms by showing: 1)The IRS has not shown that the key characteristics suggested by FMV are statistically invalid.2) FMV’s data is the best market evidence for determining DLOMs on restricted stocks and private equity and has consistently been treated favorably in Tax Court.3) Not every appraisal technique lends itself well to statistical analysis. 4) Why the appraiser can confidently use market evidence from large blocks of restricted stock to determine the DLOM for private equity. 5) FMV has taken care to isolate different factors that impact the DLOM, such as firm characteristics, block size, and market volatility. 6) By measuring the impact of market volatility on the DLOM, FMV controls for changes in market conditions over the long time frame of the FMV Study.

    Session 3: Chris Mercer's Opinions of the IRS Critiques of the DLOM Studies, Databases and Models

    Learn what Chris Mercer and Travis Harms think about how the IRS evaluates discounts for lack of marketability in the IRS’s blockbuster document “Discount for Lack of Marketability Job Aid for IRS Valuation Professionals.” This Job Aid reviews almost all the DLOM models, databases and studies and was prepared by the IRS Engineering/Valuation Program DLOM Team. Mercer and Harms discuss the implications of the IRS’s critiques of the most well-known DLOM studies, databases and models. They use the list of “Factors Influencing Marketability” as found in the Job Aid as a starting point for evaluating the models, methods and databases, and discuss the major methods in the context of prevailing business valuation standards. Special guest speaker Brian Pearson offers his opinions about the IRS’s critique of his Valuation Advisors Pre-IPO studies and detailed Pre-IPO transaction database.

    Included in this archived webinar 3-package:

    • Audio/Video file from each webinar
    • Webinar transcript from each webinar
    • Original Webinar handouts from each webinar

    The archived webinar package is an Adobe Presenter PDF file that allows you to view the video of the webinar with the synced audio so that you see the presentation just as it was presented “live.” The Presenter format also allows for easy navigation through the webinar so you can quickly go to a specific section in the presentation. The handout materials are included in the file. To view the Webinar Presenter file, you must have Adobe Reader software version 9 or higher. You can download the free current version of Adobe Reader at http://get.adobe.com/reader Please note that CPE is only available for live webinar broadcasts.

    This product was added to our catalog on Saturday 29 October, 2011.
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