{"product_id":"standards-of-value-theory-and-applications-hardback-9781118138533","title":"Standards of Value; Theory and Applications (Hardback) 9781118138533","description":"\u003cfont face=\"Georgia\"\u003e\r\n\u003cp\u003e\u003cfont size=\"6\"\u003eStandards of Value\u003c\/font\u003e\u003cbr\u003e\r\n\u003cfont size=\"5\"\u003eTheory and Applications\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\u003cp\u003e\u003cfont size=\"4\"\u003eJay E. Fishman (Author), Shannon P. Pratt (Author), William J. Morrison (Author)\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e9781118138533, Wiley\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eHardback, published 17 May 2013\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e496 pages\u003cbr\u003e23.6 x 15.8 x 3.8 cm, 0.68 kg\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\r\n\r\n\r\n\u003cp align=\"justify\"\u003e\u003cstrong\u003e\u003cfont size=\"3\"\u003e\u003cb\u003eExpert direction on interpretation and application of standards of value\u003c\/b\u003e  \u003cp\u003eWritten by Jay Fishman, Shannon Pratt, and William Morrison—three renowned valuation practitioners—\u003ci\u003eStandards of Value, Second Edition\u003c\/i\u003e discusses the interaction between valuation theory and its judicial and regulatory application. This insightful book addresses standards of value (SOV) as applied in four distinct contexts: estate and gift taxation; shareholder dissent and oppression; divorce; and financial reporting. Here, you will discover some of the intricacies of performing services in these venues.\u003c\/p\u003e \u003cul\u003e \u003cli\u003eFeatures new case law in topics including personal good will and estate and gift tax, and updated to cover the new standards issued since the first edition\u003c\/li\u003e \u003cli\u003eIncludes an updated compendium discussing the standards of value by state, new case law covering divorce, personal goodwill, and estate and gift tax, and coverage of newly issues financial standards\u003c\/li\u003e \u003cli\u003eShows how the Standard of Value sets the appraisal process in motion and includes the combination of a review of court cases with the valuator's perspective\u003c\/li\u003e \u003cli\u003eAddresses the codification of GAAP and updates SOV in individual states\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eGet \u003ci\u003eStandards of Value, Second Edition\u003c\/i\u003e and discover the underlying intricacies involved in determining \"value.\"\u003c\/p\u003e\u003c\/font\u003e\u003c\/strong\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003e\u003cp\u003eForeword xiii\u003c\/p\u003e \u003cp\u003ePreface xvii\u003c\/p\u003e \u003cp\u003eAcknowledgments xxi\u003c\/p\u003e \u003cp\u003eAbout the Authors xxv\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003ePurpose 1\u003c\/p\u003e \u003cp\u003eEvery Appraisal is Unique 3\u003c\/p\u003e \u003cp\u003eFair Value versus Fair Market Value 4\u003c\/p\u003e \u003cp\u003eHistorical Perspective 5\u003c\/p\u003e \u003cp\u003eChapter Preview 8\u003c\/p\u003e \u003cp\u003eChapter 1: Common Standards and Premises of Value 8\u003c\/p\u003e \u003cp\u003eChapter 2: Fair Market Value in Estate and Gift Tax 8\u003c\/p\u003e \u003cp\u003eChapter 3: Fair Value in Shareholder Dissent and Oppression 9\u003c\/p\u003e \u003cp\u003eChapter 4: Standards of Value for Partnership and Limited Liability Company Buyouts 10\u003c\/p\u003e \u003cp\u003eChapter 5: Standards of Value in Divorce 12\u003c\/p\u003e \u003cp\u003eChapter 6: Fair Value in Financial Reporting 13\u003c\/p\u003e \u003cp\u003eHow Standard of Value Can Affect the Ultimate Conclusion of Value 13\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 Common Standards and Premises of Value 17\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eCommon Standards and Premises 17\u003c\/p\u003e \u003cp\u003ePrice, Value, and Cost 17\u003c\/p\u003e \u003cp\u003eDefining a Standard of Value 19\u003c\/p\u003e \u003cp\u003ePremises of Value 20\u003c\/p\u003e \u003cp\u003eCommon Standards of Value 21\u003c\/p\u003e \u003cp\u003eFair Market Value 21\u003c\/p\u003e \u003cp\u003eFair Value 23\u003c\/p\u003e \u003cp\u003eInvestment Value 24\u003c\/p\u003e \u003cp\u003eIntrinsic Value 25\u003c\/p\u003e \u003cp\u003eBook Value 27\u003c\/p\u003e \u003cp\u003eCommon Operational Premises Underlying the Standard of Value 28\u003c\/p\u003e \u003cp\u003eGoing Concern 28\u003c\/p\u003e \u003cp\u003eLiquidation Value 29\u003c\/p\u003e \u003cp\u003eFair Value in Alternative Contexts 30\u003c\/p\u003e \u003cp\u003eFair Market Value in Alternative Contexts 31\u003c\/p\u003e \u003cp\u003eStandards of Value in the International Context 32\u003c\/p\u003e \u003cp\u003eSummary 33\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Fair Market Value in Estate and Gift Tax 35\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 35\u003c\/p\u003e \u003cp\u003eCommon Definitions of Fair Market Value 36\u003c\/p\u003e \u003cp\u003eHistory of Fair Market Value 37\u003c\/p\u003e \u003cp\u003eUnited States v. Fourteen Packages of Pins 38\u003c\/p\u003e \u003cp\u003eElements of Fair Market Value 41\u003c\/p\u003e \u003cp\u003ePrice at Which a Property Would Change Hands 42\u003c\/p\u003e \u003cp\u003eWilling Buyer 44\u003c\/p\u003e \u003cp\u003eWilling Seller 54\u003c\/p\u003e \u003cp\u003eNo Compulsion to Buy or Sell 59\u003c\/p\u003e \u003cp\u003eReasonable Knowledge of Relevant Facts 63\u003c\/p\u003e \u003cp\u003eCommon Discounts 80\u003c\/p\u003e \u003cp\u003eSummary 87\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Fair Value in Shareholder Dissent and Oppression 89\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eGilbert E. Matthews and Michelle Patterson\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eFair Value as the Standard of Value in Dissent, Oppression, and Entire Fairness Cases 89\u003c\/p\u003e \u003cp\u003eThe Appraisal Remedy for Dissenting Shareholders 94\u003c\/p\u003e \u003cp\u003eHistory and Overview of the Appraisal Remedy 94\u003c\/p\u003e \u003cp\u003eAppraisal Rights Today 97\u003c\/p\u003e \u003cp\u003eAppraisal Rights in Publicly Traded Corporations: The Market Exception 99\u003c\/p\u003e \u003cp\u003eFair Value Can Be Less Than Arms’-Length Price 102\u003c\/p\u003e \u003cp\u003eThe Oppression Remedy 106\u003c\/p\u003e \u003cp\u003eDevelopment of the Oppression Remedy 106\u003c\/p\u003e \u003cp\u003eContext of Oppression Remedy 107\u003c\/p\u003e \u003cp\u003eDissolution as a Remedy for Oppression 110\u003c\/p\u003e \u003cp\u003eShareholder Buyouts as an Alternative Remedy 110\u003c\/p\u003e \u003cp\u003eExamples of Oppression 116\u003c\/p\u003e \u003cp\u003eFair Value is the Standard of Value in Appraisal and Oppression in Almost All States 121\u003c\/p\u003e \u003cp\u003eFair Value as Defined by Various Authorities and Statutes 121\u003c\/p\u003e \u003cp\u003eThe Valuation Date—Before the Effectuation of the Corporate Action to Which the Shareholder Objects 125\u003c\/p\u003e \u003cp\u003eValuation Date in Appraisal Cases 125\u003c\/p\u003e \u003cp\u003eValuation Date in Oppression Cases 126\u003c\/p\u003e \u003cp\u003eCustomary and Current Valuation Techniques 130\u003c\/p\u003e \u003cp\u003eFair Value in Delaware 139\u003c\/p\u003e \u003cp\u003eDelaware Fair Value Standards 139\u003c\/p\u003e \u003cp\u003eEntire Fairness in Delaware 140\u003c\/p\u003e \u003cp\u003eComponents of Fair Value in Delaware 144\u003c\/p\u003e \u003cp\u003eOhio’s Unique and Unfavorable Standard of Value in Appraisals 155\u003c\/p\u003e \u003cp\u003eFair Value Normally Excludes Discounts and Premiums 157\u003c\/p\u003e \u003cp\u003eMost States Now Reject Minority and Marketability Discounts 157\u003c\/p\u003e \u003cp\u003eLevels of Value 159\u003c\/p\u003e \u003cp\u003eDiscounts at the Shareholder Level 160\u003c\/p\u003e \u003cp\u003eThe “Implicit Minority Discount” 163\u003c\/p\u003e \u003cp\u003eNo Premiums Are Applicable to DCF Values 167\u003c\/p\u003e \u003cp\u003eDiscounts at the Corporate Level 168\u003c\/p\u003e \u003cp\u003eControl Premiums at the Corporate Level 169\u003c\/p\u003e \u003cp\u003eSome States Permit Considering Extraordinary Circumstances in Determining Whether to Apply Discounts 171\u003c\/p\u003e \u003cp\u003eCourt Decisions Have Moved toward Rejecting Discounts 172\u003c\/p\u003e \u003cp\u003eEquitable Adjustments to Fair Value 188\u003c\/p\u003e \u003cp\u003eConsideration of Wrongdoing in Calculating Fair Value 188\u003c\/p\u003e \u003cp\u003eDamage Claims 193\u003c\/p\u003e \u003cp\u003eSummary 194\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Standards of Value for Partnership and Limited Liability Company Buyouts 197\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eNoah J. Gordon\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 197\u003c\/p\u003e \u003cp\u003eBuyout upon Dissociation 198\u003c\/p\u003e \u003cp\u003eBuyout in Lieu of Dissolution 199\u003c\/p\u003e \u003cp\u003eDissenters’ Rights 200\u003c\/p\u003e \u003cp\u003ePartnerships and Limited Liability Partnerships (LLPs) 200\u003c\/p\u003e \u003cp\u003eLimited Liability Partnerships 201\u003c\/p\u003e \u003cp\u003eGeneral Partnership Standard of Value Cases 212\u003c\/p\u003e \u003cp\u003eLimited Partnerships 216\u003c\/p\u003e \u003cp\u003eLimited Liability Companies, Generally 222\u003c\/p\u003e \u003cp\u003eUniform Acts 223\u003c\/p\u003e \u003cp\u003eBuyout in Lieu of Dissolution 224\u003c\/p\u003e \u003cp\u003eWithdrawal and Buyout 228\u003c\/p\u003e \u003cp\u003eDissenters’ Rights 231\u003c\/p\u003e \u003cp\u003eProfessional LLCs 232\u003c\/p\u003e \u003cp\u003eLLC Decisions 232\u003c\/p\u003e \u003cp\u003eSummary 235\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Standards of Value in Divorce 237\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 237\u003c\/p\u003e \u003cp\u003eMarital Property: General Background and History 240\u003c\/p\u003e \u003cp\u003eIdentification of Marital Property and Separate Property 242\u003c\/p\u003e \u003cp\u003eRelationship between Valuation and Identification of Intangible Assets 244\u003c\/p\u003e \u003cp\u003eAppreciation on Separate Property 246\u003c\/p\u003e \u003cp\u003ePremises and Standards of Value in Divorce 249\u003c\/p\u003e \u003cp\u003ePremises of Value 249\u003c\/p\u003e \u003cp\u003eStandards of Value 250\u003c\/p\u003e \u003cp\u003ePremises of Value Revealed through the Valuation of Insurance Agencies 255\u003c\/p\u003e \u003cp\u003eConcepts of Value under the Two Premises 257\u003c\/p\u003e \u003cp\u003eStandards of Value in Divorce among the 50 States 258\u003c\/p\u003e \u003cp\u003eLack of Statutory Insight 258\u003c\/p\u003e \u003cp\u003eRevealing Standard of Value through Case Law 260\u003c\/p\u003e \u003cp\u003eToward a Standard of Value Classification System 265\u003c\/p\u003e \u003cp\u003eValue in Exchange 274\u003c\/p\u003e \u003cp\u003eGoodwill 274\u003c\/p\u003e \u003cp\u003eLack of Control and Marketability Discounts under Value in Exchange 290\u003c\/p\u003e \u003cp\u003eFair Value 293\u003c\/p\u003e \u003cp\u003eBuy–Sell Agreements under Value in Exchange 299\u003c\/p\u003e \u003cp\u003eValue to the Holder 304\u003c\/p\u003e \u003cp\u003eGoodwill 304\u003c\/p\u003e \u003cp\u003eDouble Dipping 315\u003c\/p\u003e \u003cp\u003eShareholder-Level Discounts under the Value to the Holder Premise 317\u003c\/p\u003e \u003cp\u003eFair Value 317\u003c\/p\u003e \u003cp\u003eBuy–Sell Agreements under Value to the Holder 318\u003c\/p\u003e \u003cp\u003eSummary 320\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Fair Value in Financial Reporting 323\u003cbr\u003e\u003c\/b\u003e\u003ci\u003eNeil J. Beaton\u003c\/i\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 323\u003c\/p\u003e \u003cp\u003eFair Value in Financial Reporting: What is It? 324\u003c\/p\u003e \u003cp\u003eApplication of Fair Value 325\u003c\/p\u003e \u003cp\u003eHistory of Fair Value in U.S. Accounting Literature 328\u003c\/p\u003e \u003cp\u003eApplication of the Fair Value Standard to Business Combinations 333\u003c\/p\u003e \u003cp\u003eApplication of the Fair Value Standard to Asset Impairment Tests 336\u003c\/p\u003e \u003cp\u003eInterpretation of Fair Value Compared to Other Standards of Value 339\u003c\/p\u003e \u003cp\u003eFair Value in Financial Reporting versus Fair Value in Dissenters’ Rights Cases 339\u003c\/p\u003e \u003cp\u003eFair Value in Financial Reporting versus Investment Value 339\u003c\/p\u003e \u003cp\u003eFair Value in Financial Reporting versus Fair Market Value 340\u003c\/p\u003e \u003cp\u003eAudit Issues 342\u003c\/p\u003e \u003cp\u003eSummary 343\u003c\/p\u003e \u003cp\u003eAppendix: Sources of Information 344\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix A International Business Valuation Standards 347\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntroduction 347\u003c\/p\u003e \u003cp\u003eInternational Valuation Standards Council 347\u003c\/p\u003e \u003cp\u003eValuation Organization 348\u003c\/p\u003e \u003cp\u003eBroad Definitions 350\u003c\/p\u003e \u003cp\u003eApproaches to Valuation 351\u003c\/p\u003e \u003cp\u003eTypes of Property 352\u003c\/p\u003e \u003cp\u003eToronto Valuation Accord 353\u003c\/p\u003e \u003cp\u003eMission and Objectives 354\u003c\/p\u003e \u003cp\u003eDefinitions 355\u003c\/p\u003e \u003cp\u003eFair Value Measurement 356\u003c\/p\u003e \u003cp\u003eConclusion 357\u003c\/p\u003e \u003cp\u003eRoyal Institute of Chartered Surveyors 358\u003c\/p\u003e \u003cp\u003eInternational Financial Reporting Standards 358\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix B Chart— Fair Value in Dissent and Oppression 359\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eAppendix C Standards of Value in Divorce Classifications by State and Standard of Value 377\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIndex 443\u003c\/p\u003e\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\u003cp\u003e\u003cfont size=\"3\"\u003eSubject Areas: Finance \u0026amp; accounting [\u003ca title=\"See our other books on Finance \u0026amp; accounting\" href=\"https:\/\/freshlyprintedbooks.co.uk\/search?q=%22Finance%20\u0026amp;%20accounting%20%5BKF%5D%22\"\u003eKF\u003c\/a\u003e]\u003c\/font\u003e\u003c\/p\u003e\r\n\r\n\r\n\u003c\/font\u003e","brand":"Wiley","offers":[{"title":"Brand New","offer_id":52417755054360,"sku":"9781118138533","price":63.59,"currency_code":"GBP","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0730\/2037\/5320\/files\/9781118138533.jpg?v=1784506893","url":"https:\/\/freshlyprintedbooks.co.uk\/products\/standards-of-value-theory-and-applications-hardback-9781118138533","provider":"Freshly Printed Books","version":"1.0","type":"link"}