Business Valuation Resources © 2015

Advanced Workshop on Taxes and Value:
Guidance on the S Corporation Valuation Puzzle

Business Valuation Resources  |  (503) 291-7963

Join Nancy Fannon and Keith Sellers for a special 4-hour workshop as they challenge traditional notions about the differences in value between a pass-through entity and the public market C corporation and reveal an abundance of research that shows that shareholder-level taxes do indeed affect a firm’s value. This workshop will guide participants through the evidence they need to support their valuation conclusions as they learn a new, more direct approach to pass-through entity valuation.

Get a sneak peek at some slides from the workshop >>

Featuring:

Agenda

  • Background to tax issue and use of prior cash flow based methods
    • Pass-through entity valuation models
  • Fundamental financial principles
    • Deriving the cost of capital
    • Matching cost of capital to subject company
    • Affect of personal taxes
    • Tax capitalization theory
    • Equilibrium pricing
  • Research relating to tax affects on value
    • Tax Acts
      • Studies prior to 2003 Act
      • Studies based on 2003 Act
    • Assumptions employed in the cash flow based models
  • Proposal for alternative method
    • How academics have measured the extent of tax capitalization
    • How methodology is applied to data used for private company valuations
    • Demonstration of the calculation of the embedded tax in the market return
    • Effects of magnitude of adjustment depending on size of cost of capital
    • Affect of magnitude of adjustment if a WACC is employed
Learning Objectives
  • Understand the background to the pass through entity tax issue use of prior cash flow based methods
  • Understand pass-through entity valuation models
  • Learn about the effect that taxes have on value
  • Learn of the research relating to the affect of taxes on value
  • Learn of an alternative method for valuing pass through entities
  • Learn of areas for further research into the effect of taxes on value

 

Nancy J. Fannon
CPA, ABV, ASA, MCBA
Meyers, Harrison & Pia


Keith Sellers
CPA/ABV, CVA, Ph.D.
University of Denver

 

LIMITED-TIME SPECIAL OFFER - Save $79.00 on combo!

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 submitted to the National Registry of CPE Sponsors through its website: learningmarket.org. NASBA Sponsor nasba.org

Prerequisites: Knowledge of Business Valuation 
Program Level: Advanced
Advance Preparation Required: None 
Delivery Method: Group Internet-Based
Recommended Credits: 4.5 CPE Credit Hours

BVR's Promise:
BVR offers a 100% refund if you are not completely satisfied with your webinar experience. Please contact us at (503) 291-7963 ext. 103 with any concerns. Alternately, please submit a written request for a full refund within 30 days of the date of this program to: Retta Dodge.

* Training Pack includes a complete recording and transcript with presentation and reading materials delivered electronically. CPE is not available through Training Packs.