Index of Past Issues of FVLE

The Financial Valuation and Litigation Expert Journal ended publication with Issue 86 and was replaced with the monthly “Hardball with Hitchner – Tough Issues…Clear Answers.” To learn more or subscribe, visit the Hardball page.

Individual issues of the Financial Valuation and Litigation Expert Journal are still available. Scroll down to review the contents and make a purchase.

ISSUE 86 – AUGUST/SEPTEMBER 2020

Front Page – COVID-19 and Its Effect on Business Valuation: Frequently Asked Questions Part II by Jim Hitchner
Robert Reilly- Valuation Analyst Considerations Regarding Closely Held Company Buy/Sell Agreements
Kristopher Boushie – Trade Secret Misappropriation and Monetary Remedies under the Federal Defend Trade Secrets Act
Mark Warshavsky – The Changing Landscape and Evolution of the Forensic Accounting Profession
Rod Burkert – These drivers quantify the time and money you get from your practice
Cost of Capital Corner

ISSUE 85 – JUNE/JULY 2020 (COVID-19 SPECIAL ISSUE)

Front Page – COVID-19 and Business Valuation: Frequently Asked Questions by Jim Hitchner
Harold Martin – “It’s Like Déjà Vu All Over Again” – Valuing a Business in the Post-COVID-19 Pandemic Economy
Stacy Udell – Loss of the Alimony Deduction under the Tax Cuts and Jobs Act
Robert Reilly – Intellectual Property Valuations within Bankruptcy Controversies – Part 3
Rod Burkert – Are You a “Vitamin” or a “Painkiller”?
Cost of Capital Corner

ISSUE 84 – APRIL/MAY 2020

Front Page – How to Detect a Rigged Cap Rate
Mike Gregory – Who’s Who at the IRS?
Bob Grossman – Recent Court Cases Continue the “Tax Affecting” Controversy
Rodd Burkert – Why we struggle with pricing relative to “those” competitors
Cost of Capital Corner

ISSUE 83 – FEBRUARY/MARCH 2020

Front Page – Webinar Polls Reveal Who’s Doing What in Business Valuation by Jim Hitchner
Jim Alerding – Artificial Intelligence and the Future of Valuation
Robert Reilly – Intellectual Property Valuations Within Bankruptcy Controversies
Gil Matthews – Valuation Decisions by the Delaware Supreme Court, 2017-2019
Rod Burkert – If You Want a Better Practice, Perform File Autopsies
Cost of Capital Corner

ISSUE 82 – DECEMBER 2019 /JANUARY 2020

Front Page Valuation’s Dirty Little Secrets Part Three by Jim Hitchner
Scott Saltzman – Review of Best Practices: Thought Leadership in Valuation, Damages, and Transfer Price Analysis by Robert F. Reilly and Robert P. Schweihs
Jeff Balcombe and Kevin Brooks – Estimation and Measurement of Equity Volatility in Valuation
Robert Reilly – Financial Feasibility Analysis Considerations Regarding ESOP and ERISA-Related Litigation
Rod Burkert – Asking Clients for Referrals

ISSUE 81 – OCTOBER/NOVEMBER 2019

Front page: Application of Cost of Capital Data – An Update
Kelsey Griffin, Courtney Crowley, and Megan Lindsey – Are You a Technophobe or a Technophile?
Chris Hamilton – CVs: Marketing or Evidence?
Chris Treharne – Estate of Jones: Validating S Corporation Tax-Affecting
Rod Burkert – Will Social Media Marketing Work for You?
Cost of Capital Corner

ISSUE 80 – AUGUST/SEPTEMBER 2019

Front Page – Valuation’s Dirty Little Secrets Part Two by Jim Hitchner
Bill Quackenbush – Quantitatively Adjusting Guideline Public Company Multiples
Ron Seigneur – Musings on the Cost of Capital
Scott Saltzman – Analysis of AICPA “Statement on Standards for Forensic Services No. 1”
Chris Hamilton – Damages: Returning to the Basics
Rod Burkert – Rod On Practice Management: Ten Social Networking Tactics I Would Use to Build My BVFLS Practice If I Were Starting Today

ISSUE 79 – JUNE/JULY 2019

Front Page – Valuation’s Dirty Little Secrets by Jim Hitchner
Don Barbo and Brad Parker – Would Your Ambulatory Surgery Center Pay Less in Income Taxes as a C Corporation Under the TCJA?
Gary Trugman – Answering Tough Cross-Examination Questions
Robert Reilly – Forensic Analyst Expert Report and Expert Testimony Guidelines
Richard Wise – Allocating Fair Market Value Among a Corporation’s Share Classes: Some Observations
Rod Burkert – Rod On Practice Management: What Could Pricing With Options Do for Your Practice?
Cost of Capital Corner

ISSUE 78 – APRIL/MAY 2019

Front Page – Federal Court Accepts Tax Affecting an S Corp by Jim Hitchner
Stacy Preston Collins – Stock-based Compensation and Guidelines to Estimate a Supportable Value
Michael A. Crain – Transparency in Cost of Capital Data: Making Sausage?
Robert Reilly – Practical Guidance Related to Forensic Analysis Due Diligence Interviews
Stephen J. Bravo – A Look at the Ever-evolving U.S. Health Care Industry
Rod Burkert – Rod On Practice Management: Being different is more profitable than being better
Cost of Capital Corner

ISSUE 77 – FEBRUARY/MARCH 2019

Front Page – Who’s Doing What in Business Valuation? Webinar Poll Results Reveal Common Practices by Jim Hitchner
Robert Reilly – Goodwill Valuation Considerations Involving Private Companies and Professional Practices
Kris Boushie – Analyzing Commercial Success and Its Implications for Patent Validity
Robert Gray – AICPA Proposes Forensic Accounting Professional Standards for Forensic Services Engagements
Rod Burkert – Rod On Practice Management: How do you recover the cost of your reference library?
Cost of Capital Corner

ISSUE 76 – DECEMBER 2018/JANUARY 2019

Front Page – Sources of Cost of Equity Data: New versus Old by Jim Hitchner
Mike Gregory – What can be Learned from Experts Who Advocate Too Well?
Mark Warshavsky – The Art of Interpreting Body Language: Deciphering Clues Through Physical Movements
Stacey Udell – AICPA Association News
Rod Burkert – Rod On Practice Management: The system you need for vetting prospects
Cost of Capital Corner

ISSUE 75 – OCTOBER/NOVEMBER 2018

Front Page – Valuation Designation Wars: What’s the Best Designation for You? By Jim Hitchner
Bob Grossman – The Tax Cuts and Jobs Act and ESOP Valuations
Gil Matthews – Fairness Opinions, Experts, and the Courts
Eva Lang – TagniFi: A ‘Four Seasons’ Experience at a ‘Comfort Inn’ Price
Rod Burkert – Rod On Practice Management: Pricing – Are You discounting or negotiating?
Cost of Capital Corner

ISSUE 74 – AUGUST/SEPTEMBER 2018

Front Page – Calculation Engagements: The REAL Story – R.James Alerding, Edward J. Dupke, and James R. Hitchner
R. James Alerding – Have We Lost the Forest For the Trees ?(Financial Valuation – the Income Approach)
Donald P. Wisehart – Pension Benefit Obligation: Is It Double Counting?
Robert P. Gray – To ‘QB’ or NOt to “QB’? That is the question (Forensics/Fraud – Financial Information)
Rod Burkert – Rod On Practice Management: Do You Carry a Portfolio of Your Work?
SPECIAL REPORT – AICPA ABV CREDENTIALING DEBATE
Cost of Capital Corner

ISSUE 73 – JUNE/JULY 2018

Front Page – Business Valuation and the Tax Cuts and Jobs Act Your Questions Answered – Jim Hitchner
Mark Dietrich – Data, Statistics, Information, and Knowledge in the Healthcare Valuation Arena: What to Use and What Not to Use
Neil Beaton – The Cannabis Industry Accounting and Appraisal Guide – Book Review
Jeanna Hermance and Morgan Lindsey – How to Attract and Keep Young Professionals as Part of Your Succession Plan
Scott Saltzman- Client Gratification versus Professional Standards
Kyle Wishing and Nicholas Henriguez – Overview of the “But-for” Investment Portfolio to Measure Trustee Breach of Fiduciary Duty Damages
Rod Burkert – Rod On Practice Management: Work for Yourself or a Firm What’s the Risk?
Cost of Capital Corner

ISSUE 72 – APRIL/MAY 2018 (Special Expanded Issue)

Front Page – The Impact of the Tax Cuts and Jobs Act on Business Valuation- Jim Hitchner
Jeff Balcombe – The Tax Cuts and Jobs Act: Analytical Considerations for Your Valuation Practice
Robert Gray, Elizabeth Schrupp, and Holly Roundtree – New Tax Law Changes – Spur in Divorces
Harold Martin Jr. – A Primer on Business Valuation and Classification of Property for Equitable Distribution in Divorce
Rod Burkert – Rod On Practice Management: In Order to Thrive, Our Practices Need “Aspirational” Clients
Cost of Capital Corner

ISSUE 71 – FEBRUARY/MARCH 2018

Front Page – Poll Results Reveal Current Business Valuation Practices – Jim Hitchner
Serena Morones, Alina Niculita, and Paul Heidt – Synergistic Values in the Organic and Natural Foods Industry
Larry Cook – Shareholder Agreements: A “Prenup” for Business
Robert Reilly – The Fair Value Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes – Part 3
Rod Burkert – 10x your social media efforts with this 1 tactic

ISSUE 70 – DECEMBER 2017/JANUARY 2018

Front Page – AICPA Releases Guidance on Use Of Calculation Engagements – Jim Hitchner
Chris Hamilton – Balance Sheets and the Asset Approach
Robert Reilly – The Fair Value Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes – Part 2
Rod Burkert – Two Reason Why You Didn’t Land that New Client

ISSUE 69 – OCTOBER/NOVEMBER 2017

Front Page – BEST PRACTICES: Business Valuation Methods(Part 2 of 2) – Jim Hitchner
Kevin Yeanoplos – The Evolution of Business Valuation: Beware the Ch-Ch-Ch-Changes
Robert Reilly – Valuation of Intangible Assets for Acquisition Accounting Controversy Purposes- Part 1
Rod Burkert – 7 Things You Can Do When You Have Nothing to Do

ISSUE 68-AUGUST/SEPTEMBER 2017

Front Page – BEST PRACTICES: Business Valuation Methods(Part 1 of 2) – Jim Hitchner
Dave Ellrich and Josh Angell – The Burning Question: Does the Definition of Fair Market Value Assume the Existence of a Covenant Not to Compete?
Linda Trugman – Debt versus Equity: How Do You Know?
Bob Gray, Robert Kester, and Bradley Minor – Working Capital Considerations for Business Valuations
Kristopher Boushie and Matthew Ginsberg What’s in a [Domain] Name?
Rod Burkert -5 Forces Influencing BVFLS Marketing
Steve Bravo – Review of The Business Valuation Bench Book, a new book by William J. Morrison and Jay E. Fishman
Richard Wise and Andrew Yas – The Effect of Special Purchasers on Fair Value in Canada
Stacey Udell – AICPA Forensic and Valuation Services Conference

ISSUE 67 – JUNE/JULY 2017

Front Page – DLOM Guide and Toolkit Debuts after Five Years in the Making – Jim Hitchner
Gil Mathews – The Flawed Perpetual Growth Assumption and Its Impact on Terminal Value
Marvin Brown – Is Closely Held Stock Really ‘Preferred’?
Stacey Udell – It’s Time to Gear Up for the 2017 AICPA FVS Conference
Chris Mercer – Recollections of My First Expert Witness Experience, 10 Ideas for Giving Effective Expert Depositions, and
Testifying as an Expert Witness with Impact
Rod Burkert – Five lessons I’ve learned that help me win more engagements at fees I can live with

ISSUE 66 – APRIL/MAY 2017

Front Page – Why Perpetual Growth Models Are Not Really Perpetual by Jim Hitchner
Mark Kucik and Mark Hanson – Global Valuation Standards: A Practical Approach Through the Eyes of a Practitioner
Jason Pierce – How Commercial Real Estate Appraisals Affect Business Valuations
Mark Warshavsky – Forensic Statement Analysis — The Art and Science of Analyzing Words
Rod Burkert – Are you a digital sharecropper?

ISSUE 65 – FEBRUARY/MARCH 2017

Front Page – Poll Results Reflect Current Trends in Business Valuation by Jim Hitchner
William Quackenbush – Pitfalls to Avoid in the Guideline Public Company Method
Nathan DiNatale – The Profession Evolves with a New Credential
Robert Reilly – The Asset-Based Approach to Business Valuation
Rod Burkert – Five Signs that we Need to Part Ways with a Client

ISSUE 64 – DECEMBER 2016/JANUARY 2017

Front Page – Presenting Cost of Equity Calculations in a Valuation Report by Jim Hitchner
Bob Grossman – Marketability, Liquidity, and Controlling Equity Interest
Gary Trugman – Should You Ever Use the MCAPM to Value Small Businesses?
Mark Dietrich – Protected Health Information: The Toxic Waste of Litigation in Healthcare
Rod Burkert – What’s in your business model?
Ron Seigneur – The Impact of Judicial Reform on Financial Experts

ISSUE 63 – OCTOBER/NOVEMBER 2016

Front Page – Best Practices in Cost of Equity Capital: The Build-Up Model: A Simpler Approach by Jim Hitchner
Ed Dupke – Using Standards to Strengthen Business Valuation Reports
Chris Mercer – Valuation implications of the Proposed Changes to section 2704
Mike Gregory – Conflict Resolution with the IRS when your Business appraisal is under Examination
Rod Burkert – Wait! You want me to cut a check for HOW much?

ISSUE 62: AUGUST/SEPTEMBER 2016

Front Page – Two “Must-Read” Delaware Valuation Court Cases by Jim Hitchner
Scott Saltzman – A Financial look at the Double Dip
Ray Rath – Stock Compensation and the IPO Process— Insights from SEC Comment Letters
Bob Gray and Rebert Kester – AICPA to Publish New Forensic Accounting Practice Aid to Assist Experts in Being More Credible
Rod Burkert – The Etiquette of Connecting on LinkedIn

ISSUE 61 – JUNE/JULY 2016

Front Page – The Risk-Free Rate in the Cost of Equity Capital: Why It May Be One of the More Important Data Inputs by Jim Hitchner
Stacey Udell – Double Dipping: A Close Look at a Hot Topic
Rod Burkert – Is your new client onboarding process missing any of these steps?
Robert Reilly –Intellectual Property Market approach Valuation Methods in Bankruptcy Controversies

ISSUE 60 – APRIL/MAY 2016

Front Page – Cross-Examination Skits: It’s Not Always About the Analysis by Jim Hitchner
Jeff Balcombe – Optimizing Capital Structure and the Level of Debt Assumption
Rod Burkert – Why Are We Reluctant to Specialize?
Robert Reilly – Valuation of Health Care Entity Transactions – Part Two
Jim Alerding – Confessions of a Tax Court Failure

ISSUE 59 – FEBRUARY/MARCH 2016

Front Page – Best Practices: The Capitalized Cash Flow Method by Jim Hitchner
Ray Rath – Deferred Revenue Valuation for Accounting Standards Codification (ASC) 805
Chris Hamilton – Benefit Stream Error: Locking in Adjustment for an Eternity
Robert Reilly – Valuation of Health Care Entity Transactions – Part One
Darrell Dorrell – What Did I Miss? How to Employ Countervailing Evidence
James Mangraviti, Jr. and Steven Babitsky – How to impress retaining Counsel

ISSUE 58 – DECEMBER 2015/JANUARY 2016

Front Page – New Guide Brings Consensus View from Three BV Leaders (Hitchner, Pratt, and Fishman)
Robert Reilly – Distinguishing Personal Goodwill from Entity Goodwill in Closely Held Company Valuations
Kristopher Boushie – Valuing Intellectual Property in Bankruptcy
Michael Crain – Data Sampling— Methods and Sample Size
Harold Martin – What’s the Damage? A Primer on Economic Damages in Business Litigation

ISSUE 57 – OCTOBER/NOVEMBER 2015

Front Page – Webinar Poll Results Reveal Common Industry Practices by Jim Hitchner
Jason Pierce – Analyzing Compensation and Valuation Issues for Authors in Divorce
W. David Ellrich, JR. and Joshua B. Angell- Estimating Volatility for Privately Held Companies
Linda Trugman – What’s Happening with Business Valuation Education at ASA?
Robert Gray – Credible Lost Profits Analysis: One- or Two- Model Approach?

ISSUE 56 AUGUST/SEPTEMBER 2015

Front Page – The Size Premium: Criticisms You Should Be Aware Of
Don Wisehart – What’s New? Duff & Phelps 2015 Valuation Handbook
Stacye Preston Collins – Taking a Closer Look …. ERI Executive Compensation Assessor
Lance Hall – Do You Really Know the Guideline Public Company Method as Well as you Think You Do?
Gary Trugman – The Income Approach: Quick Reminder Basics Checklist
Mark Warshavsky – Business Valuation Considerations in Ownership Buy-Sell Agreements
Richard Wise – Valuation of a Beneficiary’s Interest in a Trust

ISSUE 55 – JUNE/JULY 2015

Front Page – The New IRS S Corp Job Aid: What You Need to Know by Jim Hitchner
Harold Martin – AICPA Presents New Fair Value Measurement Credentials
Eric Nath – Directly Valuing Private Minority Interests Using the Income Approach
Jim Alerding – Standards of Value and Personal Goodwill and Double Dipping in Divorce Cases
Gil Matthews and Michelle Patterson – How the Court Undervalued the Plaintiffs Equity in Ferolito v. AriZona Beverages Part II
Marvin Brown – Non-Controlling Interests and Capital Structures: A Discussion of the Interrelationship
Ron Seigneur – Business Appraisal within the Cannabis Industry: The Ultimate Appraisal Challenge?

ISSUE 54 – APRIL/MAY 2015

Front Page – Best Practices: The Terminal Year of a Discounted Cash Flow Model
Raymond D. Rath – Thoughts on the Excess Earnings Method for Estimating Business Values
Robert j. Grossman – Discounts for Lack of Marketability and Fair Value
Bruce B. Bingham – Bingham Says….
Scott R. Saltzman – Ethical Lapses in Business Valuations: Be aware of These Key areas
Gilbert E. Matthews – How the Court Undervalued the Plaintiffs’ Equity in Ferolito v. AriZona Beverages – Part i: Tax-Affecting S Corporation earnings
Mark O. Dietrich – Trending Topics in Healthcare Valuation
Edward J. Dupke – Providing Testimony: What to WATCH For and What to WATCH OUT For

ISSUE 53 – FEBRUARY/MARCH 2015

Front Page – Business Valuation Mistakes: How to Avoid Them, Part Four, The Guideline Company Transaction Method
Lindsey D. Lee – Sources of GDP Growth and Inflation Forecasts when Selecting a Constant Growth Rate
William C. Quackenbush – Common Sense Issues in the Cost of Capital
Larry R. Cook – Impressions and Judgments: Part Two of a three-part series,”Fundamentals of an Effective Interview”

ISSUE 52 – DECEMBER 2014/JANUARY 2015

Front Page – Calculation Survives Daubert Challenge – Does This Help Open the Door for Calculations in Litigation?
Valuation Update – Poll Results
Jeff Balcombe – Market Approaches Miss the Mark when the Subject Company has Untransferrable Goodwill
Z. Christopher Mercer – An Introduction to Dividends and Dividend Policy for Private Companies
L. Gail Markham – The Twelve Ways of the Expert Witness

ISSUE 51 – OCTOBER/NOVEMBER 2014

Front Page – Twenty Ways to Calculate the Cost of Equity: A Case Study by Jim Hitchner
Rod Burkert – Averaging Multiple Valuation Methods: Best Practice or Inviting Trouble?
Robert Reilly – Qualitative Considerations in the Intellectual Property Valuation
Stacey Udell – AICPA Conference To Offer Hand-On Tracks for “Next Gen” Valuation Analysts and Forensic Accountants
Jim Alerding – A Tangled Web: Problems Arise when Appellate Court Awards “Equalization Payment”
Jeff Windham – Case Law Update

ISSUE 50 – AUGUST/SEPTEMBER 2014

Front Page – Calculations and Opinions: Bringing Clarity to a Cloudy Issue by Jim Hitchner
Jay Fishman, Lester Barenbaum and Kyle Garcia – Revisiting Lack of Control Discounts Using Closed-End Fund Pricing
Richard Wise – The Valuation of a 50% Shareholding in a Closely Held Corporation
Darrell Dorrell – Build or Buy? Is It Time for You to Take the Step?
Raymond Rath – Advancing the Quality of Valuations for Financial Reporting
Kristopher Boushie – Trade Secrets and Damages
And Book Reviews of – Cost of Capital: Applications and Examples, 5th Edition (Pratt/Grabowski), Review by Steve Bravo and the Guide to Intangible Asset Valuation (Reilly/Schwelhs), Review by Roger Grabowski

ISSUE 49 – JUNE/JULY 2014

Front Page – An Overview of the Duff & Phelps 2014 Valuation Handbook Guide to Cost of Capital by Jim Hitchner
Derald Lyons – M&A Deals – Stock vs. Asset Sales: What Every Valuator Nees to Know
John Stockdate – Reaching a Conclusion of Value: Reflections on the use of Market Data
Mike Crain – Capital Structure of Private Firms
Chris Hamilton – Valuing Contract Earn-out Provisions
Mike Mard and Korey Rubenstien – The 100 Pound Phone Leveraging Insight: Strategically Selling Business Valuation Services

ISSUE 48 – APRIL/MAY 2014

Front Page – Business Valuation Mistakes: How to Avoid Them, Part Three Capitalized Cash Flow Method
Jim Alerding – Is Personal Goodwill Double Counted and Thoughts on McReath
Mark Kucik – Standards through the Eyes of a Practitioner
Scott Saltzman – Standards of Value vs. Ethics
Robert Reilly -Intellectual Property Damages Analysis: An Overview
Thomas Hilton – Indirect Methods of Income Reconstruction: What Forensic Accountants Can Learn from the IRS

ISSUE 47 – FEBRUARY/MARCH 2014

Front Page – Business Valuation Mistakes: How to Avoid Them, Part Two Discount and Capitalization Rates by Jim Hitchner
Carla Glass – The Question of Calculations and USPAP – Another Round
Gil Matthews – Amortization Should be Excluded from Terminal Value Calculations
Robert Reilly – Common Reasons to Conduct Intangible Asset Damages Analyses
John Barrett – Analysis of the Kessler Valuation Metric
Mark Dietrich – Pitfalls, Pratfalls, and Bad Calls in Healthcare Valuation
Bob Gray – Securities Fraud: How Forensic Accountants Can Assist the Various Stakeholders

ISSUE 46 – DECEMBER 2013/JANUARY 2014

Front Page – Valuation Update: Webinar Poll Results Reveal Common Industry Practices
Steve Bravo – Shareholder/Member Agreement’s Influence on Value: Should We Be Bound by Them?
William Quackenbush – Terminal Value: A look at Some Key Issues
Robert Grossman – Special Valuation Considerations in ESOPs
Mark Warshavsky – Using the People to Find the Money: Advanced Financial Forensic Techniques

ISSUE 45 – OCTOBER/NOVEMBER 2013

Front Page – Cost of Capital: Comparisons of Ibbotson and Duff & Phelps Data Inputs in the MCAPM and BUM by Jim Hitchner
James Harrington, Carla Nunes, and Niel Patel – The Duff & Phelps Equity Risk Premium and Risk-free Rate Recommendation
Stacey Udell – Engagement Letters: How Do Yours Measure Up?
Stacy Preston Collins – Current Issues: Private Equity and Hedge Funds
Bruce Bingham – Valuation Professionals: Be Aware of New Rules; Speak Your Mind
Don Wisehart – Book Review: Valuation of Privately-Held Company Equity Securities Issued as Compensation
Robert Gray and James O’Brien – Performing Credible Lost Profits: Consider the ‘Fab Four’ Steps for Your Analysis

ISSUE 44 – AUGUST/SEPTEMBER 2013

Front Page – Business Valuation Mistakes: How to Avoid Them by Jim Hitchner
Ron Seigneur – Partner’s Capital How Much Is Enough?
Kevin Yeanoplos – Growth in a Vacuum: Maximizing Value in a Depressed Economy
From the AICPA, ASA, IBA and NACVA – Association News
James Mangraviti and Steve Babitsky – How to Draft an Expert Witness Retention Agreement

ISSUE 43 – JUNE/JULY 2013

Front Page – Cost of Capital update: Ibbotson and Duff & Phelps 2013 by Jim Hitchner
Chris Hamilton – Long Term Growth – Have the Facts Changed?
Scott R. Saltzman – Valuation and Litigation Pitfalls
Larry Cook – Fundamentals of an Effective Interview Part I
Gail Markham – THe BP Settlement: Are You Aware of its Far-Reaching Effects?
Kristopher Boushie – Using Comparables in Valuing Patents in Litigation

ISSUE 42 – APRIL/MAY 2013

Front Page – How to ‘Rig’a Valuation Part Two: Long-Term Growth Rates by Jim Hitchner
Jay Fishman – Do Put Option Models Overstate Discounts for Lack of Marketability?
Ray K. Bratcher – Reducing Appraiser Subjectivity in Determining DLOM
Darrell Dorrell – Built-in Gain (BiG) Adjustments in Partnerships & LLCs: why a section 754 Election is Not Inevitable

ISSUE 41 – FEBRUARY/MARCH 2013

Front Page – How to ‘Rig’ a Valuation: The Discount Rate by Jim Hitchner
Gary Trugman – Advocacy vs. Objectivity
Ray Rath – Intangible Asset Valuation: The Distributor Method
Tom Hilton – Calculation Reports in Litigation: Are You Cruisin’ for a Bruisin’?
Michael Mard, Don Wisehart & M. Seph Mard – Why is Valuation Trapped in the ’70s? Limitations of the Black-Scholes Option Pricing Model as used in the DLOM (Special Extended Length Article)

ISSUE 40 – DECEMBER 2012/JANUARY 2013

Front Page – ‘LinkedOut’: A Response to a Business Valuation Standards Discussion
Steve Bravo – Synergy and Fair Market Value: Are they mutually exclusive? BTR Dunlop says ‘no’
Rod Burkert & Bob Dohmeyer – Mean Reversion Model to Adjust Excess Compensation
Darrell Dorrell – Does ‘Offer Price’ Equal Value? The Top 20 Factors
James Mangraviti & Steve Babitsky (SEAK) – The 10 Biggest Mistakes Expert Witnesses Make During Depositions

ISSUE 39 – OCTOBER/NOVEMBER 2012

Front Page – Valuation Update: Webinar Poll Results Reveal ‘Who’s Doing What’
Travis Harms – Valuation’s Dirty Little Secret: Financial Projections and the Income Approach
Mark Warshavsky – Analyzing Earnings Quality as a Financial Forensic Tool
Jim Hitchner – Book Review: How to Work with the IRS: Strategies for Attorneys, Accountants & Appraisers by Michael Gregory

ISSUE 38 – AUGUST/SEPTEMBER 2012

Front Page – Pratt’s Stats: The Public Side
Gary Trugman – How to Use Transaction Databases
David Ellrich, Jr. and Joshua B. Angell – Update on the New FMV Opinions Database and Newly Added Transactions
Derald Lyons – M&A Deals – Stock vs. Asset Sales: What Every Valuator Needs to Know
Thomas Burrage – Rule One Initiative Works to Increase Efficiency of Judicial System
John Walker and Chris Treharne with two New Court Cases: Wimmer v. Commissioner and Mohamed v. Commissioner

ISSUE 37 – JUNE/JULY 2012

Front Page – Ibbotson Update: New Support for Old Data
Bob Gray and Dave Duffus – Encountering New Venues with Shareholder Disputes? Remember the Special Ks
Jim Alerding – Personal Goodwill in Divorce
Don Wisehart – The Elusive Size Premium
Eva Lang – Facing the IRS: Some Quick Tips to Make the Experience Less Painful

ISSUE 36 – APRIL/MAY 2012

Front Page – Business Valuation Standards Top Ten Myth Busters
David Ellrich, Jr. and Joshua B. Angell – Thoughts on Duff & Phelps ‘Normalizing’ Risk-Free Rate
Carla Glass – Revisions to the Uniform Standards of Professional appraisal Practice (USPAP) 2012-2013 Edition
Neil Beaton – Are Secondary Markets Accurate Indicators of Market Value?
Ronald D. DiMattia – Treatment of Cash When Calculating Enterprise Value
Linda Trugman – What’s Happening at the American Society of Appraisers?
Stacey Udell – Top Five Issues When Valuing a Small Business for Divorce
John Walker and Chris Treharne with a New Court Case: Wandry v. Commissioner

ISSUE 35 – FEBRUARY/MARCH 2012

Front Page – Control Premiums and Minority Discounts in Operating Businesses
Bill Quackenbush – Current Issues in Developing the Cost of Capital
Gil Matthews – An Investment Banking View of Enterprise Value.
Mark Dietrich – Sizing Up Healthcare Reform’s Impact on Business
Eva Lang – Resources: It is All About the Apps
Steve Babitsky and James Mangraviti – Expert Witness New Client Interview Checklist
John Waker and Chris Treharne with a New Court Case: Estate of Liljestrand v. Commissioner

ISSUE 34 – DECEMBER 2011/JANUARY 2012

Front Page – FMV Opinions Restricted Stock Database: Before You Rely on Restricted Stock Block Size to Determine an Incremental DLOM Applicable to Private Equity, Know the Facts
Bruce Bingham – Update on Standards: A Review of the International Valuation Standards 2011 of the international Valuation Standards Council (IVSC)
IRS DLOM Job Aid Webinar Results
Stacy Preston Collins – Women in Business Valuation: Some Perspectives
Scott Saltzman – Valuation Ethics: Questions and Answers
Kevin Yeanoplos – The Private Cost of Capital Model: Panacea or Perciatelli?
Jim Alerding – Is the Traditional Risk-Free Rate Still Risk Free?
Kristopher Boushie – Post Uniloc — Calculating Reasonable Royalty Damages: What’s a Damages Expert to Do?

ISSUE 33 – OCTOBER/NOVEMBER 2011

Front Page – VPS Webinars and Poll Results Show High Impact of IRS DLOM Job Aid
Jeffrey R. Mills, Guest Columnist – Common Errors in Discounted Cash Flow Models
Chris Hamilton – Is It the Market Approach or the Income Approach?
Stephen J. Bravo – Massachusetts Supreme Judicial Court Deals Effectively with Cash Flows in Divorce Valuation of Hedge Fund Firm
R. James Alerding – Valuation Ethics
John J. Stockdale – Methods for Determining Synthetic Volatility for Private Companies
Howard A. Lewis – Quality Assurance in Business Appraisal
Steven Hyden and Guest Columnist Darren Cordier – Using Trendlines to Determine Survivor Curves for the Valuation of Customer Relationships
Jay E. Fishman – The Changing Face of Private Equity
Robin E. Taylor – Volunteering for the Profession
Richard M. Wise – Quantification of a Complex Business Interruption Loss

ISSUE 32 – AUGUST/SEPTEMBER 2011 SPECIAL ISSUE DLOM

This is a SPECIAL ISSUE – 144 pages focusing on Discounts for Lack of Marketability. Issue No. 32, August/September 2011 contains:

The IRS Discount for Lack of Marketability Job Aid – 39 page discussion and summary of the Job Aid by Jim Hitchner.
Why Finnerty’s Put Option Model is the DLOM Model of Choice
Sumon C. Mazumdar’s Conference PowerPoint Slides from Judge Laro’s 2008 DLOM Summit
Bajaj et al. Criticisms and Pratt and Hall Rebuttals
Jim Hitchner’s Review of An Integrated Theory
QMDM: A Long but Important Answer to a Short but Important Question
Partnership Profiles, Inc. 2010 Executive Summary Report
Mandelbaum Factors Revisited: A Peek Behind the curtains
The Mysterious Willing Seller
A DLOM Computational MOdel
Other Evidence about Discounts for Lack of Marketability
Issue 15 of Financial Valuation and Litigation Expert – Major National Summit on DLOMs: Everything You Wanted to Know and Were UNafraid to Ask
Major National Summit on DLOM Case Study from Judge Laro’s Tax Conferences 2009 and 2010

ISSUE 31 – JUNE/JULY 2011

Front Page – Expert Ethics: Bias and Plagiarism – The Dark Side of Business Valuation
Edward Dupke, Nancy Fannon, and Mark Hanson – Evolution of Valuation Professional Standards
Ron DiMattia – Excess Cash Flow Method and Required Rates of Return
Steve Gonsoulin – Consideration of the Asset Approach in Appraising a Minority Interest in an Operating Company
J. Michael Hill, Jr. and Anthony DeBenedictis – First Experiences under the Amended Federal Rules of Civil Procedure

ISSUE 30 – APRIL/MAY 2011

Front Page – Industry Update: Who’s Doing What
Don Wisehart and Mike Mard – The Valuation House of Cards? The Risk Components of Cost of Capital
Ron Seigneur – Divorce of a Business: When Partnerships Fail
Andy Smith and Brian Sullivan – We are not Paid to Agree with our Clients, The Art of Agreeing to Disagree
Brenda Clarke – Book Review of Financial Valuation: Applications and Models, 3rd edition.
Joel Rakower and Nannette Watts – Potential Pitfalls to Benchmarking Marketability Discounts
Chris Mercer, Journal Review of Dunn on Damages
Gail Markham, Toni Sparkman, Becky Bokrand, and Kelsey Thompson – Fallacy Free Forensics

ISSUE 29 – FEBRUARY/MARCH 2011

Front Page – Cost of Capital Update: Things You Need to Know
Derald Lyons – Another Look at Valuing Pass-Through Entities: Cvs. S Corp Income Tax Law
Bob Grossman – Business Valuation in a Public Accounting Firm
Tom Burrage -New Legislation in Estate Tax Prompts Self-Examination: A Look at the Cobbler’s Shoes
Darrell Dorrell – Aberrant Pattern Detection: Harnessing the ability to empirically measure pattern aberration
Harold Martin, Book Review – Cost of Capital: Applications and Examples
Kris Boushie – The Demise of the 25% Rule for Determining a Reasonable Royalty in Patent Litigation
Robert Ambrogi – Expert Witness Proposed Code of Ethics

ISSUE 28 – DECEMBER 2010/JANUARY 2011

Front Page – The Future of Business Valuation in the United States Part II
Mark Lee – Credibility, DCF, and the Company-Specific Risk Premium
Rodney Bosco – What is the Value of Forever? Choosing Between Long-Term Mitigation and a Perpetual Damages Period
Jim Hitchner, Book Review – Cost of Capital in Litigation
Richard Wise -Quantifying Damages for lost Profits — Estimating Costs

ISSUE 27 – OCTOBER/NOVEMBER 2010

Front Page – The Future of Business Valuation in the United States
Gary Trugman – The TVA Restricted Stock Study in Practice
Rod Burkert – Keeping Up Technically in a Small BV Firm
Bob Gray – The AICPA CFF Credential— Opening the Door Wider
Tom Hilton – Aristotle’s Rhetoric and the 21st Century Testifying Expert
In the Courtroom Jensen v. Commissioner
Jim Alerding – Salable Professional (Personal) Goodwill Is it IN or OUT?
Stacy Preston Collins – A Review of the PitchBook/BVR Guideline Public Company Comps Tool™

ISSUE 26 – AUGUST/SEPTEMBER 2010

Front Page – Websites: Uninteresting, Unsupportable, and Unsafe
Roger Grabowski Concerning the Equity Risk Premium and Structural Changes to Capital Markets
Nancy Fannon – A New View of an Old Debate – Rethinking the Benefit of Pass-Through Entities
Scott Saltzman – Financial Reporting: What is in the Best Interest of the Public
Ed Dupke – Evolution of Business Valuation with the AICPA: A Look Back to Look Forward
Steve Campana – Probability Weighting of Family Limited Partnership Minority Interest Expected Future Cash Flows

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 -The Comparative Analysis of Restricted Stock Approach (CARS) and The FMV Restricted Stock Study
Z. Christopher Mercer- Quantitative Marketability Discount Model (QMDM)
Marc Vianello – The VFC Longstaff DLOM Methodology
Dr. Sumon C. Mazumdar – Firm Value and Marketability Discounts and The Bajaj et al Study
Dr. Ashok Abbott – 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