Current Update in Valuations Pre—Conference Symposium

Federal and State Case Law Update

Tuesday, June 19
8:30 a.m.–10:15 a.m.
2 hours CPE (1 Business Law, 1 Regulatory Ethics)
*Additional Registration Fee Required*

This session is part of the Current Update in Valuations Pre-Conference Symposium and is also available via online broadcast.

Numerous court cases have furnished guidance on tax valuation issues and assistance with navigating the numerous minefields. State-level valuation case law should be of interest to any practitioner in the litigation support arena. This practical review of court cases and valuation issues deals with various types of clients and situations providing guidance in resolving valuation issues and maintaining compliance with tax code, regulations, and court decisions.

Learning Objectives:

After completing this session, attendees will be able to:

• Discuss the court cases and their impact on clients and practices
• Describe any changes to tax code, regulations, and court decisions

Who Should Attend:

Practitioners, anyone looking to gain knowledge about this topic.

Program Level and Prerequisites:

Intermediate: Learning activity level that builds on a basic program most appropriate for individuals with detailed knowledge in an area.

Advanced Preparation:

None

Peter Agrapides

Peter  Agrapides

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Melissa Gragg

Melissa  Gragg

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Business Valuation After the Tax Cuts and Jobs Act

Tuesday, June 19
10:30 a.m.–12:15 p.m.
2 hours CPE ()
*Additional Registration Fee Required*

This session is part of the Current Update in Valuations Pre-Conference Symposium and is also available via online broadcast.

The Tax Cuts and Jobs Act enacted on December 22, 2017 is, perhaps, the most expansive tax reform package passed in more than three decades! The effects on business and individual taxation are immense and far-reaching. Though much less discussed by the media, an important element of the new tax legislation is what the new law means to the discipline of business valuation. This session will address a number of complex tax provisions enacted as part of that new law that business valuators should be aware of in moving forward in valuing privately-held business ownership interests. Topics of interest will include effects of the rate changes, the expanded expensing allowances, the temporary nature of the individual income tax changes, the qualified business deduction under Section 199A for pass-through businesses, and the impact of the new law in tax affecting. Just as importantly, the session will address those rules that have not changed but are relevant to the determination of value going forward.

Learning Objectives:

After completing this session, attendees will be able to:

• Information forthcoming

Who Should Attend:

Business professionals

Program Level and Prerequisites:

Overview: Learning activity level that provides a general review of a subject area from a broad perspective.

Advanced Preparation:

None

Melissa Bizyak

Melissa  Bizyak

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Robert Grossman

Robert  Grossman

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Weighted Average Cost of Capital

Tuesday, June 19
1:30 p.m.–3:15 p.m.
2 hours CPE ()
*Additional Registration Fee Required*

This session is part of the Current Update in Valuations Pre-Conference Symposium and is also available via online broadcast.

In this session, attendees will understand when and how to use weighted average cost of capital (WACC). The presenter will discuss court cases that have vetted WACC and the courts criticism of the application of WACC. Attendees will understand the correlation of the capitalization of net cash flows to equity using the buildup approach compared to capitalization of net cash flows to invested capital using WACC. They will also obtain sources for the cost of debt and equity capital used in the WACC method and how to apply these cost of capital sources. The presenter will wrap up the session by looking at the application of WACC when valuing lack of control interests.

Learning Objectives:

After completing this session, attendees will be able to:

• Information forthcoming

Who Should Attend:

Business professionals

Program Level and Prerequisites:

Overview: Learning activity level that provides a general review of a subject area from a broad perspective.

Advanced Preparation:

None

Garth Tebay

Garth  Tebay

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How Two Valuation Experts Can Arrive at Different Conclusions

Tuesday, June 19
3:30 p.m.–5:15 p.m.
2 hours CPE ()
*Additional Registration Fee Required*

This session is part of the Current Update in Valuations Pre-Conference Symposium and is also available via online broadcast.

The attendees will get the facts to a valuation—purpose, valuation date, business/industry details, interest being valued, and other pertinent facts. The presenters will then walk the attendees through the valuation process giving insight, and maybe a little friendly disagreement, into the various assumptions. The attendees will learn that so often in a valuation analysis there may not be a right answerؙ—but maybe a wrong one! Through thoughtful consideration of the various assumptions attendees will learn to spot a wrong answer.

Learning Objectives:

After completing this session, attendees will be able to:

• Information forthcoming

Who Should Attend:

Business professionals

Program Level and Prerequisites:

Overview: Learning activity level that provides a general review of a subject area from a broad perspective.

Advanced Preparation:

None

Marc Bello

Marc  Bello

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Courtney Sparks White

Courtney Sparks  White

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