Winter 2006

• Enterprise goodwill disallowed if based on non-solicitation agreement
• Sufficient evidence must support valuation date
• Fifth Circuit affirms Tax Court’s application of § 2036 to FLP assets
• Anti-competitive breach of contract supports both lost business value and lost profits damages

Spring 2006

• A New Guideline for Identifying Active vs. Passive Business Appreciation?
• Efforts to lock in value for buy-sell purposes often fail
• Report is inadmissible unless expert is certified, uses correct methodology, and does independent analysis
• Failure to challenge distinction between personal and professional goodwill leads to affirmation for opposing valuation
• 11th Circuit affirms that estate tax value cannot be set by changeable buy-sell agreement, but insurance proceeds used for buyout not included in value

Summer 2006

• How to Avoid (or Survive) an IRS Valuation Audit
• Bullet-proofing Your Business Valuation Reports
• Analysts Are Not Required to Predict the Future, Only to Probe the Present Facts
• Due Diligence in Divorce: How Deep Must You Dig to Uncover Possible Fraud?

Fall 2006

• FAQ on DLOM: Answering Your Most Basic Questions on Marketability Discounts
• Must-read Opinion on Tax-Affecting, DCF Discounts, and More
• Another Reason to Retain BV Experts: Independent Directors Liable For Improper Securities Disclosures