Jay E. Fishman & Shannon P. Pratt 
Standards of Value [PDF ebook] 
Theory and Applications

Foreword
Preface
Acknowledgments
About the Authors
Introduction
Purpose
Chapter Preview
How Standard of Value Can Affect the Ultimate Conclusion of Value
Chapter 1 Common Standards and Premises of Value
Common Standards and Premises
Common Standards of Value
Common Operational Premises Underlying the Standard of Value
Other Issues
Summary
Chapter 2 Fair Market Value in Estate and Gift Tax
Introduction
Elements of Fair Market Value
Summary
Chapter 3 Fair Value in Shareholder Dissent and Oppression (Gilbert E. Matthews, Michelle Patterson and Jay E. Fishman)
Fair Value as the Standard of Value in Dissent and Oppression
The Appraisal Remedy for Dissenting Shareholders
The Oppression Remedy
Fair Value Is the Standard of Value in Appraisal and Oppression in Almost All States
Breaking Down the Components of Fair Value
Fair Value in Delaware
Ohio’s Unique and Unfavorable Standard of Value in Appraisals
Fair Value Usually Excludes Discounts and Premiums
Equitable Adjustments to Fair Value
Summary
Chapter 4 Standards of Value for Partnership and Limited Liability Company Buyouts
Introduction
Buyout upon Dissociation
Buyout in Lieu of Dissolution
Dissenters’ Rights
Effect of Dissociation
Dissent
Dissolution
Distribution upon Partner’s Withdrawal
Limited Partnership Cases Rejecting Discounts
Limited Liability Companies, Generally
Uniform Acts
Buyout in Lieu of Dissolution
Withdrawal and Buyout
Dissenters’ Rights
Professional LLCs
LLC Decisions
Summary
Chapter 5 Standards of Value in Divorce
Introduction
Premises and Standards of Value in Divorce
Standards of Value in Divorce among the 50 States
Value in Exchange
Value to the Holder
Summary
Chapter 6 Fair Value in Financial Reporting
Introduction
Application of Fair Value
Application of the Fair Value Standard to Business Combinations
Application of the Fair Value Standard to Asset Impairment Tests
Interpretation of Fair Value Compared to Other Standards of Value
Audit Issues
Summary
Appendix: Sources of Information
Appendix A International Business Valuation Standards
Introduction
International Valuation Standards Council
Toronto Valuation Accord
Royal Institute of Chartered Surveyors
International Financial Reporting Standards
Appendix B Fair Value in Dissent and Oppression Chart
Appendix C Standard of Value Divorce Chart
Index

JAY E. FISHMAN, FASA, is coauthor or contributing author of seven professional books. He is a managing director of Financial Research Associates, a regional business valuation and forensic accounting firm. He has conducted hundreds of business valuations and has qualified as an expert witness and provided testimony in several federal and state courts.
SHANNON P. PRATT is one of the most successful and respected authors in the field of business valuations. He has written many industry standard texts. Over a distinguished career spanning more than four decades, he has performed valuation engagements for M&As, ESOPs, and numerous other purposes. Dr. Pratt is CEO of Shannon Pratt Valuations, a business valuation firm located in Portland, Oregon.
WILLIAM J. MORRISON, CPA, ABV, CFF, is a partner at Withum Smith+Brown, a regional mid-Atlantic CPA firm, and is frequently appointed by the courts as a valuation expert. He has published articles on forensic accounting and valuation. He is a former FBI agent and has conducted thousands of forensic accounting investigations and business valuations of closely held companies.