VRC’s Gottfried and Marsac to Present at TEI Regions 4 & 5 Annual Conference
The program will include sessions focusing on U.S. federal, international, state & local tax, financial reporting, technology, ethics, corporate tax management, and more.
What’s the Deal With Deals?
Mid-year update highlights the most relevant trends shaping M&A, Private Equity, and Private Credit
VRC’s Tom Gottfried to Present at ABA Tax Meeting
Learn from and connect with the nation’s leading tax attorneys and government officials as they discuss the latest developments in federal, state, and local tax policy, and more.
Carla S. Nunes
Carla S. Nunes has more than 25 years of experience in valuation, financial reporting, and tax, with deep expertise in cost of capital, market data,…
Cancellation of Debt Income (CODI): Tax and Valuation Issues in Debt Restructurings
Debt forgiveness may trigger CODI, generating significant tax liabilities.
Hamilton and Woodward Insights on Golden Parachutes Featured in Accounting Today
Effective parachute planning integrates compensation strategy, tax rules, valuation discipline, and legal compliance.
Charitable Gift Valuations Before Business Sale
Qualified, purpose‑specific valuations are essential to substantiating charitable deductions and withstanding IRS scrutiny.
Three Approaches to Valuing a Privately-Held Company
Before considering a deal, it’s helpful to have a clear understanding of the three common methodologies used to value private businesses.
Heckerling 2026: Key Estate and Gift Valuation Insights
Favorable estate and gift outcomes depend on proper documentation and sound valuations.
Luke McCann
Mr. McCann has extensive experience preparing valuations for a variety of purposes, including financial reporting, tax compliance, mergers and acquisitions, ESOPs, and litigation matters. He…
Valuation Impacts of the One Big Beautiful Bill Act
New tax provisions under the OBBBA affect how companies model after-tax cash flows, R&D expenses, and global valuation impacts.
H.R. 1 Estate Planning Implications
The newly enacted legislation brings significant changes to estate planning; discover how individuals can leverage the changes to minimize estate taxes and maximize post-tax benefits for beneficiaries.
Brian Daury
Mr. Daury specializes in valuations of business enterprises, pass-through entities, and privately-held debt and equity securities for financial reporting, tax purposes, and exit/succession planning. Prior…
Gottfried and MacLean in Tax Executive
The impact of OECD and IRS guidance on credit rating, debt capacity, and interest rates.
Robin Muhmel
Ms. Muhmel specializes in the valuation of machinery and equipment. She has nearly 10 years of experience valuing PP&E for financial and tax reporting, internal…
The Impact of Tariffs on Tax Valuation
The recent imposition of tariffs on U.S. imports has sent shockwaves through the global economy, with far-reaching implications for international trade, supply chains, and tax valuation.
Tariffs and Tax Policy: Impacts on the Deal Environment
As trade tensions escalate and tariffs take hold, the U.S. deal market is starting to feel the pinch.
Pierre Barat
Mr. Barat specializes in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing (ASC 350 & 360), stock-based…
Philip Gregorcy
Mr. Gregorcy has over 35 years of experience in global tax management with significant leadership in tax strategy, planning, and compliance. He held key leadership…
Gottfried, Sapnas Share New Insights on Tax Valuation Considerations in M&A Transactions
Article provides a close look at purchase price allocations, Section 382 limitation calculations, tax receivable agreements, and more.
Casey Bohland
Mr. Bohland specializes in business enterprise valuations, intangible-asset valuations, and private company valuations for gift and estate planning. Additionally, he completes solvency opinions for public…
Valuation Perspectives From Around the World
Increased analysis within financial reporting comes with increased levels of analysis required for tax reporting.
Intangible Asset Valuation for Tax Purposes
Dive into the complexities of valuing intangible assets for tax purposes and unravel the differences between Fair Market Value and Arm’s-Length Standards.
The Practice and Potential Pitfalls of Using Non-Competes to Reduce Tax Exposures Associated with Golden Parachutes
The value of a non-compete may help lower the tax bill, but it needs to be appropriately valued to avoid potential scrutiny by tax authorities.
Essential Estate Planning and Valuation Updates
Key highlights, discussions, and resources from our experience at the 2024 Heckerling Institute event, from a valuation professional’s perspective.
Can I Use My 409A Valuation Report for a Gift or Estate Tax Filing?
The short answer is that you can use a 409A valuation report for a gift/estate tax filing, and you may get away with it if you’re not audited. You shouldn’t.
Xavier Love
Mr. Love specializes in business enterprise valuations, purchase price allocations (ASC 805 and IFRS 3), impairment analyses (ASC 350 and IAS 36), intellectual property valuations,…
Donald Jacobs
Mr. Jacobs has over 40 years of experience in performing business valuations across all industry segments. For more than 25 years, he has specialized in…
Molly Shepard
Ms. Shepard specializes in valuations of businesses and intangible assets for a variety of purposes, including fair value measurement, allocation of purchase price, impairment testing,…
Gottfried Helps ABA Tax Section Pen Comment Letter on IRS APA and MAP Revenue Procedures
Group suggests ways to improve the IRS’ Revenue Procedures governing Advance Pricing Agreements and Mutual Agreement Procedures.
Estate Planning Valuation Considerations for Privately Held Businesses Preparing for Sale
Business owners preparing for a sale but still needing to execute their estate plan may see beneficial opportunities in using a common estate planning tool.
Kevin Gawron
Mr. Gawron is part of the portfolio valuation group specializing in valuations of privately-held debt securities, equity securities, and business enterprises for financial reporting purposes.…
OECD/G20 Base Erosion and Profit Shifting Project Updates
Access updates on BEPS Pillar Two, the OECD-sponsored overhaul of global tax regimes.
Tax and Financial Reporting Differences in an Allocation of Purchase Price
One of the key differences in valuations for tax vs. financial reporting lies in the definition of value.
Eugene Wu
Mr. Wu specializes in the valuation of business enterprise, intangible assets and liabilities for M&A, financial and tax reporting, and other strategic matters. He has…
Presiyan Lazarov
Mr. Lazarov has over 15 years of experience in valuation advisory spanning from pre-revenue start-ups to late-stage, middle market companies for a variety of purposes…
Why VRC?
Why do public companies, private equity firms, and asset managers rely on VRC for their critical valuation and advisory service requirements?
Join the VRC Team
Watch and learn why VRC is a great place to work!
Tom Gottfried
Mr. Gottfried specializes in business enterprise, credit/debt instruments, equity, intangible asset and portfolio valuations. He has over 15 years of experience in planning, facilitating and…
Bryson Miller
Bryson Miller leads VRC’s Dallas office. He has provided numerous business, intangible asset, and equity valuations for a variety of purposes, including fair value measurements…
Talia Pawluk
Ms. Pawluk specializes valuation of business enterprises, equity, and intangible assets, for various purposes such as financial reporting, tax reporting and litigation support. Ms. Pawluk…
Paul Nyland
Mr. Nyland has extensive experience in the valuation of industrial and commercial real estate specializing in the valuation of complex, user-based real property. Mr. Nyland…
Jeffrey DeLorenzo
Mr. DeLorenzo is part of the portfolio valuation group specializing in valuations of privately-hold debt securities, equity securities, other structured securities, and business enterprises for…
Economic Obsolescence: Discover loss of value caused by external factors
Identifying, measuring,and applying the adjustment for EO can be a complex and iterative process.
Jeff Dugo
Jeff Dugo specializes in machinery and equipment valuation for both domestic and international clients. For over 10 years, he has prepared valuations for allocation of…
Valuation Considerations Relating to Section 382 Limitations
Sweeping changes to the utilization of NOLs have occurred as a result of the Coronavirus Aid, Relief & Economic Security Act (CARES Act) in 2020.
Seth Eatman
Seth Eatman has been working in the valuation of commercial and industrial real estate since 2011. He specializes in valuations for financial reporting, tax reporting,…
Dan Brodzik
Dan Brodzik has over 10 years of experience in the valuation of commercial and industrial real estate for financial reporting, tax reporting, insurance, and internal…
Valuation Essential in Business Restructurings and Bankruptcies
Businesses facing financial stress may need to restructure through an out-of-court workout, a Chapter 11 reorganization, or a Chapter 7 liquidation. In all cases, an objective valuation is a critical component.
Adopting Fresh Start Reporting when Emerging from Bankruptcy
Even with a massive infusion of federal funding for businesses, a rise in bankruptcies is beginning.
Cross-Border Tax Planning and Asset Transfers
How have in-house tax executives transitioned valuation considerations to mission-critical?
Understanding Tax Amortization Benefit Considerations and the International Impact
Tax amortization benefit rules differ between countries, and they can also change over time.
Charles Costa
Mr. Costa specializes in valuations of businesses, pass-through entities, and intangible assets for financial reporting, tax purposes, Employee Stock Ownership Plans (ESOPs), and exit/succession planning.…
Nathan Emanuel
Nathan Emanuel specializes in the valuation of machinery and equipment for domestic and international clients. Mr. Emanuel has prepared or assisted in valuations for allocation…
Valuation Takeaways From Market Volatility Spikes
Market volatility spikes prompt considerations of appropriate methodologies for factoring market indications into valuations and reflection on when “smoothing” techniques should be employed.
Real vs. Personal Property: Distinguishing Between the Two Can Impact Property Tax
Tax benefits exist for companies that distinguish real versus personal property. However, legal nuances, if interpreted inaccurately, can bring significant economic consequences.
Ryan Werkheiser
Mr. Werkheiser has nearly 15 years of experience in the valuation of commercial and industrial real estate for tax reporting, internal planning, insurance, and financial…
Personal Goodwill: Valuation, Documentation, and Tax Considerations
Allocating a portion of proceeds from the sale of assets of a private company to the personal goodwill of a major shareholder can result in significant tax benefits to buyer and seller.
Oil & Gas
VRC provided a required valuation of tangible and intangible assets for a Master Limited Partnership (MLP) client in support of a purchase price allocation. There were no detailed fixed asset records; VRC needed to overcome significant data limitations.
Financial Sponsor: Hedge Fund
A hedge fund client held convertible note in a company that restructured outstanding debt. As part of restructure, the note was exchanged for two separate Term Loans.
Tax Reform Flips International IP and Tax Structuring into Reverse
VRC has noticed an emerging phenomenon: U.S.-based multinationals are taking steps to move intellectual property back into the U.S.
Kevin Hagemeier
Mr. Hagemeier has significant experience with public and private corporate needs including transactional consulting. He specializes in valuation engagements including intangible assets for business combinations,…
Energy
We were retained by an energy production company whose subsidiary acquired distressed energy assets from an energy & production company. In selecting a valuation methodology, we needed to consider the significant divergence in the enterprise value of the business versus the un-discounted value of the assets given the dramatic drop in commodity prices at the time.
The Value of Valuation Research Group
Our experience includes foreign and multinational acquisitions of all sizes in nearly every industry.
Mercedes Falcon
Ms. Falcon has extensive experience in business valuation for financial and tax purposes, project management and corporate finance. Prior to joining Valuation Research, Ms. Falcon…
ESOP Trustees Should Require Peer Review in ESOP Valuations
Because of regulatory pressures, Employee Stock Ownership Plan trustees should implement a peer-review process for ESOP valuation reports.
Employee Stock Ownership Plans: Structural Tax Efficiency and Valuation Considerations
Employee Stock Ownership Plans can provide a structurally tax‑efficient ownership model that materially affects cash flow, valuation, and succession planning decisions.
Section 2000: Alternatives to Private Company Dissolution
Those seeking dissolution under California Corporations Code Section 2000 need to understand the role of appraisers as well as the ramifications of the standard and premise of value.
Adriana De La Mora
Ms. De La Mora has extensive experience preparing valuations for financial reporting, tax, M&A, and strategic planning purposes utilizing discounted cash flow, guideline company, and…
Tax, Compliance & Planning
Consulting & planning services to meet tax reporting & compliance needs
Consumer Products
A brand valuation that estimated the fair value of intangible assets acquired in a business combination was needed by a personal care product company for the sale of its branded and private label products.
Financial Sponsor: Private Equity
A technology company was purchased by large private equity investor. With the purchase price set, the new entity was capitalized with debt and three different types of equity securities.
Larry Van Kirk
Mr. Van Kirk is a practice leader for closely-held company valuations (estate, FLP, Section 409A) and financial reporting related valuations (ASC 805, ASC 350/360, ASC…
Heather Tullar
Ms. Tullar has over 25 years of experience specializing in the areas of business valuation, litigation support, complex capital structures, and intangible assets. Prior to…
Anthony Pumphrey
Mr. Pumphrey has nearly two decades of experience in valuation engagements for public and private companies in support of business combinations (ASC 805), impairment testing…
Doug Peterson
Doug Peterson specializes in the valuation of business enterprises related to mergers and acquisitions, reorganizations, shareholder transactions, tax planning and compliance, and financial reporting. He…
Jacquelyn Marsac
Ms. Marsac specializes in business enterprise valuations and intangible-asset valuations. Additionally, she completes valuations of financial instruments including preferred and common stock in complex structures…
Wes Nichols
Mr. Nichols specializes in the valuation of machinery and equipment for domestic and international clients. For over 15 years, he has prepared valuations for allocation…
Chad Myers
Chad Myers specializes in financial valuation and consulting assignments. His experience includes valuations for purchase price allocation, estate tax planning, limited partnership interests, financing purposes,…
Kevin Meyers
Mr. Meyers co-leads the San Francisco and Los Angeles offices of VRC. He has nearly 30 years of financial and valuation advisory experience, which includes…
Chris Mellen
Mr. Mellen has over 30 years of experience across a wide range of industries providing valuation services in support of tax planning and compliance, strategic…
Philip Mastil
Mr. Mastil specializes in the valuation of businesses and assets and liabilities for financial reporting purposes. In particular, he focuses on the valuation of intellectual…
Francis Mainville
Mr. Mainville specializes in the valuation of complex securities such as options, warrants, preferred and common stock in privately-held companies, management incentive plans (including those…
Glen Hartford
Mr. Hartford specializes in machinery and equipment valuations of major proportion and complexity throughout the United States and abroad. With more than 30 years in…
Edward Hamilton
Mr. Hamilton specializes in the valuation of businesses and assets and liabilities for financial reporting purposes. In particular, he focuses on the valuation of intellectual…
Vincent Flaherty
Mr. Flaherty specializes in valuations for financial reporting, incentive compensation, mergers & acquisitions, and tax restructuring/planning purposes. Mr. Flaherty has experience as a valuation advisor…
Jim Budyak
Mr. Budyak has over 40 years of valuation experience and specializes in allocation of purchase price engagements, fairness and solvency opinions, bankruptcies and restructurings, and…
Reorganization
Changes in corporate structure or ownership, a bankruptcy or a recapitalization can trigger the need for a valuation
NOL Carryforwards
NOL carryforwards are a valuable asset & ownership or equity changes can trigger a valuation requirement
Litigation Support
Support for litigation, developing & providing direct testimony, arbitration and depositions
Global Tax
U.S. domestic & global tax laws require valuation experts who understand the intricacies of tax reporting
Exit & Succession Planning
Valuations are key to assisting business owners who are ready to transition their business
Employee Stock Ownership Plans (ESOP)
Feasibility studies, valuations, transaction design & structuring for Employee Stock Ownership Plans (ESOPs)
Cost Segregation
Valuation can provide the basis for the cost segregation exercise & resulting acceleration of depreciation deductions
Manufacturing
An industrial property consisting of various manufacturing machinery & equipment was a candidate for an ad valorem tax reduction.
Can Your Business Have a Range of Value?
Did you realize that your business has multiple values at the same time?
ESOP: An Exit Opportunity for Professional Service Firms
VRC performs fairness opinions in connection with newly forming ESOPs and annual ESOP valuations.
VRG: Our International Capabilities
We invite you to meet our international affiliate team and learn more about the depth of our capabilities and expertise.
Techniques for Valuing Carried Interest
In receiving value only if a threshold is met, carried interests have an asymmetric payoff similar to a stock option.
Financial Sponsor: Hedge Fund
A shareholder of a closely-held hedge fund was not receiving the appropriate level of compensation per agreement with the controlling interest shareholder.
ESOP Fables: Reviewing The Myths and Facts About Employee Stock Ownership Plans
In reality, many businesses are a perfect fit for ESOPs.
Healthcare
Property taxes were levied on only real property portion of a hospital, key to analysis was separating the value of the business ops from that of real property.
Brands: Food & Beverage
A leading manufacturer of branded food products engaged VRC to estimate the fair value of certain intangible assets acquired in a business combination.
Automotive
A client who designs, engineers, and manufactures value-added products and systems for automotive and light-vehicle manufacturers acquired an automotive components manufacturer.
Issues Pertaining to Accounting for Income Taxes
Valuation allowances are one of the areas frequently challenged by auditors.
Consumer Products
A large multinational consumer products company acquired a South American company operating in the same space. VRC was engaged to estimate the value of the PP&E and intangible assets for financial reporting purposes.
Chemical
A leading international producer of nitrogen products acquires a nitrogen manufacturing company requiring a valuation for allocation of purchase price according to ASC 805.
Become Fluent in Factors for Valuing Multinational Companies
When valuing a business that is multinational in scope, develop a proper due diligence framework and apply models that will accurately reflect the company’s exposure to various risks.
What’s the Value of My Business or Asset? It Depends…
Many factors of a business must be considered when answering the question “what is the value of my closely held business.”
Valuation Plays Key Role in Section 338 Elections
Sec. 338 elections take two forms: the Sec. 338 (g) election, used for foreign acquisitions, and the Sec. 338(h)(10) election, used in domestic cases.
Valuations Provide Critical Support for Asset Acquisitions
When valuation is important for tax purposes, breakdown by legal entity is key since each has its own tax identity and related tax consequences.
Valuation Considerations for Acquisition Structures
A key tax consideration is whether the acquirer will be entitled to a stepped up tax basis in the assets and thus entitled to future tax deductions.
Worthless Stock Deduction May Result in Tax Benefits
Obtaining a valuation from an independent valuation provider is essential to proving that the security has no liquidating value.
Valuation Integral to Execution of Tax Strategies
Multinational companies face several compliance and planning issues.
Telecommunication
We were retained by a leading provider of wireless messaging and information services to provide various valuation services for reorganization under Chapter 11 of the U.S. Bankruptcy Code.