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.

VRC’s Gottfried to Present on Fair Market Valuations at Annual Tax Executives Institute Conference

Insights from tax professionals about relevant Internal Revenue Code Section 382 rules and potential changes.

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.

Before Invoking the Insolvency Exclusion for Cancelled Debt Income Companies Must Be Ready to Support Their Case

Cancellation of debt can generate significant tax liabilities that can be reduced by demonstrating insolvency. But, without experienced advisors, the process of proving insolvency can be challenging.

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.

2024 Deals Outlook and Valuation Trends

In the year ahead, expectations are for transformative deals by increased cross-border activity, a positive private equity outlook, ESG considerations, global tax changes, and more.

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.

Wayne Tucker

Mr. Tucker specializes in valuations of public and privately held businesses, business interests, intangible assets, financial instruments and derivatives for purposes of financial reporting, tax…

Transfer Pricing and Tax Valuation for Restructurings

In this webinar, leaders from VRC and Global Tax Management discuss how to ensure that business restructurings and reorganizations meet the relevant business and tax objectives.

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 Valuation Considerations for Section 382

In this webinar, valuation and tax experts discuss tax considerations, methodologies, limitations on NOLs, and financial statement considerations & disclosures under Section 382.

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!

Jeffrey Parrish

Mr. Parrish specializes in valuations for public and private companies for M&A transactions, tax advisory, and financial reporting purposes. Prior to VRC, Mr. Parrish held…

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…

Bryan Browning

Bryan Browning is a Senior Advisor, specializing in financial studies and in the analysis of intellectual properties and other intangible assets. Qualified in both real…

Jasmine Copeland

Ms. Copeland specializes in business enterprise valuations, purchase price allocations, and goodwill impairment analyses for financial reporting, management planning, and tax purposes. Furthermore, she has…

Shea Delmar

Mr. Delmar specializes in the valuation of machinery and equipment for domestic and international clients. Mr. Delmar has experience in valuations for allocation of purchase…

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…

New World Order Valuations

Developing valuations in a COVID-affected economy means taking new, altered views of a company along with making industry analysis de rigueur.

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 nearly 10 years of experience in the valuation of commercial and industrial real estate for financial reporting, tax reporting, insurance, and internal…

Valuation Essential to Restructurings, Bankruptcies

Many businesses hit hard by the current economic shutdown 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 key 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.

Personal Image Rights: A Tax Evasion Update

Revisiting the outcomes of two high-profile tax evasion cases involving image rights.

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.

Q1 2019 Economic Snapshots

Quick-hit visual summaries of the leading economic and financial indicators in major economic markets.

Transfer Pricing Has Changed

Changes for related-party transactions, especially among subsidiaries of multinational corporations, make updated transfer pricing studies a necessity to justify the charges, often including royalty rates, for these transactions.

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…

Podcast: Tax Reform’s Impact on Valuation

Nearly a year since the Tax Cuts and Jobs Act was signed, there are still a number of questions about how to apply the new law but some areas, such as valuation, are beginning to get some clarity.

Personal Goodwill: Hunting & Bagging an Elusive, Tax-Advantaged Prey

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.

Charitable Gift Valuations Before Business Sale

During robust M&A cycles, donor-advised funds tend to become popular philanthropic vehicles.

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.

Comprehensive Tax Reform in Argentina

New tax laws in Argentina promotes investment, represents a significant change for U.S. companies doing business in the region and results in new tax value of assets.

The Value of Valuation Research Group

Our experience includes foreign and multinational acquisitions of all sizes in nearly every industry.

Jonathan Adelson

Mr. Adelson works with public and private companies of all sizes and industries in need of valuation services. He is a seasoned and trusted advisor…

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.

Image Rights: Valuable Intellectual Property

The cult of celebrity and “Image Rights” receive a lot of publicity – and consequently the attention of tax authorities.

Employee Stock Ownership Plans and the Tax Act

The continued popularity of ESOPs remains a tax-efficient approach to selling company stock.

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.

The Impact of the 2017 Tax Act on Business Valuation

Q&A: How is the Tax Cuts and Jobs Act impacting company value and valuation approaches?

Valuation Q&A: Trusts and Estates

What did the 2017 Tax Act change that would impact estate planning?

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

Technology

A PE-sponsored cloud based provider granted equity compensation incentives to executives. To comply with financial reporting requirements of Accounting Standards Codification 718 (ASC 718), the provider engaged VRC to determine the fair value of the issued units.

Benjamin Lawrence

Mr. Lawrence specializes in financial valuation and valuation-related assignments. His experience includes valuations for purchase price allocation, estate tax planning, limited partnership interests, financing purposes,…

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 over 15 years 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,…

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 35 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

Tax and Dealmaking

A valuation partner who understands the role and responsibilities of the tax professional can bridge solutions to meet acquisition objectives.

Managing Deal Stakeholders

Valuations need to meet the requirements of all stakeholders – corporate development, financial reporting & tax. Can it be done?

Deal-Related Accounting Implications

The role of the CFO and the corporate controller’s group continues to grow and evolve into a critical position with the deal team.

Manufacturing

An industrial property consisting of various manufacturing machinery & equipment was a candidate for an ad valorem tax reduction.

Stakeholder Alignment

Whether it is the original deal price, accounting related issues, or tax-related issues, you really have to have all of those parties on the same page, speaking the same language and communicating. Valuation is at the center of that.

Technology

A private equity sponsored cloud based provider of manager content, enterprise lending services granted certain management incentive units to participating executives, as compensation to incentivize management performance.

Agribusiness

A leading commercial agribusiness client in Argentina was interested in selling their company, which was focused on cultivating and producing olive oil, table olives and wines.

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.

Transfer Pricing Rules Have Implications for Intellectual Property Valuation

The OECD is moving in a direction similar to the U.S. in tightening controls.

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.

Valuations Offer Support for Ad Valorem Tax Savings

A valuation of the property in question, obtained from an independent valuation provider, is critical to building an ad valorem case.

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.

Golden Parachute Payments Under Section 280G

Golden parachute payments may be made to disqualified individuals contingent upon a change in control.

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.

Major Tax Issues Impacting Private Equity Firms

Various forms of executive compensation have become popular, resulting in much scrutiny, particularly in how these forms of compensation are taxed.

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.

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.

Legislation Increases Benefits of Cost Segregation Studies

By employing a cost segregation study, a significant portion of a property may be reclassified to a shorter life category.

Valuation Provides Support for International Transactions

When a company embarks on an international restructuring, it is extremely important to consider the impact of Section 367.

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.

Foreign Direct Investment: Tax and Valuation Considerations

In the case of a U.S. acquisition of a foreign target, it was oftentimes beneficial to make a Section 338(g) election.

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.

Valuation Integral to Execution of Tax Strategies

Multinational companies face several compliance and planning issues.

Deferral of Cancellation of Debt (COD) Income Could Result in Substantial Tax Saving

Determining the degree of insolvency is a key step since this will dictate the amount of COD income which may be excluded.

Tax Considerations During Troubled Economic Times

For companies who have not filed for bankruptcy, the insolvency exception is critical.

Cost Sharing Agreements an Effective Tax Planning Tool

The impact of the investor model is that it essentially guarantees a return to the intangibles developer for its efforts.

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.

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.

Professional Services

VRC was asked by the attorneys representing the seller to provide multiple common stock valuations on a retrospective basis that would withstand a Big 4 audit review under tight deal closing deadlines.