Value Matters™

This newsletter, published 6 times per year, addresses gift & estate tax, ESOP, buy-sell agreement, and transaction advisory topics of interest to estate planners and other professional advisors to business.

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Current Issue

NEW Mercer Capital’s Value Matters™ 2013-02

• The Management Interview: Why It’s an Important Piece of the Valuation Process and What You Should Expect

2012 Issues

Mercer Capital’s Value Matters™ 2013-01

• The Level of Value: Why Estate Planners Need to Understand This Critical Valuation Element of a Buy-Sell Agreement
• Personal Productivity Corner: More Things Google

Mercer Capital’s Value Matters™ 2012-06

• Dispute Analysis Issues: When to Call in a Business Appraiser
• Year-End is Upon Us

Mercer Capital’s Value Matters™ 2012-05

• It’s Not Too Late to Call with Your Year-End Gift Tax and Trust-Related Valuation Needs
• Veteran Bank Analyst Jeff Davis Rejoins Mercer Capital
• “Wait and Formulate” as an Expert Witness

Mercer Capital’s Value Matters™ 2012-04

• The 2012 Gifting Opportunity: What Estate Planners Need to Know to Prepare – A Q&A with Tim Lee
• The Pros and Cons of Electing an S Corporation Status
• Tax Court Case Update: Wimmer v. Commissioner

Mercer Capital’s Value Matters™ 2012-03

• The 2012 Gifting Opportunity
• Wandry v. Commisioner
• 2012 NCEO Annual Conference Recap

Mercer Capital’s Value Matters™ 2012-02

• Fairness Opinions: Q&A from an ESOP Perspective
• Choosing a New ESOP Appraiser

Mercer Capital’s Value Matters™ 2012-01

• Is the Promissory Note in Your Buy-Sell Agreement Fair to All Parties?
• Estate of Giustina v. Commissioner

2011 Issues

Mercer Capital’s Value Matters™ 2011-06

• $11 Million or $178 Thousand? New Jersey Appellate Court Upholds Book Value in Buy-Sell Agreement
• An Industry Expert or Deal Expert: Which is the Best Choice When Transacting Your Business?

Mercer Capital’s Value Matters™ 2011-05

• The Top Ten Things Estate Planners Should Know About Business Valuation
• Department of Labor Delays Action on Proposed Regulation of Definition of a Fiduciary

Mercer Capital’s Value Matters™ 2011-04

• New York Statutory Fair Value: Matter of Giaimo
• IRS Releases “Discount for Lack of Marketability Job Aid”

Mercer Capital’s Value Matters™ 2011-03

• The ESOP Valuation Process

Excerpts from the new book, A Reviewer’s Handbook to Business Valuation: Practical Guidance to the Use and Abuse of a Business Appraisal

• Chapter 9: Valuation Discounts and Premiums
• Chapter 17: Alleged Errors of Omission by Appraisers

Mercer Capital’s Value Matters™ 2011-02

• Tax Court Upholds Daubert Challenge to Appraisal Expert
• Out of the File Cabinet: The Ideal Time to Review Your Buy-Sell Agreement

Mercer Capital’s Value Matters™ 2011-01

• Reviewing Business Appraisal Reports: The Devil is in the Details
• Changing ESOP Appraisers: Why It Might Be Necessary and How to Accomplish It

2010 Issues

PDF Mercer Capital’s Value Matters™ 2010-05
“Managing Complicated Multi-Tiered Entity Valuation Engagements”

PDF Mercer Capital’s Value Matters™ 2010-04
“The Time to Gift is Now”

PDF Mercer Capital’s Value Matters™2010-03
“The 1042 Rollover: Resurrected Interest in Tax Benefits for Selling Shareholders in ESOP Transactions”

PDF Mercer Capital’s Value Matters™ 2010-02
“Legislation Update: Grantor Retained Annuity Trusts”

PDF Mercer Capital’s Value Matters™ 2010-01
“Opportunities Amid Uncertainty?”

2009 Issues

PDF Mercer Capital’s Value Matters™ 2009-10
“Judicial Opinions Regarding Fractional Interests in Real Estate”

PDF Mercer Capital’s Value Matters™ 2009-09
“The Six Defining Elements of a Process Buy-Sell Agreement”

PDF Mercer Capital’s Value Matters™ 2009-08
“What is the Fair Market Value of Your Promissory Note?”

PDF Mercer Capital’s Value Matters™ 2009-07
“Interest Rate Swaps and Fair Value”

PDF Mercer Capital’s Value Matters™ 2009-06
“Business Value During & After the Recession”

PDF Mercer Capital’s Value Matters™ 2009-05
“For Banks in 2008, a Recession Gloomed”

PDF Mercer Capital’s Value Matters™ 2009-04
“Selecting a Business Appraiser”

PDF Mercer Capital’s Value Matters™ 2009-03
“How ESOPs Work”

PDF Mercer Capital’s Value Matters™ 2009-02
“S Corporation Banks Beware”

PDF Mercer Capital’s Value Matters™ 2009-01
“Recession, Market Meltdown Put Focus on Goodwill Impairment”

2008 Issues

PDF Mercer Capital’s Value Matters™ 2008-12
“Consider the Alternate Valuation Date”

PDF Mercer Capital’s Value Matters™ 2008-11
“Grantor Retained Annuity Trusts: A Perfect Storm”

PDF Mercer Capital’s Value Matters™ 2008-10
“IRS Provides New Tax Incentives for Banks in Change of Control Transactions”

PDF Mercer Capital’s Value Matters™ 2008-09
“Fairness Opinions: Q&A from an ESOP Perspective”

PDF Mercer Capital’s Value Matters™ 2008-08
“Sub-Chapter S Coversions for Banks”

PDF Mercer Capital’s Value Matters™ 2008-07
“Valuation Best Practices: Hedge Fund Investment Portfolios”

PDF Mercer Capital’s Value Matters™ 2008-06
“Court Demands NAV Reduced by 100% of BIG Tax Liability”

PDF Mercer Capital’s Value Matters™ 2008-05
“Treatment of Life Insurance Proceeds in Buy-Sell Agreement Valuation”

PDF Mercer Capital’s Value Matters™ 2008-04
“Customary and Not-So-Customary Services in the Litigation Arena”

PDF Mercer Capital’s Value Matters™ 2008-03
“FINRA Rule 2290 Aims to Increase Transparency of Fairness Opinions”

PDF Mercer Capital’s Value Matters™ 2008-02
“An Overview of SFAS 141R”

PDF Mercer Capital’s Value Matters™ 2008-01
“2007: A Year to Forget for Banks”

 2007 Issues

PDF Mercer Capital’s Value Matters™ 2007-12
“Good Things Come to Those Who Don’t Wait”

PDF Mercer Capital’s Value Matters™ 2007-11
“Reasonable Valuation of Illiquid Mortgage-Backed Securities”

PDF Mercer Capital’s Value Matters™ 2007-10
“A Guide to Reviewing Purchase Price Allocations”

PDF Mercer Capital’s Value Matters™ 2007-09
“Valuing Trust Companies Requires Special Attention”

PDF Mercer Capital’s Value Matters™ 2007-08
“Empirical Evidence Confirming the Importance of a Transaction Advisor”

PDF Mercer Capital’s Value Matters™ 2007-07
“Recent Cases Highlight Problem Areas in Buy-Sell Agreements”

PDF Mercer Capital’s Value Matters™ 2007-06
“Palm, Inc. – Leveraged Recapitalizations and Business Value”

PDF Mercer Capital’s Value Matters™ 2007-05
“Often Overlooked Yet Important Items in Process Buy-Sell Agreements”

PDF Mercer Capital’s Value Matters™ 2007-04
“A Review of Buy-Sell Agreements: Ticking Time Bombs or Reasonable Resolutions?”

PDF Mercer Capital’s Value Matters™ 2007-03
“The Clock is Ticking for Section 409a Compliance”

PDF Mercer Capital’s Value Matters™ 2007-02
“ESOARS to Offer Market Pricing of Employee Stock Options?”

PDF Mercer Capital’s Value Matters™ 2007-01
“Buy-Sell Agreements: Two and a Tie-Breaker”

 2006 Issues

PDF Mercer Capital’s Value Matters™ 2006-12
“Multiple Appraiser Process Buy-Sell Agreements”

PDF Mercer Capital’s Value Matters™ 2006-11
“Life Insurance Proceeds in Valuation for Buy-Sell Agreements”

PDF Mercer Capital’s Value Matters™ 2006-10
“A New Approach to Fair Value: Welcome to FAS 157″

PDF Mercer Capital’s Value Matters™ 2006-09
“Not All Classes of Equity Were Created Equal”

PDF Mercer Capital’s Value Matters™ 2006-08
“IRS Code Section 409A and Valuation”

PDF Mercer Capital’s Value Matters™ 2006-07
“The Estate of Charlotte Dean Temple”

PDF Mercer Capital’s Value Matters™ 2006-06
“8 Things You Need to Know About Section 409A”

PDF Mercer Capital’s Value Matters™ 2006-05
“USPAP Sanctions Use of QMDM?”

PDF Mercer Capital’s Value Matters™ 2006-04
“Mercer Capital is Now an ESOP Company”

PDF Mercer Capital’s Value Matters™ 2006-03
“Rate & Flow: An Overview of an Alternative Approach to Determining Active/Passive Appreciation in Marital Dissolutions”

PDF Mercer Capital’s Value Matters™ 2006-02
“Watch Out For IRC Section 409A”

PDF Mercer Capital’s Value Matters™ 2006-01
“Private Initial Offerings”

2005 Issues

PDF Mercer Capital’s Value Matters™ 2005-12
“Second Fairness Opinions”

PDF Mercer Capital’s Value Matters™ 2005-11
“An Overview of Personal Goodwill”

PDF Mercer Capital’s Value Matters™ 2005-10
“Valuing Employee Stock Options:
A Guide for Choosing Either Lattice or Black Scholes”

PDF Mercer Capital’s Value Matters™ 2005-09
“Sprint Nextel and Nextel Partners: What is Fair Market Value?”

PDF Mercer Capital’s Value Matters™ 2005-08
“Your Corporate Buy-Sell Agreement: Ticking Time Bomb or Reasonable Resolution?”

PDF Mercer Capital’s Value Matters™ 2005-07
“Embedded Capital Gains, One More Time: Estate of Jelke v. Commissioner”

PDF Mercer Capital’s Value Matters™ 2005-06
“Corporate Value Engineering: Is Your Business Ready for Sale?™”

PDF Mercer Capital’s Value Matters™ 2005-05
“What We DO Is More Important Than What We SAY”

PDF Mercer Capital’s Value Matters™ 2005-04
“Announcing a New Blog – ‘Mercer on Value’”

PDF Mercer Capital’s Value Matters™ 2005-03
“What’s Fair is Fair?”

PDF Mercer Capital’s Value Matters™ 2005-02
“When is Fair Market Value Determined? Estate of Helen M. Noble v. Commissioner”

PDF Mercer Capital’s Value Matters™ 2005-01
“Proposed USPAP Revisions Highlight the Factors of the Quantitative Marketability Discount Model”