Standards of Value : Theory and Applications

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  • Edition: 2nd
  • Format: Hardcover
  • Copyright: 4/22/2013
  • Publisher: Wiley
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  • The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any access cards, study guides, lab manuals, CDs, etc.


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Author Biography

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 WithumSmith+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.

Table of Contents




About the Authors



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


Chapter 2 Fair Market Value in Estate and Gift Tax


Elements of Fair Market Value


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


Chapter 4 Standards of Value for Partnership and Limited Liability Company Buyouts


Buyout upon Dissociation

Buyout in Lieu of Dissolution

Dissenters' Rights

Effect of Dissociation



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


Chapter 5 Standards of Value in Divorce


Premises and Standards of Value in Divorce

Standards of Value in Divorce among the 50 States

Value in Exchange

Value to the Holder


Chapter 6 Fair Value in Financial Reporting


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


Appendix: Sources of Information

Appendix A International Business Valuation Standards


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


Rewards Program

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