BVTX2-WEB The Tax Cuts and Jobs Act and New Pass-Through Entity Impacts

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Webinar Description

The Business Valuation Committee of American Society of Appraisers has established a Tax Reform Task Force to study the TCJA and provide guidance to ASA members as to how the law may affect business valuation methods and procedures. In this, the second of a series of live and recorded webinars, members of the Task Force will discuss how the TCJA affects the valuation of pass-through entities.

There are four sections in this webinar:  
1. Overview and "The Qualified Business Deduction and Section 199A"
2. "Reasonable Compensation"
3. "TCJA and the Van Vleet Model"
4. "New Valuation Issues for PTEs Created by TCJA"

Learning Outcomes

Upon webinar completion, the participant will be able to:

  • Describe how the Qualifed Business Deduction is calculated and which businesses are eligible.
  • Integrate the concept of "reasonable compensation" to the determination of QBD.
  • Examine how the TCJA affects the Van Vleet Model calculation.
  • Identify the valuation impact of other parts of the TCJA and how the linkage of QBD to a specific shareholder complicates the hypothetical willing seller/willing buyer concept.

Webinar Audience

This webinar will be of interest to appraisers and users of appraisal reports.

Instructor(s) Information

William H. Frazier, ASA is a Managing Director in the Valuation & Financial Opinions Group of Stout Risius Ross, LLC. He has participated as an appraiser and/or expert witness in numerous U.S. Tax Court cases, including Steinberg, Hendrix, Jelke, McCord, Dunn and Gladys Cook. Will is the developer of the Non-marketable Investment Company Evaluation (NICE) Method and author of the chapter “The Cost of Capital of Private Company Interests” in the valuation textbook, The Cost of Capital. He served on the IRS Advisory Council (IRSAC) from 2008-2011. Will is currently the Business Valuation delegate to ASA’s Government Relations Committee. He also currently serves as chairman of ASA’s Task Force on Tax Reform.

Curtis R. Kimball, CFA-ASA is a managing director of Willamette Management Associates. In addition to his work on all types of valuation engagements for the firm, Curtis is also the firm's national director of wealth management valuation services. Curtis has presented expert testimony in federal courts (U.S. Tax Court, U.S. District Court, U.S. Court of Federal Claims, and U.S. Bankruptcy Court), various state courts, and in alternate dispute resolution venues including binding arbitration and mediation. He served as a member and the Treasurer of ASA's Business Valuation Committee, as a member of the ASA's International Ethics Committee, its Investment Policy Committee, and its International Board of Examiners. He is currently a member of the ASA's Business Valuation Standards Sub-Committee.

Ron L. Seigneur, MBA CPA/ABV ASA CVA CFF CGMA is Managing Partner of Seigneur Gustafson LLP CPAs, in Lakewood, Colorado. He is co-author of the 1300+ page treatise on business appraisal titled Financial Valuations: Applications and Models, 4th edition published by John Wiley & Sons in 2017, Reasonable Compensation: Applications and Analysis for Management, Valuation and Tax, published by Business Valuation Resources in 2010, and the Cannabis Industry Accounting and Appraisal Guide, published by LuLu and available in May 2018.

Edward E. Pratesi, ASA Ed is the Managing Director of UHY Advisors N.E., LLC. His area of specialization is in private company valuation and strategic consulting services. Mr. Pratesi has provided numerous opinions of value for various types of business entities and intellectual property. He has performed valuations of partnerships, family limited partnerships, intellectual property, closely-held corporations, lottery tickets and various forms of unusual income streams.

Other Important Information

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Disclaimer: The opinions expressed in this presentation are that of the presenter(s) and do not necessarily reflect the views and opinions of the American Society of Appraisers.

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