Resources

Presentations, articles, and positioning papers by HFBE’s industry and technical leaders.

Presentations

Click on the below links to download the PDF or PowerPoint presentation.

2011
Valuation
Valuations for Dissenting Stockholder & Minority Oppression Actions

2010
Energy Investment Banking
Is Alternative Energy a Fad or a Business Opportunity

Energy Investment Banking
Alternative Energy: Mechanisms for Advancing Infrastructure Investment

Valuation
Looking at Tiered Discounts Through the Astleford Case

2009
Energy Investment Banking
Something Old, Something New, Something Borrowed, Something Green?

Articles

Valuation Discounts in Tiered Investments
By William H. Frazier
– October, 2010 edition of Trusts & Estates –
Does the additional layer add new risks to the market value analysis? The subject of tiered discounts is a controversial one. Taxpayers may view the application of a tiered discount as a means to achieve a better tax result. Those who are already critical of valuation discounts see the additional layer of discounts as a blatant tax devise. In reality, there are times when such discounts are warranted and can be verified by similar constructs existing in the marketplace. There are other times when such discounts are, indeed, excessive and unjustifiable.
VIEW PDF – FULL ARTICLE >

Oil and Gas Company Valuations
By Alex W. Howard and Alan B. Harp Jr.
– Spring 2009 edition of Business Valuation Review –
Based in Houston, Texas, our firm is particularly active in oil and gas company valuations, now primarily known as exploration and production (E&P) companies. The purpose of this article is to provide an overview of the special issues involved in this industry and to educate appraisers unfamiliar with these types of companies on the basics of E&P valuation…
VIEW PDF – FULL ARTICLE >

Pomeroy Bill Sledgehammer
By William H. Frazier
– May, 2009 issue of Trusts & Estates –
Congress is considering a law that would kill the family limited partnership as an estate-planning strategy. But there are less draconian ways to eliminate perceived abuses …
VIEW PDF – FULL ARTICLE >

The Net, Net Gift
By William H. Frazier and Michael Arlein
– August, 2008 issue of Trusts & Estates –
It’s an often overlooked technique that will reduce gift tax on lifetime transfers. Practitioners are well-aware that lifetime gifts are more tax-efficient than transfers at death…
VIEW PDF — FULL ARTICLE >

Jelke and the Liquidation Scenario Paradox
By William H. Frazier
– June update to Estate & Personal Financial Planning by Edward F. Koren –
Relying heavily on the Fifth Circuit’s decision in Dunn, the Eleventh Circuit’s decision in Jelke adds significant weight to the argument that the law of the land, when valuing a Corporation by the asset approach, now permits the deductibility in full of built-in capital gains …
> Permission to reprint this article has been granted by Thomson West. See West.Thomson.com for information on purchasing Estate & Personal Financial Planning.
VIEW PDF – FULL ARTICLE >

Considering Forecasts of the Economy’s Long-Term Growth Rate
By Lindsey Lee
– Fall 2006 issue of CPA Expert, the AICPA Newsletter for Providers of Business Valuation & Litigation Services –
Choosing a company’s stable growth rate is a critical element when preparing a valuation using the income approach. Small changes can have a significant impact on the resulting value…
VIEW PDF – FULL ARTICLE >

Using Accounting Data to Estimate a Firm’s Credit-Adjusted Risk-Free Rate
By Lindsey Lee
– Summer 2005 issue of CPA Expert, the AICPA Newsletter for Providers of Business Valuation & Litigation Services –
The credit-adjusted risk-free rate (CARFR) is a firm’s interest rate based on its credit standing. A firm’s CARFR is equal to the sum of the risk-free rate plus an adjustment for the firm’s credit standing…
VIEW PDF – FULL ARTICLE >

Positioning Papers

The FLP Tax and Valuation Observer
By William H. Frazier
February, 2010
Beware of the appraiser advertising “conservative” valuations. An appraisal should be neither conservative nor aggressive. Rather it should reflect the appraiser’s best professional judgment as to the value…
VIEW PDF – FULL PAPER >

Corporate-Level Capital Gains Taxes
By William H. Frazier
In Technical Advice Memorandum 9150001, the IRS concluded, based on prior tax court decisions, that the repeal of General Utilities by the Tax Reform Act of 1986 (General Utilities and Operating Company v. Helvering,, 296 U.S. 200 (1935)) has no material effect on the transfer tax value of the stock of a C corporation holding appreciated assets where liquidation of the underlying assets was speculative. Taxpayers and the business valuation community strongly disagree with this position.…
VIEW PDF – FULL PAPER >