When facing disputes that may lead to litigation or dealing with complex business matters, attorneys rely on consultative and professional services to clarify facts, quantify damages and communicate findings in a clear, objective and persuasive manner.
Duff & Phelps responds to client needs with an experienced team of testifiers and consultants who possess specialized knowledge that they leverage from resources throughout the firm. While technical expertise and rigorous analysis are expected from all Duff & Phelps professionals, a premium is also placed on clear and direct communication derived from decades of hands-on, real-world experience—witnesses who make intricate matters clear, credible and approachable.
In a tax court decision that came out in late June, Judge Halpern addressed the valuation of a closely-held business and addressed over a dozen valuation-related issues in the case. Estate of Gallagher (“Petitioner”) v. Commissioner (“Respondent”) concerned a 15% stake in a private newspaper company. While both Petitioner and Respondent offered competing expert opinions on value, it was the Petitioner’s opinion that received the most criticism. However, the Court’s finding of value was ultimately closer to that offered by the Petitioner’s expert. A summary table at the end of this article highlights many of the issues and how the Judge ruled on each issue.
On March 4, 2011, the Financial Accounting Foundation (FAF), the parent organization of the Financial Accounting Standards Board (FASB), announced it is forming a working group based on early recommendations from the Blue-Ribbon Panel on private company accounting standards in the U.S.