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December 2008 » The AICPA Business Valuation Standard...
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Thomas A. Hutson, CPA/ABV, CFP, CFF
The AICPA Statement on Standards for Valuation Services 1 (SSVS 1), Valuation of a Business, Business Ownership Interest, Security, or Intangible Asset, went into effect January 1, 2008, and tax practitioners frequently ask how the statement may affect them in particular tax practice circumstances. Are valuation calculations or reports provided by a client or others for use in preparing a tax return subject to SSVS 1? Does SSVS 1 require a written report to be attached to a tax return when a value is determined by a CPA for tax reporting purposes? Is the work in tax planning or estate planning engagements—where the value of an interest in a privately held business or a block of publicly traded stock is one of many issues—subject to SSVS 1? Are engagements to allocate purchase price among various assets or to allocate value among various partnership assets subject to SSVS 1? Is a cost segregation study to compute depreciation properly subject to SSVS 1? Does SSVS 1 apply when determining the value of a block of publicly traded stock in connection with the filing of an estate tax return? Does SSVS 1 apply to the determination of the value of a small percentage interest in a privately held real estate holding company?
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