Time May Be Slipping Away to Discount Valuations Proposed regulations to limit tax planning strategies in connection with valuation discounts could be implemented later this summer. Traditionally, owners of closely held businesses have sought independent valuations to help determine gift and estate tax liability. The valuation of closely held entities…

EXCHANGE-TRADED FUNDS – Illiquid Security Valuation Exchange-Traded Funds (ETFs) are investment funds that combine the features of a mutual fund and a closed-end fund. ETFs trade throughout the day at prices that may be above or below the fund’s net asset value. Shareholders may trade shares of the ETF resulting…

Surprise – Director Comp Must Be Fair Stockholder approval of an incentive plan is not a foolproof defense against an “entire fairness review” of self-compensation decisions, as the Citrix Systems, Inc. (“Citrix”) board of directors learned the hard way. In Calma v. Templeton et al, a recent derivative action on…

Overview Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 350 provides guidance on financial accounting and reporting related to goodwill and other intangibles for U.S. GAAP, other than the accounting at acquisition for goodwill and other intangibles acquired in a business combination or an acquisition by a not-for-profit…