Chapter 20

Random Practical Valuation Tips and Thoughts

This chapter contains a panoply of seemingly unrelated, yet invaluable, information that did not, considering each item, constitute enough material to warrant individual separate chapters in and of themselves. The topics covered in this chapter range from an introduction to the five main business appraiser organizations to practical tips that we offer based upon our combined 40 years of experience, which admittedly comes from different vantage points, which is, one from the standpoint of a business appraiser and the other from the standpoint of an estate planning attorney.

Discovery and Privileges

Although the areas of discovery and assertion of applicable privileges are the province of the lawyer, the business appraiser needs a working knowledge of these items because it may well be, and often is, that the appraiser is asked directly by the government to produce documents. Hence, an introduction to discovery and privilege is warranted. Moreover, this discussion will serve as a good introduction of these areas even to estate planning lawyers who are not litigators and accountants. Caution: This is only intended to be a very rudimentary introduction to discovery and privileges. The reader will, as they say, know enough to be dangerous!

There is a golden rule in file maintenance: Don't put anything (and we mean anything) in your file that you would not want to see on the front page of the New York Times or in a Tax Court opinion. ...

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