Standards of Value: Theory and Applications, 2nd Edition

Foreword

The authors of this very useful book have again asked me to write the Foreword. I'll start this with the ending in the Foreword I wrote in the first edition. “Shannon, Jay, and Bill, thank you for putting the time into this. It's a welcome enhancement to our profession's body of knowledge.”

Since the first edition was published in 2006, I can't tell you how many times I have referred to it. It is a very valuable and easy-to-navigate resource. It's incredible that these three authors have put so much time into keeping us all up to date in the practice areas of tax, divorce, dissenting rights and shareholder oppression, and fair value for financial reporting. These four areas make up four of the six chapters.

Right up front, it is important to note that this book is not just about the definitions of the various standards of value. The real value of this important resource is that the authors have taken an enormous amount of time to explain the history, evolution, and application of standards of value in different venues. Also, for state-specific valuations, such as marital dissolution and shareholder dissent and oppression, they have looked at all the states and provide definitions, nuances, applications, supporting regulations, statutes, and case law.

They have also added a new chapter, “Standards of Value for Partnership and Limited Liability Company Buyouts.” This chapter discusses general partnerships, limited partnerships, limited liability partnerships, and limited ...