This title is written and compiled to enable investors, business valuators, corporate finance professionals, and tax practitioners to understand how the changing economic environment impacts their interests. Taxation, Valuation and Investment Strategies in Volatile Markets is multi-disciplinary, sharing the experiences of finance, taxation, and legal experts from all regions of the world (including those from emerging and volatile economies) to provide you with the insight you need to make informed decisions in unpredictable markets.
Author(s): James L Horvath, David W. Chodikoff
Publisher: Carswell
Year: 2010
Language: English
Pages: 1320
Tags: Valuation; Taxation; Investing; Real Estate Appraisal; Business Valuation; Transfer Pricing; Legal
Table of Contents
ACKNOWLEDGEMENTS ....................................................................... ix
FOREWORD ...................................................................................... xi
PREFACE BY DAVID W. CHODIKOFF AND JAMES L. HORVATH................. xiii
DEDICATION .................................................................................. xvii
INTRODUCTION
1. Volatile Times: Challenges and Opportunities
James L. Horvath ............................................................ 1
TAXATION
2. Tax Litigation in Today’s Economy
The Honourable Chief Justice Gerald J. Rip .......................... 11
3. Debt Collection
David W. Chodikoff & Andrew D. Valentine ........................ 23
4. Estate Freezing and Re-Freezing in an Economic
Downturn
Martin J. Rochwerg & Krystle A. Ng-A-Mann ....................... 51
5. Utilization and Preservation of Losses Within an
Affiliated Group
Gerald D. Courage, James A. Hutchinson & James A. Fraser .... 91
6. R&D Credits: Reducing the Cost of Innovation in Volatile
Times
Anil Chawla & David Douglas .......................................... 113
7. GST in Hard Times: What To Do
Dalton J. Albrecht ............................................................ 139
8. The UBS Scandal, The LGT Affair, and The Unfolding
HSBC Story: Hard Times Ahead For Canadian Taxpayers
Who Hold Secret Bank Accounts
David W. Chodikoff ......................................................... 163
9. Life Insurance Viewed as a Financial Derivative
George H.R. Goldsmith .................................................... 177
10. Tax Strategies for the Owner Manager
John Doma .................................................................... 195
11. Forgiveness of Debt in Financially Troubled Companies
Claudio R. Saverino & Mustafa Nazarali ............................ 205
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12. An Unforgivable Proposal: Insolvent Debtors Caught in
the Complex Web of Debt Forgiveness Under the Income
Tax Act
Craig Mills .................................................................... 215
13. Loan Losses to Foreign Affiliates Previously Considered
Capital Losses now Re-characterized as Deductible
Expenses
Nick Sauro & Dominic C. Belley ........................................ 239
VALUATION
14. Conventional Valuation Methodologies in
Unconventional Markets
James L. Horvath & Vince Conte ....................................... 247
15. The Use of the Market Approach to Valuation in Volatile
Markets
Carl Leung & Jeff Horvath ............................................... 325
16. Valuation of Intellectual Property in a Distressed
Economy
Robert F. Reilly (USA) ..................................................... 337
17. Finding the Invisible Trail: The Valuation of Technology
James L. Horvath & Paul Gill ........................................... 393
18. Equity Risk Premium and Volatility: A European
Perspective
Pe´ter Harbula (Paris, France) ............................................ 487
19. Valuation During Periods of High Volatility
John Barton (USA) .......................................................... 517
20. Critical Changes in the Playing Field Affecting Valuation
Richard M. Wise ............................................................. 529
21. Valuing Distressed Companies
James L. Horvath & Farouk Mohamed ................................ 547
22. Valuation Issues Under IFRS
George Gadkowski & Christophe Bergeron (Australia) ............ 565
23. Valuation of Businesses in Central and Eastern Europe
Tomasz Ochrymowicz & Malgorzata Stambrowska (Warsaw,
Poland) ......................................................................... 577
24. Valuation Issues During Argentina’s 2002 Financial Crisis
Miguel A. Molfino & Guido Dalla Bona (Argentina) ............. 591
25. Business Valuation: Practices and Challenges in China
Professor Jiang Wei (Shenyang, China) ................................ 601
26. Valuing Businesses in Emerging Markets: Opportunities
and Challenges
James L. Horvath & Monty Bhardwaj ................................. 611
Table of Contents v
27. The IVSC: The Challenge of Developing Global Valuation
Standards
Carlos Arenillas Lorente (Spain) ........................................ 651
28. The Value of an Idea
James L. Horvath & Jennifer Lee ........................................ 661
29. Appraisal in Delaware: Recent Cases and Considerations
Richard De Rose (USA) .................................................... 683
30. Dealing With the Lost Tax Shield
Steve Z. Ranot ................................................................ 711
31. Transfer Pricing in Times of Volatility
Jennifer Boundy & Dr. Muris Dujsic ................................... 719
32. Migrating Intangibles in Troubled Economic Times
Jamal Hejazi, Dale Hill & Mark Kirkey .............................. 727
33. Transfer Pricing and Valuations in Asia
Steven Tseng (Shanghai, China) ........................................ 737
34. Business Valuation Experts on Trial: A Canadian
Perspective
David W. Chodikoff & Tarsem Basraon .............................. 747
35. Tips, Thoughts, and Observations
James L. Horvath & Robert Low ........................................ 761
36. Valuation Insights ........................................................ 811
• Valuing Businesses in Volatile Markets, Stamos Nicholas
& Carla Iavarone (USA) ............................................ 811
• New Risks Emerge During Economic Downturns,
Russell L. Parr (USA) ................................................ 815
• Personal vs. Enterprise Goodwill: Four Examples From
My Recent Practice, Shannon Pratt (USA) ................... 818
• Fair Market Value Definition: Canada vs. USA, Zareer
N. Pavri .................................................................. 823
• Challenges of Valuation Using the Market Approach in
China, Duncan McPherson, (Hong Kong & China) ......... 825
• Valuation Standards in China, Minghai Chen (Beijing,
China) & Edwina Tam (Hong Kong & China) .............. 830
• Market Efficiency in the Middle East? Ben Moore &
Fahad Khan (Dubai, United Arab Emirates) ................... 834
• Valuation Insights – Indonesia, B. Sridhar Rao (Jakarta,
Indonesia) ............................................................... 838
37. The Valuation of Infrastructure Assets in Volatile
Markets
Richard K. Ellsworth (USA) .............................................. 853
38. Valuing Real Estate in an Unstable Market
James L. Horvath & Ian Haigh ......................................... 879
39. Valuing Machinery in a Depressed Manufacturing Market
Greg Miocic (USA) .......................................................... 887
