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We created this page as a “living library reference” so you can use your browser’s “Find” tool (or equivalent) to find topics you’re interested in. This page has all the headers of all the entries of all the Quarterly Briefs published so far.
About the Publication
Business Valuation Quarterly Brief is an independent editorial publication that summarizes recent developments in business valuation. Each quarterly edition highlights significant court decisions, professional guidance, regulatory developments, books, and practitioner insights that may be relevant to attorneys, accountants, lenders, wealth advisors, business owners, business valuation professionals, and others who encounter valuation issues.
Whenever available, each entry includes a link to the original source. The summaries, commentary, practical applications, editorial observations, and opinions are independently prepared and reflect the views of the editor solely. They do not necessarily reflect the views of any author, publisher, court, professional organization, credentialing body, or other party referenced in the publication.
Disclaimer
The information in this publication is provided solely for educational and informational purposes and should not be construed as legal, tax, accounting, valuation, investment, or other professional advice.
Court decisions are discussed only insofar as they present issues relevant to business valuation. The discussions are not intended to provide complete summaries of the facts, procedural history, judicial reasoning, or legal conclusions contained in the underlying opinions.
Readers should review the original source materials and exercise their own professional judgment when evaluating the matters discussed or applying them to particular facts and circumstances. No person should act or refrain from acting based on this publication without obtaining advice from appropriately qualified professionals.
Personal Note
Beyond its educational purpose, this publication also serves two personal goals.
First, it encourages me to continually review current business valuation literature and deepen my own professional knowledge.
Second, as I build this open “living reference library,” I intend to use it as a technical resource whenever I encounter specialized valuation issues that arise only occasionally in practice.
I hope you will find it useful for those purposes as well.
– Luis Gato, Editor
Business Valuation Quarterly Brief - Q2 2026
5 Quarterly Highlights - Editor's Choice
1. Case Law Watch | Healthcare Foundation of Wilson v. DLP Healthcare, LLC • North Carolina Business Court
Can a Party Stop a Valuation Process After Seeing a Near-Final Draft It Doesn’t Like?
The Humor Approach
2. Expert Insights | Key Takeaways from Professor Aswath Damodaran’s 2026 Edition of Equity Risk Premiums: Determinants, Estimation, and Implications • QuickRead (NACVA) • Trisch Garthoeffner, ABV, CVA, MAFF, EA, MAcc
Damodaran says that Equity Risk Premiums can become stale, even from reputable sources, and that they should be updated when conditions change. How to do it.
3. Expert Insights | Vetting Management Projections: Best Practices and Insights • Perspectives (Willamette) • Nathan P. Novak, CFA, ASA
Past Forecast Accuracy May Be One of the Best Indicators of Whether Current Projections Should Be Relied Upon, and Other Reliability Indicators
4. Expert Insights | Firm Size and Financial Metrics Volatility • Business Valuation Review (BVR, ASA) • Vincent Covrig, PhD, CFA • Pavan Kumar Nadiminti, MS • Mary Ann K. Travers, ASA
Smaller Companies Exhibit Greater Revenue and Earnings Volatility, With Important Implications for Earnout Valuation and Opportunities for Deal Design
5. Case Law Watch | Bowers v. Russell • U.S. District Court (D. Mass.)
A Later Sale Does Not Prove an Earlier Valuation Was Wrong. Fair Market Value Governed ESOP Redemption
Also Worth Knowing
6. Expert Insights | Complex Capital Structures in Transfer Tax Planning: A Valuation Perspective • Value Matters® (Mercer Capital) • Lucas M. Parris, CFA, ASA-BV/IA • Sujan Rajbhandary, CFA, ABV
Complex Ownership Structures Are Moving from Private Equity into Mainstream Estate Planning
7. Case Law Watch | Estate of Anne Milner Fields v. Commissioner • U.S. Court of Appeals for the Fifth Circuit
Court Applies IRC §2036, Eliminating the Tax Benefits of a Family Limited Partnership. A Discovered Email Seeking a “Deeper Discount” Was Considered Evidence That the FLP Was Created Primarily for Tax-Reduction Purposes
8. Case Law Watch | Matthew Dundon, Trustee of the Endo GUC Trust v. TPG Capital, L.P., et al. • U.S. Bankruptcy Court (S.D.N.Y.)
NY Bankruptcy Court Keeps $8 Billion Alive. A Negotiated Purchase Price Challenged on the Basis of a Constructive Fraudulent Transfer, Offering Important M&A and Solvency Lessons.
9. Expert Insights | Goodwill Impairment in Volatile Markets: A Three-Part KPMG Series • KPMG • Marina Arias, ABV • Frederik Bort, ABV, CFA
A Practical Reporting Workflow for Building More Defensible Fair Value Goodwill Conclusions During Market Volatility
10. Expert Insights | The Bankability Method: Ensuring SBA 7(a) Financing Success to Close a Small Business Sale • QuickRead (NACVA) • Terry Lammers, CVA
A Framework to Help Determine the Borrower’s Ability to Service the Loan
11. Expert Insights | Options for Business Owners Exploring Exit Opportunities: Looking to Reduce Risk, and Increase Liquidity • QuickRead (NACVA) • James A. Janos, CFA, ABV, FMVA
ESOPs, Leveraged Recaps, and Other Strategies Can Unlock Liquidity Without a Full Sale
12. Expert Insights | What Courts Actually Expect From Business Valuation Expert Witnesses • BVWire (BVR) • Author not mentioned
Lessons Learned from Veteran Testifiers—What Makes a Valuation Expert Credible to Judges and Juries—Beyond the Numbers
13. Expert Insights | Valuation of Partial Interests in Real Estate Holding Companies: A Factor-Based Income Approach • The Value Examiner (NACVA) • Donald Sonneman, ASA
A More Transparent Way to Support DLOC and DLOM When Market Evidence Is Limited
14. Expert Insights | The Impact of Payment-in-Kind Instruments on Discounted Cash Flow Models • The Value Examiner (NACVA) • Michael D. Pakter, CPA, CFF, CGMA, CFE, CVA, MAFF, CA, CIRA, CDBV • Miranda Kishel, MBA, CVA, CBEC, MAFF, MSCTA
When Leverage Evolves, the Entire Valuation Model May Need to Change with It—A Detailed Look at Several Parts of a Valuation Model that May Need to Change
15. Expert Insights | Discount for Lack of Absolute Control • Business Valuation Review (BVR, ASA) • Tyrone (Ty) T. Taylor, CFA, CVA, CBA, ASA, ABAR, MAFF
A Comprehensive Database Study Quantifies the Discount for Lack of Absolute Control for Controlling Ownership Interests
The Humor Approach
16. Case Law Watch | Mickey Dollens v. Goosehead Insurance, Inc. • Delaware Court of Chancery
Court Recognizes Measurable Value for Control Premium Based on Control Rights
17. Expert Insights | Leverage Impacts on Equity Volatility Excluding the Impact of Size • Business Valuation Review (BVR, ASA) • James K. Herr, ASA, CFA, CPA, ABV, CFF
Empirical Evidence Suggests That When Capital Structures Fall Within a 20% to 60% Range, Merton-Based Volatility Adjustments May Be Unnecessary—or Should Be Reduced.
18. Expert Insights | Leveraging AI in Business Valuations: Practical Applications, Ethical Boundaries, and Defensible Practice • QuickRead (NACVA) • Gregory M. Clark, CPA, CVA, MAFF
AI Can Improve Your Workflow, But It Cannot Replace Your Judgment – Practical Advice.
19. Expert Insights | IPEV Guideline Updates – Where Do We See the Biggest Impact? • Blick Rothenberg (UK) • Andrew Snook • Simon Lewis, CTA, ACA
The Revised Guidance Clarifies How Existing Valuation Principles Apply to Today’s Venture Capital Environment
20. Expert Insights | Legal Update: Randall v. Widen: Admissibility of Rebuttal Witness Testimony • QuickRead (NACVA) • Michael J. Molder, JD, CPA, CFE, CVA, MAFF
Also Includes Interesting Notes on a Regression Analysis Using the Guideline Public Company Method and a Reconciliation of Methods.
21. Case Law Watch | Glenmede Trust Co. v. Infinity Q Capital Management • New York Appellate Division, First Department
Manipulating the Inputs Used to Value Illiquid Financial Instruments Can Send an Executive to Prison
The Humor Approach
22. Case Law Watch | Spectrum Dynamics Medical Ltd. v. General Electric Co. • U.S. District Court (S.D.N.Y.)
Lessons on Valuing Damages, Lost Profits, Applying the Royalty Method, and How Not to Calculate a Technological Head Start
23. Expert Insights | Can You Have Negative Equity as a Valuation Conclusion? • Business Valuation Law News (BVR) • Jim Alerding, CPA, ABV
When Negative Equity Is the Correct Answer
24. Case Law Watch | Quantalytix, Inc. v. Vien Bui • U.S. District Court (N.D. Ala.)
Appraisals Outweigh Speculative Valuation Assertions in Court
25. Case Law Watch | SJI Renewable Energy Ventures, LLC v. REV LNG Holdings, LLC • New York Appellate Division, First Department
When Buyout Formulas Work but Valuation Provisions Don’t. Cautions to take in a Buy-Sell Agreement
26. Expert Insights | Are We Taking Our Net Working Capital Calculations Seriously Enough? • QuickRead (NACVA) • Sarah Von Helfenstein, MBA, CVA
Practical Notes on Net Working Capital Calculations and Projections
27. Expert Insights | The Effect of Macroeconomic Uncertainty on Business Valuation • Perspectives (Willamette) • Zoe A. Zurn
Inflation, Tariffs, Data Gaps, and Tight Credit Affect Cash Flows and Required Returns, But Not Always in the Same Place
28. Case Law Watch | Jay S. Turner v. J & J Slavik, Inc. • Michigan Court of Appeals
When a Contract Requires Fair Market Value but Corporate Misconduct Makes Valuation Practically Impossible
29. Expert Insights | Public Prices, Private Marks: What BDC Discounts Are Signaling • Jeff K. Davis, CFA, and Jack Carter, CPA • Portfolio Valuation Insights (Mercer Capital)
Persistent Discounts Between Public Market Prices and Private NAV Marks Raise Important Questions for Valuation Professionals
30. Case Law Watch | Steelray Consulting, LLC v. Overstock.com, Inc. • U.S. District Court (D. Utah)
Court Rejects Technology Value Based on Development Cost; Allows CPM-Based Valuation of Marketing Rights
31. Case Law Watch | Guild Ventures, LLC v. Kenwood Commons, LLC • New York Appellate Division, Third Department
NY Court Battle of Highest and Best Use Appraisals. Court Sides with an HBU Appraisal Grounded in What Is Reasonably Achievable as of the Foreclosure Date
32. Case Law Watch | Golden Rule Financial Corp. v. Shareholder Representative Services LLC • Delaware Court of Chancery
In M&A, Inaccurate Financial Statements Can Become Expensive
The Humor Approach
“Fair Malue Value is the price at which neither party gets exactly what they want.”
“I told a client her restaurant was worth between 3 and 4 million. She asked, ‘Can you be more precise?’ I said, ‘Sure. It’s definitely not the 6 million you think.'”
33. Expert Insights | Tales from the Trenches: Inventory Can Make or Break a Valuation • Business Valuation Law News (BVR) • Jim Alerding, CPA, ABV
A Reminder of Balance Sheet Items That Deserve Scrutiny
34. Expert Insights | SEC Enforcement: Valuation Process Matters, Not Just Valuation Error • BDO • Dale Thompson, CPA
Changing Market Conditions Can Affect the Value of Performing Financial Assets—Even When No Default Has Occurred
35. Case Law Watch | OptimisCorp v. Atkins • Delaware Court of Chancery
Court Rejects Damages Theory Built on a Partial View of Causation Despite Proven Fiduciary Breach
36. Case Law Watch | CellMark, Inc. v. Webster • U.S. District Court (E.D. Ky.)
Rebuttal Experts May Challenge Assumptions and Industry Trends—But Not Dictate Facts or Apply Legal Labels
37. Case Law Watch | Rayo Int’l Trading Co. v. V. Jwo Corp. • U.S. District Court (C.D. Cal.)
Measuring Brand Value Without Perfect Data
38. Expert Insights | When Credentials Aren’t Enough: Lessons from the Exclusion of a Highly Qualified Damages Expert • QuickRead (NACVA) • Sohini Chakraborty
Factual Alignment and Reliability Lessons from a Federal Daubert Challenge
39. Case Law Watch | Rising Rock Partners, LLC v. Commissioner • U.S. Tax Court
Highest and Best Use Must Be Reasonably Probable—Not Merely Possible
40. Expert Insights | AI, Work Product, and Rule 26 in Three Cases: Beware of Your AI Queries; They May Not Be Protected • QuickRead (NACVA) • Dorothy Haraminac, MBA, MAFF, CFE, PI
AI Use in Litigation Creates New Questions About Discoverability and Confidentiality
41. Case Law Watch | Kimberly Road Fulton 25, LLC v. Commissioner • U.S. Tax Court
How Speculative HBU “Costume Design” Led to a 96% Cut in Charitable Contribution Deduction
The Humor Approach
42. Expert Insights | Displacement Versus Augmentation: The Effects of AI on Employment Dynamics and Firm Value • The Value Examiner (NACVA) • Mark A. Chen • Joanna (Xiaoyu) Wang • Reviewed by: Min Cao, PhD
AI Creates Value in Two Very Different Ways. Sometimes it Replaces Employees, Sometimes it Enhances What They Can Do. Valuators Need to Understand Which One They Are Looking At
43. Expert Insights | Four Specific Indicia of Breach of Fiduciary Duty • QuickRead (NACVA) • Miranda Kishel, MBA, CVA, CBEC, MAFF
Four Red Flags Courts Repeatedly Associate with Disloyal Conduct
Business Valuation Quarterly Brief - Q1 2026
5 Quarterly Highlights - Editor's Choice
1. Expert Insights | Vetting a Client’s Projection: A Process • Edward Mendlowitz, CPA, ABV, CFF • QuickRead (NACVA)
Article Proposes Process to Determine Whether Client Projections Should Be Included in the Valuation
The Humor Approach
2. Expert Insights | Legal Update: LeVine v. Platzer – Valuation of Intangible Assets Under New York Partnership Law • Michael Molder, CPA/ABV/CFF, ASA, CVA • QuickRead (NACVA)
Article dissects case law LeVine v. Platzer with lessons about the need to value intangibles (even when it’s difficult) and about the “known or knowable” rule.
3. Expert Insights | Understanding the Delta: When 409A Valuations Differ from Funding Rounds • Trisch Garthoeffner, ABV, CVA, MAFF, EA, MAcc • QuickRead (NAVCA)
Article Clarifies When 409A Valuations Differ from Funding Rounds
4. From the Bookshelves | Business Valuation: Fundamentals, Techniques, and Theory (2026 Edition) • National Association of Certified Valuators and Analysts (NACVA)
NACVA Finally Publishes Reference Valuation Book
5. Expert Insights | Follow the Standards When Using AI and Similar Technologies
Using the Tool Does Not Change the Standards – Just Make Sure You Are Following Them
Also Worth Knowing
6. Case Law Watch | ZipBy USA LLC v. Parzych • United States Court of Appeals for the First Circuit
Reasonable Projections Are Defensible Even if Future Events (COVID-19) Completely Change Outcomes—and May Incorporate Credible Strategic Synergies
7. Case Law Watch | Hancock County Land Acquisitions, LLC v. Commissioner • United States Tax Court
Court Rejects a Sophisticated DCF Built on Speculative Assumptions
8. Case Law Watch | Duffield v. Legend Spine, LLC • Superior Court of Pennsylvania
When Internal Transactions Become the Best Indication of Value
9. Expert Insight | Applying the Modern New Business Rule in Real Life: Overview of an Expert’s Testimony in a Precedent-Setting Texas Court Case • Allyn Needham, PhD, CEA • QuickRead (NACVA)
When Startup Projections Become Legally Defensible. Article Dissecting a Precedent-Setting Texas Court Case
10. Case Law Watch | Rogers v. Protein Holdings • Maine Superior Court, Cumberland County
When a Shareholder Agreement Prevails Over a Business Valuation
11. Case Law Watch | In re Allonhill, LLC • United States Court of Appeals for the Third Circuit
Valuing Litigation Liabilities Without the Benefit of Hindsight
12. Case Law Watch | Harman Road Property, LLC v. Commissioner • United States Tax Court
Court Rejects Optimistic Projections
13. Regulatory Enforcement | In the Matter of Madison Capital Funding LLC • United States Securities and Exchange Commission
Fair Value Must Evolve When Markets Change
14. Case Law Watch | Heredia v. Lanco Brokerage Corp. • Supreme Court of the State of New York, New York County
When Corporate Misconduct Affects Value
15. Guidance Update | Global CBV Institute’s Updated Valuation Practice Standards Take Effect • CBV Institute, Valuation Practice Standards
Professional Standards – Canada’s CBV Institute Introduces Formal Quality Review and Stronger Engagement Requirements
18. From the Bookshelf | Yearbook: A Year in Review for Valuation Professionals • Business Valuation Resources (BVR)
Business Valuation Update Yearbook: A Year in Review for Valuation Professionals
19. Expert Insights | Direct Capitalization Methodology and Mid-Period Adjustment to the Capitalization Rate
Keeping Direct Capitalization and DCF Theoretically Consistent
Business Valuation Quarterly Brief - Q4 2025
5 Quarterly Highlights - Editor's Choice
1. Case Law Watch | Barney v. Commissioner • United States Tax Court
Tax Court Rejects Optimistic Management Projections in Major Charitable Contribution Valuation Case
2. Case Law Watch | Rosenblum v. Treitler • Supreme Court of the State of New York, Appellate Division, First Judicial Department
New York Court Upholds 15% DLOM Based on Real-World Ownership Frictions—Without Reference to the Mandelbaum Factors
3. Valuation Guidance Update | Working Draft of the Updated Valuation of Privately-Held-Company Equity Securities Issued as Compensation Accounting and Valuation Guide • AICPA Equity Securities Task Force
AICPA Proposes Major Update to the Valuation of Equity in Complex Private-Company Capital Structures
4. Expert Insights | Valuation Issues in M&A: In Anticipation of Going to Market• Kent Pummel • QuickRead (NACVA)
M&A Valuation May Ask a Different Question: What Is the Business Worth to a Particular Buyer? (Fair Market Value versus Investment Value)
5. From the Bookshelf | Methodologies and Challenges in Bankruptcy Valuation • Michael R. Koeppel, CPA, ABV, CFF, CGMA, CTP
New Book Focuses on the Challenges of Valuation in Bankruptcy
Also Worth Knowing
6. Regulation Update | IRS Revises Form 8283 for Noncash Charitable Contributions
Revisions to IRS Form 8283 appear to be primarily administrative rather than a change in valuation methodology
7. Regulation Update | IRS Updates Publication 561 on Donated Property Valuations
Where a qualified conservation contribution exceeds 2.5 times the sum of each ultimate member’s relevant basis, the deduction may be disallowed unless an exception applies
8. Case Law Watch | Stermer v. Old Republic National Title Insurance Co • United States Court of Appeals for the Eleventh Circuit
When the Choice of Valuation Expert Matters
Copyright Notice
All copyrights, trademarks, article titles, logos, journals, books, court decisions, charts, tables, and other source materials referenced in this publication remain the property of their respective owners.
Business Valuation Quarterly Brief contains independently prepared summaries, commentary, and educational discussion. It does not reproduce original articles and is not affiliated with, endorsed by, or sponsored by any referenced author, publisher, organization, or credentialing body unless expressly stated.
Any errors or omissions in the summaries or commentary are solely those of the editor.
No Professional Relationship
Receipt, viewing, or distribution of this publication does not create an appraiser-client, consultant-client, advisory, attorney-client, accountant-client, or any other professional relationship with the editor or Gato Consulting.
Third-Party References
References and links to third-party publications, organizations, and websites are provided solely for the reader’s convenience and informational purposes and do not imply affiliation, sponsorship, endorsement, or approval by the referenced parties.
Editorial Standards
Business Valuation Quarterly Brief is independently curated and edited by Luis V. Gato. Artificial intelligence and other modern research and editorial tools are used to assist in the preparation of the publication. All editorial judgments, article selections, summaries, commentary, and final content are independently reviewed, edited, and approved by Luis V. Gato.
© 2026 Gato Consulting. Business Valuation Quarterly Brief. All rights reserved.