He divides his time between commercial audit work, the real estate industry and performing tax and accounting services for closely-held businesses.
She provides accounting and consulting services to not-for-profit organizations and trusts, closely-held businesses and real estate entities such as assisted living facilities, nursing homes, HUD projects, low-income housing tax credit projects and CIRAs.
A member of the firm since 2001, he works with closely-held businesses and their owners, not-for-profit organizations and common interest realty associations to provide them with a number of services including audits, compilations, forecasting and agreed-upon procedures.
However, all these disclosures are an integral part of the presentation required for closely-held companies and would be intermingled in one footnote.
With SFAS 132, the FASB recognized that the needs differ between the financial statement users of publicly traded companies and closely-held companies.
In "Discounting Minority Stock Interests in Closely-Held Corporations: When and How Much?"(10) Andrew M.
Milton Gelman, "An Economist-Financial Analyst's Approach to Valuing Stock of a Closely-Held Company," The Journal of Taxation (June 1972): 353-354.
Michael Maher, "Discounts for Lack of Marketability for Closely-Held Business Interests," Taxes--The Tax Magazine (September 1976): 562-571.
Certainly, if the business owners ask the business appraiser to advise them regarding the net proceeds to expect from the sale of their closely-held corporation, then consideration of the alternative tax forms of corporation sale is essential to the valuation analysis.
Alternative Structures for the Sale of a Closely-Held Corporation
This tax structure clearly contrasts with the sale of assets where the seller corporation is taxed on the business sale and the closely-held corporation shareholder is also taxed on the distribution of the business sale proceeds.
In response to the Administration's belief that certain closely-held
structures are being used to facilitate corporate tax shelters, the proposals would add a new ownership requirement that would prohibit ownership of more than 50 percent of a REIT's stock by vote or value by any person (not only an individual) other than another REIT.