Perspectives
Perspectives is a quarterly digital publication that covers an array of topics, including valuation, taxation, litigation, transactions, financing, bankruptcy, and strategic planning. Like its award-winning predecessor, Insights, each edition of Perspectives is authored by Willamette Management Associates analysts, with occasional contributions from prominent attorneys and other professionals. Perspectives offers insights and analyses from our analysts to help readers stay informed on complex issues in the areas of valuation, forensic analysis, and financial advisory services.
Editors for this issue: Nathan P. Novak and Timothy J. Meinhart
The Effect of Macroeconomic Uncertainty on Business Valuation
Macroeconomic uncertainty has complicated business valuations as inflation, interest rate volatility, tariff pressures, and data gaps challenge forecasting and weaken investor and consumer confidence. Valuation professionals may adjust assumptions and methodologies to produce credible and defensible valuation conclusions amid ongoing uncertainty.
Vetting Management Projections: Best Practices and Insights
In the valuation of an operating business, the financial projections applied in the analysis can have a significant effect on the overall value conclusion. By performing due diligence, a valuation professional can become comfortable that such financial projections are reasonable and representative of the expected future cash flow of the business—and, thus, reliable for use within an analysis.
The Graegin Loan Remains a Viable Option for Certain Illiquid Estates
The Graegin loan was common in the 1980s and 1990s, when estate tax rates exceeded income tax rates by as much as 20 percentage points. While the pecuniary benefit of the Graegin loan has been reduced by the convergence of tax rates and lower interest rates over time, the Graegin loan might still make sense for certain illiquid estates.
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Previous Issues
January 2026 Perspectives
Editors for this issue: Scott R. Miller and Lisa H. Tran
- How Volatile Interest Rates Affect the Cost of Capital and Company Valuations
- Succession Planning in 2026: Employee Stock Ownership Plans and the New Estate Tax Landscape
- The One Big Beautiful Bill Act’s Effect on the Value of S Corporations and Pass-Through Entities
July 2025 Perspectives
Editor for the issue: Jackson L. Crispin
- Tax Court Allows Tax-Affecting for the Discounted Cash Flow Method in Pierce v. Commissioner
- Conflict Transactions and the Evolution of the Fairness Opinion Landscape
- The Application of the Relief from Royalty Method for Intellectual Property Valuation
April 2025 Perspectives
Editors for the issue: Timothy J. Meinhart and Nathan P. Novak
- Nuances with Respect to Valuing a Controlling Ownership Interest
- Proposed Regulation Changes to Circular 230
- Estate Planning and Buy-Sell Agreements After the Connelly Decision
January 2025 Perspectives
Editor for this issue: Scott R. Miller
- The Potential Application of Artificial Intelligence in Business Valuation
- Providing support and Rationale for the Estimation of Company-Specific Risk Premium
- Comparison of the Business Valuation Development Standards Among Organizations
October 2024 Perspectives
Editor for this issue: Jesse J. Gillett
- Key Considerations in the Valuation of Carried Interest from a Tax Perspective
- Digging in the Dirt: Performing Forensic Analysis of Financial Records for Valuation Purposes
- Jointly Retained Valuation Engagements: A Road Map for Trust and Cooperation
July 2024 Perspectives
Editor for this issue: Brent A. McDade
- Speculative, Viral, and Volatile: Valuation Considerations for Cryptocurrency Assets
- Company Stock Repurchases at Fair Market Value May Deliver Value Accretion for Remaining Shareholders
- Qualified Appraisals and Charitable Contribution Deductions: The Lessons of Hoensheid
April 2024 Perspectives
Editors for this issue: Nathan P. Novak and Timothy J. Meinhart
- Control Considerations in the Valuation of a 50 percent Ownership Interest
- The Expatriation Tax: How to Present Assets to the IRS When You Say Goodbye to the United States
- The Valuation of Controlling Ownership Interests in the Context of Gift Tax Planning
January 2024 Perspectives
Editors for this issue: Justin M. Nielsen and Lisa H. Tran
- The Applicability of Discounts for Lack of Marketability on Controlling Ownership Interests
- Higher Interest Rates and Tax Exemptions May Maximize Benefits in Gift and Estate Tax Planning
- Key Person Considerations When Valuing Private Companies in a Gift and Estate Tax Context
October 2023 Perspectives
Editor for this issue: Weston C. Kirk
- Preferred Equity in a Rising Interest Rate Environment
- Considerations for Valuing the Stadium Seat Licenses of Sports Teams for Estate Tax Purposes
- Convertible Bonds as a Component of a Company’s Capital Structure
July 2023 Perspectives
Editor for this issue: Timothy J. Meinhart
- Understanding the Implications of Cecil v. Commissioner
- How to Properly Use Asset Transactions in the Guideline Merged and Acquired Company Method
- Getting the Most out of Every Engagement
April 2023 Perspectives
Editors for this issue: Charles A. Wilhoite and Scott R. Miller
- Incorporating ESG Performance in Equity Valuations
- Key Considerations Regarding the Valuation of “Small” Businesses
- The Tax Benefits and Challenges of Allocating Total Business Goodwill to Personal Goodwill in a Transaction
