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<i>Book Review</i>: Understanding Standards of Value In Depth

By Ronald L. Seigneur
October 30, 2006

Standards of Value: Theory and Applications, written by Jay E. Fishman, Dr. Shannon P. Pratt, and William J. Morrison, addresses the standard of value as applied in four distinct contexts: estate and gift taxation, shareholder dissent and oppression, divorce and financial reporting. The book is written in a fashion that will prove useful for judges, lawyers and practitioners to better understand the theory and conceptual underpinnings related to the various standards of value in both judicial and regulatory applications. The depth of the book in several areas reaches well beyond anything published to date with respect to how the recognized standards of value relate to these four very different purposes in application.

Standards of Value leaves valuation approaches and techniques to the well-recognized treatises that have come before it, including several by the authors themselves, such as Valuing a Business and the PPC Guide to Business Valuation. After an exhaustive discussion of the definitional aspects of both fair value and fair market value, the book moves forward with a detailed discussion on the origins of fair market and fair value reaching back to the early 1800s and progressing to the current accepted definitions for each of the standards discussed within the book.

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