QUESTION: 149

Bishop and Schroeder make the point that lack of marketability discounts should be recognized, just as they are in Tax Court, because one spouse usually gets liquid assets while the other spouse lacks:

the mode of payment as it is the exchange of interests in the marital assets
Underlying principles that are much more consistent and broadly accepted
Such filexibility
The filexibility and safety of being able to “cash out” readily at the owner’s option

Answer(s): D

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QUESTION: 150

As with many matters related to marital dissolution valuations, the consideration of goodwill varies among states. In general, the various judicial precedents follow one of three positions regarding the consideration of goodwill. Which of the following is/are out of those options?

Goodwill is never a distributable marital asset
Business or practice goodwill only is a distributable marital asset
All intangible value in the nature of goodwill (both personal and practice goodwill) related to the business or practice is distributable
Intangible value of goodwill is attributable solely to the efforts of or reputation of an owner

Answer(s): A,B,C

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QUESTION: 151

Family law courts generally recognize three basic approaches to value. Which of the following is NOT out of those approaches?

Income approach (both direct capitalization and, increasingly, discounted cash flow)
Market approach
Asset-based approach (including the capitalized excess earnings method)
Asset-based approach (excluding the capitalized excess earnings method)

Answer(s): D

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QUESTION: 152

A common first step in ratio analysis of financial statements is to prepare what are sometimes called
___________ . On these statements, each line item is expressed as a percentage of the total. For example, on the balance sheet, each line is shown as a percentage of total assets.

Pre-analysis statements
Common-size statements
Short-term analysis
Status diagnosis analysis

Answer(s): B

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QUESTION: 149

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QUESTION: 152