We have been in business in San Antonio and South Texas since 1976 delivering quality, professional services, such as Certified Public Accountants, Certified Valuation Analysts, and Certified Forensic Financial Analysts. We're affiliated with and active in national, state and local professional associations, including The National Association of Certified Valuation Analysts, The American Institute of Certified Public Accountants, and the Texas Society of Certified Public Accountants.
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Recently we have been active in the valuation of oil and gas royalties for estate tax purposes and have come to the conclusion that the predominant methods used are determined by Petroleum Engineers often using a reserve appraisal method (see information published by the Society of Petroleum Evaluation Engineers) instead of an income method determined from general business valuation theory.
Over the years we have been asked to value community property interests in active business. One of the difficult areas is the allocation of Company and personal goodwill as personal goodwill is not a marital asset and is not divisible in divorce. We have included the following illustration which is a sample allocation of how to allocate it based on David Wood's Multi-Attribute Utility Model (MUM). At the present time, this is the only objective model which allocates goodwill which has been accepted by the Court.
The value derived from intangible assets has increased significantly in today's knowledge-based economy. The book value of many publicly quoted companies is significantly less than their market value. Stock market value is derived, to a large extent, from assets that do not appear on the balance sheet.
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