Publications

Valuation Publications by Dennis A. Webb, ASA, MAI, FRICS

PRIMUS-VALUATION-BADGE-LOGO-3251All valuation publications written by Dennis A. Webb, with others where indicated. To obtain a free electronic copy of a listed article, please feel free to contact us.

 

Notes from the Third National Valuation Symposium
LISI Estate Planning Newsletter #1823 (Leimberg Information Services, Inc., June 21, 2011). This is a program designed by IRS and supported as part of their outreach efforts. Its focus is valuation issues, particularly those seemingly intractable ones that generate audits and fill dockets, and that are now the very personal concern of appraisers, lawyers and estate planners.

Estate Plans in Chains – The Unfortunate Trend Toward Unnecessary Discount Caps
LISI Estate Planning Newsletter #1802 (Leimberg Information Services, Inc.) Some lawyers are instructing appraisers to artificially cap discounts at specific percentages in order to fly under IRS radar, even when the correct and supportable discount would be much greater…

Ludwick: A Wake up Call for Lawyers
LISI Estate Planning Newsletter #1687 (Leimberg Information Services, Inc.) Case of Ludwick is being used by IRS to challenge discounts claimed for tenancy-in-common interests in vacation homes (for sure) and maybe for such interests generally. This commentary is a guide to protecting your next audit from Ludwick.

What Do We Know About Lender Risk
An unpublished white paper. This paper is a review of a paper published by the Philadelphia Federal Reserve. That paper goes after appraisals as being one source of our ongoing mortgage problems. But, its underlying premise reveals much about the flawed way that risk to lenders is viewed by the regulators. Appraisals are being used in a way that renders them almost entirely meaningless.

Toward Sustainable Finance
The Trouble With Asset Values” RICS Property World, (RICS Americas, New York: Fall 2009): 9-11. Short-term concepts of value have caused huge problems. It is time to consider applying concepts of long-term sustainability in finance, especially mortgage finance. Telling the truth about value requires such a long-term view.

Why NAV May Not be the Best Method for Valuing Multi-Tiered Entities
With Lari B. Masten, MSA, CPA/ABV, CVA, Business Valuation Update, (Business Valuation Resources, November 2006): 1-4.

A Methodology for Valuing Tiered Entities
With Lari B. Masten, MSA, CPA/ABV, CVA, “A Methodology for Valuing Tiered Entities,” Journal of Business Valuation and Economic Loss Analysis, (Berkeley Electronic Press, January 2006). A comprehensive treatment of methods for valuing tiered or layered entities (where a partnership owns, say, an interest in another partnership, and so on). Provides a detailed case study illustrating many variations on the valuation problem, and shows how even the most complex valuation nightmares can be made easy.

What to do with Real Estate Appraisal
BusinessAppraisal Practice, (Institute of Business Appraisers, Plantation FL: Summer/Fall 2005): 15-30. When real estate is held by a partnership or LLC: This article walks through the real estate appraisal, and explains what the business appraiser needs to know.

Archived Publications

With Susan A. Beveridge, Attorney “Reappraising the Appraisal Process:  A Guide to Successful Results,” Estate Planning, (September 2010): 11-18.  An attorney’s guide to hiring appraisers, including qualifications, multiple appraisers working together, avoiding liability and limiting audit risk.  This article takes advantage of common sense, and provides lots of very useful tips for solving annoying problems and creating successful results.

“Nonphysical Damage–Fractional Discounts,” a case study included in a book by Randall Bell, MAI, “Real Estate Damages: Applied Economics and Detrimental Conditions” (The Appraisal Institute, Chicago: 2008): pages 266-269.  This book is the most authoritative on real estate damages.  The case study uses the damage model as another way to view value impairments resulting from ownership “damages.”

With Lari B. Masten, MSA, CPA/ABV, CVA, “Why NAV May Not Be The Best Method for Valuing Multi-Tiered Entities,” Business Valuation Update, Business Valuation Resources, (November 2006): 1-4.  This article is extracted from “A Methodology for Valuing Tiered Entities” and highlights a common flaw in valuations for tiered structures: The net asset value method is theoretically invalid, and besides, it doesn’t work.

“Bridging the Gap: Marketability Discounts for Real Estate Interests” The Appraisal Journal, (Appraisal Institute, Chicago, January 2001): 95-111.

“Bridging the Gap: Marketability Discounts for Real Estate Interests” paper delivered at the Valuation 2000 Conference, sponsored by the Appraisal Institute, ASA and AFMRA in Las Vegas, (July 2000).

“Establishing Valuation Discounts to Withstand Challenge” Estate Planning, (June 2000): 214-221.

“Minority Interest Discounts: A Quantitative Approach for Real Estate Limited Partnerships” The Appraisal Journal, (April 1999): 174-182.

With Gerald E. Lunn, Jr. Esq., “Realistic Discounts for Undivided Interests in Real Property” Estate Planning, (July 1999): 253-259.

With Gerald E. Lunn, Jr. Esq., “Would YOU Buy An Undivided Interest?”
Valuation Strategies, (September/October 1998): 24-37.

“Valuing Limited Partnership Interests: It’s a Hot Appraisal Niche” paper delivered at the Appraisal Institute National Conference in Washington, D.C.,
(June 23, 1997).