lãi nợ Vốn chủ sở hữu đầu tư vốn Net lưu chuyển tiền tệ có sẵn vốn đầu tư Dự báo Tỷ lệ tăng trưởng dài hạnTriển lãm 9-3 Chi phí Trung bình có trọng số củaÁp dụng Giá Giảm Tốc Vốn chủ sở hữuTỷ lệ 20% danh nghĩa vay | 178 Asset Approach other nonoperating assets covenants not to compete or goodwill previously purchased and notes receivable particularly from the selling shareholders. If these items are not used in the company s operations they should be removed from the balance sheet. Other items should be converted to market value based on the benefit that they provide to the company. Fixed Assets When fixed assets are written up to market value consider recognizing the tax that would be due on the increased value. Considerations include The tax if it is applied could be netted against the written-up value or shown as a deferred tax liability. Nontaxable entities such as S corporations face different levels of taxation. The level of the tax to be applied recognizing that the well-informed seller and buyer each realizing that trapped-in capital gains affect value may negotiate some difference between the no tax and full tax positions. As an alternative the tax on the trapped-in gain could be reflected through an increased lack of marketability discount. This reflects the likely buyer s recognition that the fixed asset with lower book value provides less tax shelter and creates greater eventual taxable gain. Intangible Assets The intangibles on the balance sheet often are based on the allocated portion of cost from an acquisition or the costs to create. In either event the objective is to adjust them to their market value from their unamortized book value. If specific intangibles such as patents copyrights or trademarks possess value this value could be determined using an income market or cost approach with the intangible then listed at that amount. On the balance sheet goodwill or general intangible value should be removed and replaced with its market value. Asset Approach Methodology 179 Nonrecurring or Nonoperating Assets and Liabilities This category consists of nonrecurring activities or items not expected to recur. Nonoperating assets are assets not needed to maintain the .
