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Geroge Tanner died October 2, 2014, survived by his son Thomas and his daughter Gigi and her two children. George was the sole stockholder of Tanner Inc., a C corporation. Gigi served as president of Tanner from its inception until early January 2015. However, she never has an employment agreement or a noncompete agreement with Tanner. George was not involved with the business; he simply provided the funding. Gigi executed all of Tanners contracts with its customers and was very involved with the business. George's will left half of the Tanner stock to Gigi and the other half to Thomas. In late December 2014, Gigi and Thomas had major disagreements, and soon thereafter Gigi formed a C corporation (GTS, Inc.) to compete with Tanner. Because of the personal relationships Gigi had with Tanners customers, almost all of them broke their contracts with Tanner and began doing business with GTS. Preparation of George;s estate tax return is underway, and one of the the estate's major assets is the Tanner stock. A questions has arisen whether the valuation of the Tanner stock should take into account the value of Gigi's persona goodwill due tot he absence of an employment agreement or a noncompete agreement. If so, the value of her personal goodwill would adversely affect the value otherwise determined for the stock. Your supervisor requested that you research the issue and present your results in a memo so she can discuss the valuation issue with the person who is preparing the appraisal of the Tanner stock.
Lloyd Corporation's 14% coupon rate, semi annual payment, $1,000 par value bonds, which mature in 30 years, are callable 5 years from today at $1,050. They sell at a price of $1,353.54, and the yield curve is flat. Assume that interest rates are expe..
Which of the following option contracts gives a buyer the right, but not obligation, to exercise the option during stated time periods?
We want to buy a 30 year, 5% bond, but we plan to sell it in 4 years. We estimate that the ytm at that time will be 7%. The market rates are 4% presently. What should we pay for the bond now? If this bond is a municipal one, what is the equivalent yi..
A mutual fund manager has a $20 million portfolio with a beta of 1.5. The risk-free rate is 3.5%, and the market risk premium is 6.5%. The manager expects to receive an additional $5 million, which she plans to invest in a number of stocks. After inv..
The common stock of Eddie's Engines, Inc. sells for $38.03 a share. The stock is expected to pay $4.00 per share next year. Eddie's has established a pattern of increasing their dividends by 6.1 percent annually and expects to continue doing so. What..
Find the future values of these ordinary annuities. Compounding occurs once a year. Round your answers to the nearest cent. Rework previous parts assuming that they are annuities due. Round your answers to the nearest cent.
Lufthansa Airlines, headquartered in Cologne, Germany, needs US$13,500,000 for two years to finance working capital. Borrow €10,000,000 in Cologne at 3.00% per annum, and exchange these euro at the present exchange rate of $1.35/€ for U.S. dollars. A..
The 2010 balance sheet of Greystone, Inc., showed current assets of $3,180 and current liabilities of $1,455. The 2011 balance sheet showed current assets of $3,030 and current liabilities of $1,700. What was the company’s 2011 change in net working ..
St. Johns River Shipyard's welding machine is 15 years old, fully depreciated, and has no salvage value. However, even though it is old, it is still functional as originally designed and can be used for quite a while longer. The new welder will cost ..
Should investors care about a multinational firm's accounting exposure - Accounting exposure is any exposure of a multinational firm's consolidated financial statements to exchange rate movements.
On January 2, 20X1, Uptown Hospital established a line of credit with First Union National Bank. The terms of the line of credit called for a $400,000 maximum loan with an interest rate of 3 percent. The compensating balance requirement is 5 percent ..
Which of the following types of employer plans are exempt from most or all ERISA provisions?
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