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did not agree with the valuation and, in order to avoid a costly appeals process and possible litigation, a lower, compromise discount was proposed and accepted (d) LIMITED PARTNERSHIP INTERESTS ARE LIMITED Since these interests are limited by the terms of the agreement, they should be discounted to re ect the lack of participation and transferability Except for publicly traded limited partnerships, accountants may value the asset by taking the value of the assets less liabilities, and discounting the result based upon the nature and extent of restrictions contained in the partnership agreement, also giving consideration to the actual operation of the partnership as it relates to distribution of cash ow In one engagement we found that in a limited partnership that owned and operated a business, the manager/general partner was underpaid for their duties and responsibilities After determining the appropriate compensation and adjusting cash ow downward we reduced the value of the partnership interests If the interests in a limited partnership are actively traded, the estimated current value of such an interest should be based on the prices of recent trades If interests in the partnership are not actively traded, the value of reasonably comparable securities, or the current value of the partnership s underlying assets may be used to measure the value of the interest [see Closely Held Businesses, Subsection 413(h)] When this method is used, the person should consider discounting the value of the interest for lack of marketability and lack of control over the general partner As with the valuation of private equity securities, discounts should not be based on arbitrary rules of thumb, but be based on the facts and circumstances of the valuation In practice they can vary signi cantly (eg, 5 percent to 60 percent) based on the nature and number of the issues If it is not feasible to estimate the current value of the partnership s underlying assets (and the interests are not actively traded), and the entity is in an early stage of development, the estimated current value of the interest may be shown as the amount of cash that the person has invested If the underlying assets of the partnership are considered to be virtually worthless, however, the interest should be valued at zero The person s share of the partnership s negative tax basis, if any, should be included in the computation of the provision for income taxes (see Section 415) The statement should disclose the person s share of any recourse debts of the partnership and any commitments for future funding If the person s interest in the partnership represents a substantial proportion of ownership, it may be useful to disclose summarized nancial information about the partnership as an investment in a closely held business [see Subsection 413(h)] (e) GOLD, SILVER, AND OTHER PRECIOUS METALS The estimated current value of precious metals, like that of marketable securities, is their closing price on the date of the statement, less the expected sales commission (f) OPTIONS ON ASSETS OTHER THAN MARKETABLE SECURITIES Options to buy assets other than marketable securities should rst be valued at the difference between the exercise price and the asset s current value Then this difference should be discounted at the person s borrowing rate over the option period, if this is material The borrowing rate should re ect the cost of any loan secured by the asset Because we are valuing the option not the asset, we need to nd out if the option is in the money That is would it make economic sense to exercise the option because the current value higher than the exercise price If it is not higher, then the option has no current value (g) LIFE INSURANCE The estimated current value of a life insurance policy is its cash surrender value, less any loans against it This information may be obtained from the insurance company Disclosure of the face value of the policy is required by SOP 82 1 It may also be useful to disclose the death bene ts that would accrue to family members covered by the statement
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