APPLYING AICPA BUSINESS VALUATION STANDARDS IN TAX PRACTICE.

The article focuses on the application of the American Institute of Certified Public Accountants (AICPA) Business Valuation Standards in tax practice. They apply to subject interests defined as a business, business ownership interest, security, or intangible asset and recognizes valuation engagement and calculation engagement for estimating value. They can be used for estate planning if the client asks to calculate the value of the subject interest. Some of its exceptions are attest engagement and internal use of assignment to employee.