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• W236705328 abstract "The battles between public interest and private enterprise are as old as this country. One of those battles involves eminent domain, also known as condemnation, or a government's right to seize private property for public purposes. With transportation and environmental concerns becoming more common legislative issues in most states, there is certain to be an increase in eminent domain cases in the coming years. This translates into more business for CPAs who perform valuation services. This article examines the valuation process for businesses that are displaced as a result of expropriation proceedings. It also offers advice on how to get started in this growing practice area. WHAT IS EMINENT DOMAIN? The concept of eminent domain is deeply rooted in statute and case law. Essentially it allows federal, state and local governments to seize property when such action is deemed in the public interest. Some of the more common applications are for inner city reconstruction, roads and highways, public utilities and land needed to meet a growing community's demand for educational and medical facilities. Today, cases increasingly involve creating landfills and protecting environmentally sensitive land. Virtually all governments require that owners of seized property be compensated, but the amount given varies with each municipality. The issue of just leads to an inevitable conflict between the government trying to obtain the property at the lowest possible cost and the business owner wishing to maximize property value. The final settlement typically is determined in a trial heard by a jury. Eminent domain valuation cases are similar to estate valuations in some respects. In both, no party is at fault, per se. Further, the normal circumstance of willing buyer, willing seller does not apply. Unlike estates, though, in eminent domain cases the owners either suffer partial damage or are compelled to sell. For businesses, determining the proper compensation is often difficult since many assets are intangible. Of these, the most difficult to measure are potential loss of goodwill and going-concern value. ARE INTANGIBLE ASSETS COMPENSABLE? What is the difference between goodwill and going-concern value? According to one court opinion, goodwill is speculative and stems from a business's reputation. Going concern, on the other hand, is measurable and based on an estimate of future profits from a well-operated, successful business. In this ruling, goodwill lacks value and generally is noncompensable, but going-concern value is measurable and can be compensated. No doubt some CPAs would dispute that court's definitions. Whether referred to as goodwill or going-concern value, the fact is most states today recognize that businesses have intangible value. The Uniform Eminent Domain Code, created in 1974, alleviates some of the differences between states. While it generally allows business owners compensation for the loss of goodwill or going-concern value, the burden of proof is on the owner. Currently, the code has bene adopted only in Alabama. Nevertheless, the courts today appear more inclined to apply the same guidelines in condemnation proceedings as are used in tort actions for breach of contact suits, recognizing that businesses are entitled to damages and this may include goodwill or going-concern value. BUSINESS VALUATION CONSIDERATIONS Many factors must be considered when valuing an entire business or damages in eminent domain cases. The most important certainly is knowing and understanding local eminent domain statutes and case law. Some states offer not only guidance but also mandatory procedures for portions of valuations performed. Next, the valuation date must be established. In some states it is the date the property was condemned, usually the date of the court filing. …" @default.
• W236705328 created "2016-06-24" @default.
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• W236705328 date "1990-12-01" @default.
• W236705328 modified "2023-09-24" @default.
• W236705328 title "Getting Started in Eminent Domain Valuations; CPAs Are Well Qualified to Perform Services in This Expanding Field" @default.
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