DALLAS ESTATE PLANNING COUNCIL

LUNCHEON PROGRAM

THURSDAY, FEBRUARY 5, 2026

NOTE LOCATION!

DOUBLETREE HILTON - CAMPBELL CENTRE

8250 N. CENTRAL EXPRESSWAY, DALLAS

(Lunch is served Noon-12:20; Program 12:20-1:30 P.M.)

REGISTRATION DEADLINE: JANUARY 27 (5:00 P.M.)  

REGISTRATION WILL NOT BE AVAILABLE AFTER THE REGISTRATION DEADLINE - NO EXCEPTIONS

WALK-INS ARE NOT GUARANTEED A MEAL

CASH OR CHECK AT THE DOOR

$37 - MEMBER WITH MEAL

$50 - GUEST WITH MEAL

$25 - PROGRAM ONLY/NO MEAL

REVIEW ON RECENT US TAX COURT CASES - 

FOCUS ON VALUATION OF NONOPERATING ASSETS

WILL FRAZIER

 Sponsored by Saville and Ag Trust

Perhaps the most important valuation issue considered in relatively recent U.S. Tax Court cases is the manner in which nonoperating assets are treated in the valuation of noncontrolling equity interests in operating businesses for federal estate or gift tax purposes? The valuation textbooks provide no clear guidance on this topic. Business valuation standards issued by valuation professional organizations, Revenue Ruling 59-60 and the Uniform Standards of Professional Appraisal Practice (USPAP) discuss the issue but seem to be intentionally vague. In recent years, the Tax Court has disregarded nonoperating assets in valuing noncontrolling interests in operating businesses. This stance conflicts with the views of the IRS and many in the appraisal profession. The valuation and tax implications can be enormous.

William H. Frazier, FASA, is a Managing Director with Weaver and Tidwell and has been a senior member of the American Society of Appraisers since 1987 serving on various boards and committees of the ASA over the years. Will has participated as an appraiser and/or expert witness in several U.S. Tax Court cases, including Grieve, Steinberg, Hendrix, Jelke, McCord, Dunn, and Gladys Cook. He has written numerous articles on the subject of business valuation appearing in such publications as Trusts & Estates, Business Valuation Review, ABA Probate and Property, Valuation Strategies, BV E-Letter, and Estate Planning. He is a contributing author to Valuing a Business (6th ed.), The Cost of Capital (3rd, 4th and 5th ed.) and The Lawyer’s Business Valuation Handbook (3rd ed.) Will is a valuation editor for Trusts & Estates.

Continuing ed credit is pending for attorneys, accountants and financial planners for this presentation. The presentation will be posted on the website document library a few days prior to the presentation.   

Please register online with a credit card payment on the website: scroll down to the bottom of the page and register. LOG IN IS NOT REQUIRED TO REGISTER.  If you need a receipt, print out the confirmation page (receipt will not be sent to a 3^rd party).  

WE WOULD LIKE TO THANK OUR MEETING SPONSORS:  Armanino, Bessemer Trust Company, Carter Financial Management, Communities Foundation of Texas, Frost Bank, HighGround Advisors, Mercer Advisors, The Catholic Foundation, Heritage Auctions, The Dallas Foundation, Saville CPAs & Advisors, McBride & Associates at Merrill Lynch Wealth Management, EisnerAmper., Ag Trust, Cumberland Trust, Brown Advisory and Wealth Advisors Trust Company. WE WOULD LIKE TO THANK OUR PATRONS: Davis Stephenson, Argent Trust, Glast Phillips Murray Zopolsky, Stout, Carr Riggs & Ingram,  View Capital Advisors, Neuhoff Hunt, Phillips, Prosperity Bank, Bank of Texas, Maus & Associates, When Pigs Fly Estate Sales & Auctions, American National Bank & Trust, Signet Art, Tarleton Law Firm,Matter Family Office, Bisignano Harrison, Inspired Valuation Group, Steel Grove Advisors, Tipping Mineral Management, Atwood & McCall, Dallas Auction Gallery, Probity Advisors, Inc., Hancock Whitney and Baker Tilly

IMPORTANT: PLEASE READ BELOW!

THE CONTINUING EDUCATION SUBMISSION LINKS  ARE DISPLAYED IMMEDIATELY WITH THE REGISTRATION CONFIRMATION. SIGN-IN SHEETS WILL NOT BE AVAILABLE AT THE MEETING. SUBMIT ATTENDANCE AFTER THE MEETING WITH THE LINKS. SAVE THE LINKS IN A FILE FOR EASY ACCESS. ASSISTANTS/ADMINISTRATORS WHO REGISTER FOR SOMEONE - PLEASE FORWARD THE CE LINKS TO THE REGISTRANT.

PLEASE NOTE SPECIAL MEAL REQUEST IS NOT AVAILABLE FOR THIS MEETING