This paper focuses on firm valuation for tax purposes of non-listed companyshares and its sensitivity towards different market conditions. Since the value of a privatecompany cannot be observed on the stock market the value has to be estimated. Due touncertainty, expected future profits may not...

It was a close call, but eventually the German legislativebody managed to save the Inheritance andGift Tax Act (Erbschafts- und Schenkungssteuergesetz)from being automatically abolished. In fact, abolishingthe inheritance tax is not an uncommon measure inCentral Europe. As of August 1, 2008,...

In January 2009, the law on the reform of the inheritance tax and valuation law (German) came into force. As a result, the valuation of shares in non-listed corporations was fundamentally changed. The paper compares and analyzes different enterprise values through the application of different...