As co-founder & President of FMV Opinions, Inc., Lance S. Hall, ASA, supervises the firm's New York City office. Mr. Hall is widely recognized as an expert in securities design, fractional interests in real estate, minority interest discounts, Rule 144 & other restricted securities. He has provided expert testimony regarding valuation issues & also has extensive experience with issues of solvency, fairness & employee stock ownership plans.

Mr. Hall has taught business valuation courses for the California CPA Foundation & continuing education classes for various state bar associations. He has spoken at numerous professional conferences & seminars on various business valuation topics & merger & acquisition issues, & has authored numerous articles on valuation topics.

• Masters in Business Administration, Finance
  Brigham Young University, 1984
  
  
• Bachelor of Business Administration, Finance
  University of North Texas, 1982

• American Society of Appraisers
  Accredited Senior Appraiser (ASA)
  
  
• Shannon Pratt's Business Valuation Update
  Editorial Advisory Board
  
  
• Valuation Strategies
  Editorial Advisory Board - Columnist
  
  
• CCH Journal of Practical Estate Planning
  Editorial Advisory Board - Columnist

• [Confidential] vs. [Confidential] - Arbitration, 2003
  Provided expert testimony involving a valuation for shareholder dispute & buyout purposes.
  
  
• [Confidential] vs. [Confidential] - Orange County Superior Court, 2002
  Court appointed appraiser for the valuation of a company for action under California Corporations Code §2000.
  
  
• International Plastic Cards (IPC) - Hearing before the California Corporations Commission, 1999
  Provided expert testimony before The California Corporations Commission regarding a valuation for a minority interest squeeze-out.
  
  
• Shackleford vs. The United States of America, 1998
  Provided expert testimony on an estate tax matter involving a valuation on lottery winnings.
  
  
• Otho Moring Behr, 1997
  Provided expert testimony in a deposition involving Otho Moring Behr Trust.
  
  
• Hewitson vs. Hewitson, 1985
  Provided expert testimony involving a valuation for marital dissolution purposes.

• "Lack of Outside Appraisal Dooms Buy-Sell Formula Value Fix for Estate Tax Purposes." Published in Valuation Strategies, March/April 2005.
  
  
• "Don't Mistake Credentials for Credibility!" Published in Valuation Strategies, November/December 2004.
  
  
• "Valuation Industry Breathes Sigh of Relief with Fifth Circuit's Kimbell Decision." Published in Valuation Strategies, September/October 2004.
  
  
• "The Search for the Holy Grail: Getting Away From the 15-Minute Discount Determination." Published in The Value Examiner, July/August 2004.
  
  
• Court Criticizes Estate's Expert as "Too Inexperienced, Accommodating, & Biased..." Published in The FMV Valuation Alert, July 2004.
  
  
• "Counteracting the New & Winning IRS Approach to Determine Discounts for Lack of Marketability." Published in the Valuation Strategies, March/April 2004.
  
  
• "The Discount for Lack of Marketability: An Examination of Dr. Bajaj's Approach." Published in Shannon Pratt's Business Valuation Update, February 2004.
  
  
• "Can a Fairness Opinion Protect the Board Against Personal Liability?" Published in The Corporate Board, January/February 2004.
  
  
• "Why Are Restricted Stock Discounts Actually Larger for One-Year Holding Periods?" Published in Shannon Pratt's Business Valuation Update, September 2003.
  
  
• "The IRS's Great Game of 'Gotcha!'" Published in TaxNotes, May 2003.
  
  
• "Examining the Fifth Circuit's Built-In Gains Tax Solution." Published in The Journal of Practical Estate Planning, February/March 2003.
  
  
• "The Discount Alchemy of QMDM." Published in Business Valuation Review, December 2002.
  
  
• "Assets of Valid Partnership Included in Gross Estate." Published in Shannon Pratt's Business Valuation Update, July 2002.
  
  
• "The Current State of FLP Valuation Discounts." Published in Estates & Trusts, December 2001.
  
  
• "Fair Market Value Trumps IRS Valuation Tables." Published in Judges & Lawyers Business Valuation Update, October 2001.
  
  
• "Marketability Discounts: A New Data Source." Published in the Valuation Strategies, July/August 2001.
  
  
• "Estate of Jones II - The Latest Battle in the Limited Partnership Wars." Published in the Estate Planning & California Probate Reporter, April 2001.

• Stockton Estate Planning Council - "The Current State of Discount Valuations" March 2005.
  
  
• The International Forum - "They're Back: Using Valuation Discount Entities to Sell Life Insurance" January 2005.
  
  
• American Cancer Society/American Heart Association - "Winning Approach to Determining Marketability Discounts" November 2004.
  
  
• 9th Annual Advanced Estate Planning Symposium for CPA's - "Current State of Marketability Discounts" November 2004.
  
  
• The National Steinbeck Center Planned Giving Committee - "Valuation Update in the Context of the Tax Court & Recent Cases on FLP's" October 2004.
  
  
• State Bar of California - "The Foresee Ability in Gift & Estate Tax Valuations; The IRS's Great Game of Gotcha" October 2004.
  
  
• San Luis Obispo County Bar Association - Probate & Trust Section - "Examining Recent IRS Tax Court Victories!" September 2004.
  
  
• National Association of Certified Valuation Analysts - "Understanding the IRS's New (& Winning) Approach to Determine Discounts for Lack of Marketability" June 2004.
  
  
• Continuing Education of the Bar - "Fundamentals of Postmortem Trust Administration." May 2004.
  
  
• Business Valuation Resources Telephone Conference - "DLOM: A Critique of the Bajaj Approach." April 2004.
  
  
• Practicing Law Institute - "What the Courts Are Telling Us About Valuation Discounts." February 2004.
  
  
• Professional Advisory Committee of the Jewish Federation of Metropolitan Detroit - "Recent Tax Court Valuation Cases: Making Your Way Through the Minefields." January 2004.
  
  
• Practicing Law Institute - 34th Annual Estate Planning Institute - "What the Courts Are Telling Us About Valuation Discounts." September & October 2003.
  
  
• University of California at Irvine - Gift Planning Forum - "Understanding the IRS's New (& Winning) Discount Approach. September 2003.
  
  
• Business Valuation Resources Telephone Conference - "McCord Case: Challenges to IPO & Restricted Stock Studies Used to Estimate DLOMs." September 2003.
  
  
• Institute of Business Appraisers Denver Business Valuation Caucus - "Discounting Undivided Interests." September 2003.
  
  
• San Bernardino Estate Planning Council - "Current State of Discount Valuations." September 2003.
  
  
• National Association of Certified Valuation Analysts - "New Empirical Data: Higher Discounts/Lack of Marketability." May 2003.
  
  
• Estate Counselors Forum - "Current State of Discount Valuation." January 2003.
  
  
• Santa Barbara Estate Planning Council - "Doing it Right! Avoiding Valuation Problems with the IRS." November 2002.
  
  
• USC Law School - 2002 Probate & Trust Conference - "Examining Recent IRS Tax Court Victories!" November 2002.
  
  
• Hoag Hospital Foundation Endowment Council - "Doing it Right! Avoiding Valuation Problems with the IRS." October 2002.
  
  
• 2002 ASA International Appraisal Conference - "Using Empirical Data to Determine Marketability Discounts." August 2002.
  
  
• Estate Planning Council of San Diego - "IRS Recent Tax Court Victories: How & Why They Won!" May 2002.
  
  
• Orange Coast Trusts & Estates Council - "The FMV Restricted Stock StudyTM." April 2002.
  
  
• AALU's 2002 Annual Meeting - "How Non-Qualified Stock Options Can Quintuple Your Commissions." April 2002.
  
  
• USC 54th Annual Institute of Federal Taxation - "The Latest in Tax Valuation Controversy." January 2002.
  
  
• 2002 Advanced Estate Planning Institute - "Coping with Valuation Uncertainty: The CPA's Role." January 2002.

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