Since the trust purchases the shares at a discount, the beneficiaries can keep the excess value, plus any appreciation, estate-tax-free.
As a result, the taxpayers had not contributed value in excess of the value they received in return, and were thus barred from claiming a deduction.
We continue to manage through this problem with millions of homes that are underwater, mortgages in excess of value.
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Fama and French do not believe the excess return from value investing is not without consequence.
After the auction is over, crank out receipts: assigned value for the donors, excess of bid price over assigned value to buyers.
So what elements in a watch offer value in excess of a Rolex Submariner at this price range?
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In this respect, a trade agreement with the United States has multiplied benefits far in excess of its nominal value.
"With a new CEO, Avon's board firmly believes that there is greater opportunity to improve shareholder value in excess of Coty's conditional indication of interest, " the beauty firm said in a statement responding to Coty's offer.
Finally, in the event that your new investments skyrocket in value (in excess of your capital losses), you will have to wait a year to sell or be stuck with higher-taxed short-term capital gains next year. (You should be so lucky).
That means that we have covered our excess of imports over exports in value terms by increasing our foreign debt, broadly defined to include equity ownership as well as traditional debt in the form of bonds, bank balances, and the like.
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Customer service was not a value I saw slopping around in excess the last time I visited Microsoft's website.
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Increasing the range of options open to individuals depends on greater economic freedom, not on destroying the value of money by creating an excess supply.
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The active manager claims that through either market timing or individual security selection he can add value to your investment portfolio in excess of his costs.
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Finally, the acquisition binge has left Danaher with a mountain of goodwill on its balance sheet--goodwill being the excess of the purchase price over the book value of the acquired business.
Exposure to value, size and momentum factors explains the excess returns from alternative index strategies.
The national data obscure the fact that some local markets have clearly tightened (that is, with rents rising and home-value gains) while others continue to have excess vacant stock.
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For a business, the cost of stocking excess inventory averages 20% to 25% of the value of the goods, according to Lehigh University professor Lawrence Snyder, who co-authored a study on how traditional stores can benefit from integrating their inventory management with their online offerings.
But those excess vehicles can be sold only with heavy discounts, which destroy the value of domestic brands.
"You don't want to have excess cash tied up in the company that's not generating any value, " said Nick Fanandakis, chief financial officer of the manufacturing and science company.
Value investors like Einhorn are known for wanting companies to return any excess capital to shareholders.
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Managers Don Yacktman and son Stephen are Buffett-like value hunters, picking companies with strong managers, generating lots of excess cash.
That value can be unlocked as some of this private equity money or excess money from larger companies is put to work.
Whereas in the recent past, one currency may be reduced in value compared with other currencies, this time there is global competitive devaluation as excess liquidity is put into the system.
If you are happy with the earnings growth implied in that fair value calculation, then you can still make a return in the stock, just not excess return.
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