VALUATION AND TAX PRACTICE

Valuation and estate freezes
Lori Clements

The valuation of intellectual property part 1
Steven Hacker

Transfer pricing and real profits
David Hogan

The valuation as expert witness in the tax court of Canada
Steven Hacker

Dealing with the Department of Justice on valuation matters
Arnold H. Bornstein

A litigatior’s perspective on valuation issues in the tax court of Canada
David E. Spiro

Jim Horvath is a Partner at Deloitte (Toronto office), who over the past 32 years has specialized in business and securities valuations and related intellectual property. Jim has completed over 3000 business valuations and has extensive international experience having worked on mergers, acquisitions and valuations in over 50 countries. He has published widely, with his latest publication being "Advocacy & Taxation in Canada" (co-editor/ contributing author with David Chodikoff). Jim is a Fellow of the Canadian Institute of Chartered Business Valuators, a Chartered Accountant, an Accredited Senior Appraiser of the American Society of Appraisers and a Certified Commercial Real Estate Appraiser.

Arnold Bornstein studied law at McGill University, where he received an LL.B. and a B.C.L. in 1992. After articling, he clerked with the Tax Court of Canada. In 1994, he was called to the bar of Ontario. In 2004, he was called to the bar in Quebec. Since June 1996, he has been counsel with the Tax Law Services Section of the Department of Justice.

David W. Chodikoff, B.A (Spec. Hons.), M.A., LL.B., is a partner at Goodman & Carr LLP, specializing in Tax Litigation and International Finance/Tax Law. Prior to joining Goodman & Carr, David was counsel and a Crown prosecutor at the Ontario Regional Office of the Department of Justice Canada. For more than 13 years, David practiced exclusively in the area of tax litigation representing government interests in hundreds of tax cases. David is the conceptualizer, co-editor and contributor to "Advocacy and Taxation in Canada", the first book of its kind in the country. David, together with Jim Horvath, is currently working on their next book, "Taxation and Valuation of Technology" (to be released in 2006).

Howard has been involved in business valuation, acquisition, divestiture and related assignments for companies located throughout North America. He has acted as an expert witness in several matters involving valuation for income tax purposes, and he frequently is engaged by the Department of Justice and the Canada Revenue Agency in this regard. Howard is the author of Selling Your Private Company (Canadian Institute of Chartered Accountants, 2005) co-author of The Valuation of Business Interests (Canadian Institute of Chartered Accountants, 2001), co-editor of Canada Valuation Service (Carswell, periodical) and a contributing author to Advocacy and Taxation in Canada (Irwin Law, 2004). He is a frequent speaker to industry and professional groups throughout North America on the subjects of business valuation, acquisitions and divestitures.

Howard holds a Bachelor of Commerce Degree from Concordia University, a Graduate Diploma in Public Accountancy from McGill University, and a Masters Degree in Business Administration from McMaster University. He is a Fellow of the Society of Management Accountants of Canada and a member of the Canadian Institute of Chartered Accountants, the Canadian Institute of Chartered Business Valuators, the American Institute of Certified Public Accountants, the Chartered Financial Analysts Institute, and the American Society of Appraisers.

Chris is a Partner with Campbell Valuation Partners Limited and a Director of Veracap Corporate Finance Limited. Chris's practice focuses on shareholder disputes, income tax reorganizations and family business succession. Chris is a Chartered Accountant and Chartered Business Valuator. He is involved in complex valuation and succession matters involving family-run operations. Chris is a contributing editor of Canada Valuation Service (Thomson-Carswell, periodical) and Business Valuation Commentary.

Lori Clements is a Senior Manager Tax at Deloitte and practices within the Private Client Advisors group of the Toronto office. Lori advises high net worth individuals, executives, professionals and business owners on tax issues that impact them currently and with a view to the future. Her area of expertise is domestic taxation and estate planning, using trusts and other structures that are customized to each client's individual needs. Lori also advises her clients with respect to various cross border tax and estate planning matters. Another focus of Lori's practice is philanthropy.

Steven has 12 years of business valuations, litigation and transaction advisory experience. He has provided advice and prepared reports for clients in connection with mergers and acquisitions, income tax litigation, tax and estate planning, matrimonial property valuations, shareholder and partnership disputes, business interruption litigation and transfer pricing. His intangible asset valuation experience has included valuations of software, brands, asset management agreements, distribution networks, customer contracts and customer relationships. Steven is the co-author of two chapters in the book, "Advocacy and Taxation in Canada" (Irwin Law, 2004).

David Hogan is leading Fuji Photo Film Canada's shareholder value improvement initiatives, where his concurrent titles are: Senior Director, Tax, Finance and Accounting and Senior Director, Marketing Logistics and Information. Formerly, David was a tax consultant with PricewaterhouseCoopers and KPMG, and he has previously worked as an economist with the Conference Board of Canada and the Bank of Canada. David serves on the large case audit advisory committee for the Canadian Revenue Agency and the board of directors for Supply Chain and Logistics Canada.

David Spiro is a partner in the taxation group of Blake, Cassels & Graydon LLP in Toronto where his practice is devoted exclusively to tax litigation and controversy resolution. David was an associate at Blakes from 1989-1991 before moving to the Ontario Regional Office of the Department of Justice Canada where he served, until April 2004, as senior counsel. While at the Department of Justice, David was involved in numerous complex tax litigation matters, including one of the leading cases on valuation principles (Klotz v. The Queen, 2004 DTC 2236, aff'd 2005 DTC 5279). He has spoken at conferences of the Canadian Tax Foundation, the Canadian Institute of Chartered Accountants, the Ontario Bar Association and Federated Press. David currently serves as co-chair of the Toronto Centre Canada Revenue Agency & Professionals Consultation Group. He is also a member of the editorial board of Tax Litigation.