Qualifications
of William H. Frazier, ASA
Valuation & Financial Advisory
American Society of Appraisers
Senior Member
Non-Marketable Investment Company Evaluation (NICE) Method
Developer

Lead Author
I am the author of the chapter “The Cost of Capital of Private Company Interests” in the valuation textbook, The Cost of Capital.
I am also the lead author of the chapter “Discounts for Lack of Marketability” in the forthcoming sixth edition of Valuing a Business-generally regarded as the “Bible” of business valuation.
Another valuation methodology I developed is the “Market Derived Blockage Discount Model”. This model was described in a 2018 article in the Business Valuation Review and was also the subject of a 2020 webinar for the ASA.
Finally, for family law matters, I developed the course “Business Valuations in Divorce – Texas Case Law and Valuation Principles”. The course is an in-depth look at the valuation implications of 15 Texas cases.
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Tax Litigation
- Non-Tax Litigation
- Publications by William H. Frazier, ASA
- Grieve v. Commissioner, T.C. Memo. 2020-28
- Steinberg v. Commissioner, 145 T.C. No. 7 (October, 2014)
- Hendrix v. Commissioner, T.C. Memo 2011-133 (June 15, 2011)
- McCord v. Commissioner, [F. 3rd . No. 03-60700 (5th Cir. August 22, 2006)] Re: McCord v. Commissioner 120 T.C. 358 (2003), United States Court of Appeals for the Fifth Circuit.
- Charles T. McCord and Mary S. McCord, Donors v. Commissioner of Internal Revenue, United States Tax Court. 120 T.C. 358 (2003).
- Estate of Frazier Jelke III vs. Commissioner, U.S. Court of Appeals for the 11th Circuit No. 05- 15549 filed Nov. 15, 2007 [reversing in part T.C. Memo 2005-131 filed May 31, 2005], United States Court of Appeals for the Eleventh Circuit
- Estate of Frazier Jelke, III, Deceased, Wachovia Bank, N.A. (formerly known as First Union National Bank), Personal Representative, v. Commissioner of Internal Revenue, United States Tax Court. T.C. Memo 2005-131 (2005).
- Sidney E. Smith, et al v. United States of America, U.S. District Court for the Western District of Pennsylvania (2005).
- Estate of Floyd E. Jones, Deceased, Hubert L. Jones, Independent Executor v. The United States, United States Court of Federal Claims (2004)
- Estate of Gladys Cook v. Commissioner of Internal Revenue, United States Tax Court. T.C. Memo. 2001-170 (2001).
- Estate of Dunn [301 F.3d 339 (2002), rev. 79 TCM 1337 (2000)] Re: T.C. Memo 2000-12,
- United States Court of Appeals for the Fifth Circuit
- Estate of Beatrice Ellen Jones Dunn, Deceased, Jesse L. Dunn III, Independent Executor v. Commissioner of Internal Revenue., United States Tax Court. T.C. Memo 2000-12 (2000).
- Estate of Frank M. DiSanto v. Commissioner of Internal Revenue, United States Tax Court. T.C. Memo. 1999-421 (1999).
- Nell Shehee v. Kilpatrick’s Rose-Neath Funeral Homes, Crematorium and Cemeteries Inc. First Judicial District Court, Caddo Parish, Louisiana (February, 2020)
- Sfile Technology Corporation, Claimant, v. Donnelly & Co. and George Arthur Donnelly, III, Respondents. CASE NO. 01-17-004-8242. AMERICAN ARBITRATION ASSOCIATION. June, 2018.
- Carolina Beverage Group, LLC, Claimant, v. Harry Barto, Respondent. CASE NO. 01-16-0001- 8613. AMERICAN ARBITRATION ASSOCIATION. April, 2017.
- Richard M. Foxx v. Stephen R. Foxx, et al. Probate Court No. 2. Dallas County, Texas. Cause No. PR 11-2581-P2. (2012)
- Bobbitt Noel, Jr. v. Devon Energy Production Company, L.P. et al. District Court of Harris County, Texas 127th Judicial District. Cause No. 20088-39598. (2011).
- In the matter of the marriage of R.E.D. and S.C.D. No. 2006-41478, May 2007, In the District Court of Harris County, Texas 312th Judicial District
- OCA, Inc. v. OCA International, LLC, Gimili Enterprises, LLC, and Bartholomew F. Palmisano, Sr., Chapter 11, Case No. 06-10179(B), August 2007, United States Bankruptcy Court Eastern District of Louisiana
- Estate of Douglas Manship, et al v. United States of America, U.S. District Court for the Middle District of Louisiana (2006)
- Houston Saba, L.P. v. Kenneth B. Meyer, et al In the 280th District Court of Harris County, Texas, 280th District Court of Harris County, Texas (2005)
- Comalloy International Corporation, a Delaware Corporation and Exxon Corporation, a New Jersey Corporation, Plaintiffs/Counterdefendants v. Paul J. Fenelon and Ronald M. Sohr, Defendants/Counterplaintiffs, United States District Court for the Middle District of Tennessee, Nashville Division
- Preston, Reynolds & Co., Inc. v. The John R. Behrmann Revocable Trust, District Court, City and County of Denver – State of Colorado (2004)
- Gyrodata Incorporated v. Baker Hughes Incorporated and Baker Hughes Inteq, 127th Judicial District Court of Harris County, TX - No. 2000-40391
- “Determining the Cost of Blockage by the Market-Derived Blockage Model.” Business Valuation Review. Volume 37, Issue 2, Summer 2018.
- “NICE Real Estate Valuation Module” BV-171 WEB. American Society of Appraisers. April 24, 2018. Available at: http://www.appraisers.org/Education/View-Course?CourseID=608.
- “The Tax Cuts and Jobs Act and New Pass-Through Entity Impacts” BVTX2-WEB. American Society of Appraisers. 2018. Available at: http://www.appraisers.org/Education.
- “Valuing Very Large Estates Holding Investment Assets.” A BVR Webinar. December, 2017. Available at: https://sub.bvresources.com/TrainingEvent.asp?WebinarID=613.
- “Estate and Gift Tax Valuation Outlook for 2017” Trusts & Estates. February 2017.
- “How new IRS rules “could be devastating” for family-owned businesses,” Houston Business Journal, September 1, 2016.
- “The Future of Estate Planning,” The Stout Journal, Spring/Summer 2017. “In Defense of Tax Affecting,” The SRR Journal, Spring 2016.
- “Erasing the Unwritten Rule,” The SRR Journal, Fall 2015.
- “Cost of Capital of Family Holding Company Interests,” Cost of Capital (Fifth Edition) Workbook and Technical Supplement, 2014.
- “The Estate of Franklin Z. Adell v. Commissioner: SRR Experts Cited in Recent Tax Court Decision Involving Personal Goodwill,” The SRR Journal, Fall 2014.
- “Estate of John Koons v. Commissioner, TCM 2013-94,” The SRR Journal, Fall 2013 “Unintended Consequences” Trust & Estates, June 2011.
- “After McCord: The Future of FLP Valuations and Discount Determinations.” BVR’s Guide to Business Valuation Issues in Estate and Gift Tax. Linda Trugman, editor. Business Valuation Resources, LLC (2010).
- “Valuation Discounts in Tiered Investments,” Trusts & Estates, October 2010.
- “Cost of Capital of Private Investment Company Interests,” Cost of Capital Workbook and Technical Supplement, 2010.
- “The Pomeroy Bill Sledgehammer,” Trusts & Estates, May 2009.
Publications by William H. Frazier, ASA