Business Valuation of Pass through Entities

The majority in the business valuation profession believe that the proper way to value a pass through entity is to tax affect the earnings. This may be the traditional understanding, but recent court cases such as Estate of Walter L. Gross suggest that tax affecting may not be valid. The focus of this paper is to analyze the arguments presented by valuation experts in the Tax Court for and against tax affecting the earnings of a pass through entities

A longitudinal study of mental health in refugees from Burma: The impact of therapeutic interventions

Objective: The present study seeks to examine the impact of therapeutic interventions for people from refugee backgrounds within a naturalistic setting. Method: Sixty-two refugees from Burma were assessed soon after arriving in Australia. All participants received standard interventions provided by a resettlement organisation which included therapeutic interventions, assessment, social assistance, and referrals where appropriate. At the completion of service provision a follow-up assessment was conducted. Results: Over the course of the intervention, participants experienced a significant decrease in symptoms of post-traumatic stress disorder, anxiety, depression and somatisation. Pre-intervention symptoms predicted symptoms post-intervention for post-traumatic stress, anxiety, and somatisation. Post-migration living difficulties, the number of traumas experienced, and the number of contacts with the service agency were unrelated to all mental health outcomes. Conclusions: In the first Australian study of its kind, reductions in mental health symptoms post-intervention were significantly linked to pre-intervention symptomatology and the number of therapy sessions predicted post-intervention symptoms of post-traumatic stress. Future studies need to include larger samples and control groups to verify findings

Food safety: Maximising impact by understanding the food business context

In Australia there are 5.4 million cases of food-borne illness annually which costs the community $1.2 billion per annum (Department of Health and Ageing 2006). As a co-regulator in food safety, local government has a significant interest in ensuring adherence to good food safety practices. This research project involved focus groups or interviews with food business operators and young food handlers to explore their food safety understanding, attitudes, practices and the organisational culture in which they participated. By its nature qualitative research is not intended to provide definitive generalizable findings. Rather the advantage of a small sample size qualitative study is to provide depth rather than breadth. Thus the findings here provide insight into the complexities and nuances of food safety regulation in a manner which a large scale quantitative study could not

Moving beyond the front line: a 20-year retrospective cohort study of career trajectories from the Indigenous Health Program at the University of Queensland

This report examines critical success factors for enabling Aboriginal and Torres Strait Islander leadership across the health system as demonstrated by alumni of the University of Queensland (UQ) Indigenous Health Program (IHP) (1994–2005) who today work in various leadership roles throughout the country.\ua0It determines the enablers of professional success of these health leaders in various facets of the health system and investigates the impact of active participation in the community of Aboriginal and Torres Strait Islander health professionals over the course of a career. Through this analysis, the report further theorises the confluence of community, subjectivity, self-determination and health

Red Galaxy Growth and the Halo Occupation Distribution

We have traced the past 7 Gyr of red galaxy stellar mass growth within dark matter halos. We have determined the halo occupation distribution, which describes how galaxies reside within dark matter halos, using the observed luminosity function and clustering of 40,696 0.2<z<1.0 red galaxies in Bootes. Half of 10^{11.9} Msun/h halos host a red central galaxy, and this fraction increases with increasing halo mass. We do not observe any evolution of the relationship between red galaxy stellar mass and host halo mass, although we expect both galaxy stellar masses and halo masses to evolve over cosmic time. We find that the stellar mass contained within the red population has doubled since z=1, with the stellar mass within red satellite galaxies tripling over this redshift range. In cluster mass halos most of the stellar mass resides within satellite galaxies and the intra-cluster light, with a minority of the stellar mass residing within central galaxies. The stellar masses of the most luminous red central galaxies are proportional to halo mass to the power of a third. We thus conclude that halo mergers do not always lead to rapid growth of central galaxies. While very massive halos often double in mass over the past 7 Gyr, the stellar masses of their central galaxies typically grow by only 30%.Comment: Accepted for publication in the ApJ. 34 pages, 22 Figures, 5 Table

The SAMI galaxy survey: gas velocity dispersions in low-z star-forming galaxies and the drivers of turbulence

We infer the intrinsic ionized gas kinematics for 383 star-forming galaxies across a range of integrated star formation rates (SFR ∈ [10−3, 102] M⊙ yr−1) at z ≲ 0.1 using a consistent 3D forward-modelling technique. The total sample is a combination of galaxies from the Sydney-AAO Multiobject Integral field Spectrograph (SAMI) Galaxy survey and DYnamics of Newly Assembled Massive Objects survey. For typical low-z galaxies taken from the SAMI Galaxy Survey, we find the vertical velocity dispersion (σv,z) to be positively correlated with measures of SFR, stellar mass, H I gas mass, and rotational velocity. The greatest correlation is with SFR surface density (ΣSFR). Using the total sample, we find σv,z increases slowly as a function of integrated SFR in the range SFR ∈ [10−3, 1]  M⊙ yr−1 from 17 +- 3 to 24 +- 5 km s−1 followed by a steeper increase up to σv,z ∼80 km s−1 for SFR ≳ 1 M⊙ yr−1. This is consistent with recent theoretical models that suggest a σv,z floor driven by star formation feedback processes with an upturn in σv,z at higher SFR driven by gravitational transport of gas through the disc.The SAMI Galaxy Survey is based on observations made at the AAT. The SAMI was developed jointly by the University of Sydney and the Australian Astronomical Observatory. The SAMI input catalogue is based on data taken from the SDSS, the GAMA Survey, and the VST ATLAS Survey. The SAMI Galaxy Survey is supported by the Australian Research Council Centre of Excellence for All Sky Astrophysics in 3 Dimensions, through project number CE170100013, the Australian Research Council Centre of Excellence for All-sky Astrophysics, through project number CE110001020, and other participating institutions. The SAMI Galaxy Survey website is http://sami-survey.org/. DBF and KG acknowledge support from the Australian Research Council Discovery Program grant DP160102235. DBF acknowledges support from Australian Research Council Future Fellowship FT170100376. LC is the recipient of an Australian Research Council Future Fellowship (FT180100066) funded by the Australian Government. MRK acknowledges support from Australian Research Council Future Fellowship FT180100375, and from a Humboldt Research Award from the Alexander von Humboldt Foundation. JJB acknowledges support of an Australian Research Council Future Fellowship (FT180100231). CF acknowledges funding provided by the Australian Research Council (Discovery Projects DP170100603 and Future Fellowship FT180100495), and the Australia-Germany Joint Research Cooperation Scheme (UADAAD). BG is the recipient of an Australian Research Council Future Fellowship (FT140101202). MSO acknowledges the funding support from the Australian Research Council through a Future Fellowship (FT140100255). JvdS is funded under JBH’s ARC Laureate Fellowship (FL140100278)

Galaxy And Mass Assembly (GAMA) : trends in galaxy colours, morphology, and stellar populations with large-scale structure, group, and pair environments

We explore trends in galaxy properties with Mpc-scale structures using catalogues of environment and large-scale structure from the Galaxy And Mass Assembly (GAMA) survey. Existing GAMA catalogues of large-scale structure, group, and pair membership allow us to construct galaxy stellar mass functions for different environmental types. To avoid simply extracting the known underlying correlations between galaxy properties and stellar mass, we create a mass matched sample of galaxies with stellar masses within 9.5 ≤ log M*/h−2 M⊙ ≤ 11 for each environmental population. Using these samples, we show that mass normalized galaxies in different large-scale environments have similar energy outputs, u − r colours, luminosities, and morphologies. Extending our analysis to group and pair environments, we show that galaxies that are not in groups or pairs exhibit similar characteristics to each other regardless of broader environment. For our mass controlled sample, we fail to see a strong dependence of Sérsic index or galaxy luminosity on halo mass, but do find that it correlates very strongly with colour. Repeating our analysis for galaxies that have not been mass controlled introduces and amplifies trends in the properties of galaxies in pairs, groups, and large-scale structure, indicating that stellar mass is the most important predictor of the galaxy properties we examine, as opposed to environmental classifications.Publisher PDFPeer reviewe

Galaxy And Mass Assembly (GAMA): trends in galaxy colours, morphology, and stellar populations with large-scale structure, group, and pair environments

We explore trends in galaxy properties with Mpc-scale structures using catalogues of environment and large-scale structure from the Galaxy And Mass Assembly (GAMA) survey. Existing GAMA catalogues of large-scale structure, group, and pair membership allow us to construct galaxy stellar mass functions for different environmental types. To avoid simply extracting the known underlying correlations between galaxy properties and stellar mass, we create a mass matched sample of galaxies with stellar masses within 9.5 ≤ log M*/h−2 M⊙ ≤ 11 for each environmental population. Using these samples, we show that mass normalized galaxies in different large-scale environments have similar energy outputs, u − r colours, luminosities, and morphologies. Extending our analysis to group and pair environments, we show that galaxies that are not in groups or pairs exhibit similar characteristics to each other regardless of broader environment. For our mass controlled sample, we fail to see a strong dependence of Sérsic index or galaxy luminosity on halo mass, but do find that it correlates very strongly with colour. Repeating our analysis for galaxies that have not been mass controlled introduces and amplifies trends in the properties of galaxies in pairs, groups, and large-scale structure, indicating that stellar mass is the most important predictor of the galaxy properties we examine, as opposed to environmental classifications

Galaxy and Mass Assembly: FUV, NUV, ugrizYJHK Petrosian, Kron and Sérsic photometry

In order to generate credible 0.1-2 μm spectral energy distributions, the Galaxy and Mass Assembly (GAMA) project requires many gigabytes of imaging data from a number of instruments to be reprocessed into a standard format. In this paper, we discuss the software infrastructure we use, and create self-consistent ugrizYJHK photometry for all sources within the GAMA sample. Using UKIDSS and SDSS archive data, we outline the pre-processing necessary to standardize all images to a common zero-point, the steps taken to correct for the seeing bias across the data set and the creation of gigapixel-scale mosaics of the three 4 × 12 deg2 GAMA regions in each filter. From these mosaics, we extract source catalogues for the GAMA regions using elliptical Kron and Petrosian matched apertures. We also calculate Sérsic magnitudes for all galaxies within the GAMA sample using sigma, a galaxy component modelling wrapper for galfit 3. We compare the resultant photometry directly and also calculate the r-band galaxy luminosity function for all photometric data sets to highlight the uncertainty introduced by the photometric method. We find that (1) changing the object detection threshold has a minor effect on the best-fitting Schechter parameters of the overall population (M*± 0.055 mag, α± 0.014, ϕ*± 0.0005 h3 Mpc−3); (2) there is an offset between data sets that use Kron or Petrosian photometry, regardless of the filter; (3) the decision to use circular or elliptical apertures causes an offset in M* of 0.20 mag; (4) the best-fitting Schechter parameters from total-magnitude photometric systems (such as SDSS modelmag or Sérsic magnitudes) have a steeper faint-end slope than photometric systems based upon Kron or Petrosian measurements; and (5) our Universe's total luminosity density, when calculated using Kron or Petrosian r-band photometry, is underestimated by at least 15 per cen