It would be a huge benefit to international trade to eliminate currency valuation risk and transaction (exchange) costs.

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Another area that may give investors pause is the Instagram transaction, both in process and in valuation.

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Although no valuation has been released for the transaction, Lenovo executives say that it is not sufficiently material to require disclosure in financial statements.

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"Given the strategic merits of the SoftBank transaction, the sales and negotiation process overseen by the board, the strength of the valuation relative to precedent transactions, and the market reaction, a vote for the transaction is warranted, " ISS said.

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Thus, IRS will continue to argue in appropriate cases, including those appealable to the Ninth Circuit, that the gross valuation misstatement penalty applies if an overvaluation is an integral part of a transaction, regardless of the grounds for disallowance of the related deduction or credit.

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One of the last blows, the valuation of Smith Barney that favored joint venture partner Morgan Stanley and made the transaction look like yet another blunder for Pandit, gets no mention in the latest report, but certainly could not have helped his case.

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