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Understanding Lost Profits

Forensic accountant Robert Bonavito covers all the information you need to understand lost profits for your business. Topics Discussed: ✔️ How are Lost Profits Calculated? ✔️ Avoided Costs ✔️ Robert L. Dunn's book Recovery of Lost Damages ✔️ The Proximate Cause Rule ✔️ The Reasonable Certainty Rule ✔️ Key Elements of a Lost Profit Claim From Robert L. Dunn’s book Recovery of Lost Damages for Profits: 👉The Proximate Cause Rule: “Recovery of damages for lost of profits is subject to the general principle that damages must be proximately caused by the wrongful conduct of the defendant. The principal governs the recovery of all compensatory damages. The requirement that lost profits damages must be proximately caused to be recoverable is expressed in innumerable cases.” 👉Cases Analyzing the Reasonable Certainty Rule: Courts have modified the “certainty” rule into a more flexible one of “reasonable certainty.” In such instances, recovery may often be based on opinion evidence, in the legal sense of that term, from which liberal inferences may be drawn. Generally, proof of actual or even estimated costs is all that is required with certainty. Some of the modifications which have been aimed at avoiding the harsh requirements of the “certainty” rule include: (a) if the fact of damage is proven with certainty, the extent or amount thereof may be left to reasonable inference; (b) where a defendant’s wrong has caused the difficulty of proving damage, he cannot complain of the resulting uncertainty; (c) mere difficulty in ascertaining the amount of damage is not factual; (d) mathematical precision in fixing the exact amount is not required; (e) it is sufficient if the best evidence of the damage which is available is produced; and (f) the plaintiff is entitled to recover the value of his contract as measured by the value of his profits. ◼️ Key elements of a lost profit claim ◼️ 1. Plaintiffs loss is proved with a reasonable degree of certainty 2. Trier of fact is satisfied that the wrongful act of the defendant caused the loss of profit 3. There is a basis for the claim, example; breach of contract ◼️ Three things that must be proved by the plaintiff ◼️ 1. The defendant breached a legal duty to the plaintiff 2. Defendant’s actions or failure to act damage the plaintiff 3. The plaintiffs damages are proximately related to the defendant’s actions or failure to act For more information contact me below or visit our website: https://www.rabcpafirm.com/contact/?u... 🔹Business Damages FAQ: https://www.rabcpafirm.com/practices/... Robert A. Bonavito, CPA 1812 Front St. Scotch Plains, NJ 07076 908-322-7719