A corporation acquires the assets and liabilities of a securities brokerage firm for a price in excess of net book value. A Markov analysis is used in conjunction with human resource accounting to value a pool of account executives employed by the brokerage firm. The tax implications of imputing a portion of the purchase price premium to the pool of human assets (as opposed to goodwill) are discussed.
Flamholtz, E.G., Geis, G.T., and Perle, Richard J. "A Markovian Model for the Valuation of Human Assets Acquired by an Organizational Purchase." Interfaces 14 (1984): 11-15.