This article is the second in a series of 10 articles produced by International Tax Review on tax-effective intellectual property management. The article presents a NERA case involving a European-headquartered telecom company that provided IP, best practices, knowhow, and other services and technical systems to local companies that had previously been acquired in the Americas and Asia-Pacific region. While these services enhanced the abilities of the local companies and thereby allowed them to generate higher profits, it also placed a cost burden on the principal. Due to the specific circumstances and tax losses carried forward, a low tax rate applied to the European profits, while high taxes were due in the American and Asian countries. Additionally, the local telecom companies had minority shareholders participating in their profits. In this article, the authors describe how NERA systematically analyzed the situation, assessed the value of the IP and nonroutine services, and determined a fair and efficient price for these services and IP.