Estate Planning Magazine Features Dr. Stan Feldman’s Article on Marketability Discounts
Wakefield, MA – The January 2005 Estate Planning magazine published by Warren, Gorham & Lamont of Thomson’s RIA Group includes an article entitled “Overcoming IRS Challenges to the Amount of Marketability Discount” by Dr. Stan Feldman, Axiom’s Chief Valuation Officer. The article describes how the Internal Revenue Service is increasingly appealing to very sophisticated peer reviewed research to establish guidelines for these discounts in general and marketability discounts in particular, and how these efforts by the IRS are changing the traditional expectations of acceptable discount levels. Dr. Feldman cautions that the IRS appears ready to challenge valuations where the discounts are greater than warranted based the research of their experts.
Dr. Feldman also notes that the Tax Court is beginning to decide cases based on the four principles of the Daubert decision, which are 1) Hypothesis Testing; 2) Known or Potential Error Rate; 3) Peer Review and Publication; and 4) General Acceptance.
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