So much wealth in this country consists of shares in closely held companies that it pays to know exactly how to value those assets. Yet no one method suffices, nor is there any set formula for how to combine a variety of methods. That is the clear message sent by the Tax Court in its Aug. 8 opinion on Johann T. and Johanna Hess v. Commissioner.1 The decision is a powerful reminder that appraisals must be based on good financial information and correctly reflect the status of
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