Valuation of Blocks of Stock: A Number of Unresolved Issues Still Remain .
本文讨论股票大宗估值中两个未解问题：少数股权折价、大宗折价或控制溢价何时适用，以及家族控制对估值的影响。
Abstract Administration of the transfer taxes requires that all property transferred must be valued. When the property transferred is a block of corporate stock, that valuation task presents a myriad of problems. After decades of IRS pronouncements and judicial decisions dealing with this valuation task, many questions remain unanswered. This article discusses two of the many unresolved issues. First, the author presents the general framework for deciding if a minority discount, blockage discount, or control premium is applicable. Then, the article explores the question of precisely what stock is relevant to the valuation task and the role that family control of the corporation plays in the valuation process.