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Famous Tax Quotes - Valuation Is Not an Exact Science

2011-03-22

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Continuing our series on Famous Tax Quotes (quotes from court opinions and rulings with language that is colorful or that concisely states an important tax principle) today's tax quote is:

The determination of the fair market value of stock depends upon the circumstances in the particular case.  However, since valuation is not an exact science, reasonableness must be exercised in making determinations of value.

Rev. Rul. 77-245

Tags: Other - Famous Tax Quotes