IRS Revenue Ruling 59-60
In valuing the stock of closely held corporations, or the stock of corporations where market quotations are not available, all other available financial data, as well as all relevant factors affecting the fair market value must be considered for estate tax and gift tax purposes. No general formula may be given that is applicable to the many different valuation situations arising in the valuation of such stock. However, the general approach, methods, and factors which must be considered in valuing such securities are outlined.
Revenue Ruling 54-77, C.B. 1954-1, 187, superseded.
Section 1. Purpose
The purpose of this Revenue ...