C. Donald Wiggins, D.B.A., ASA, CPA, CVA*
Dilip D. Kare, Ph.D.**
Jeff Madura, Ph.D.***
There is a belief among many appraisers and others involved in the valuation of closely held businesses that no single formula exists that will value a business under all circumstances. In fact, the primary guide for appraisers in tax situations, Revenue Ruling 59-60, specifically states in Sec. 3.01 that “No formula can be devised that will be generally applicable to the multitude of different business valuation issues arising in estate and gift tax cases.”
