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Why did the Tax Court dismiss the pre-IPO studies as a useful source of marketability discount data?
Do the pre-IPO studies contain a biased source and do they account for other factors besides liquidity?
What was the Tax Court's position regarding the use of the restricted stock studies in determining marketability discounts?
Are the discounts for lack of marketability as low as the 7% determined by the expert for the IRS in the McCord case (Dr. Mukesh Bajaj)?
What are the private placement studies and what are the findings of studies such as the Wruck study and the Hertzel & Smith study?
What should appraisers do to better defend the use and application of the pre-IPO studies in court?
How large are "true" discounts for lack of marketability?
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