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vacuum. See Estate of Andrews v. Commissioner, 79 T.C. 938, 956
(1982).
The two WVI stock awards are from a private, closely held
corporation. There were no arm’s-length sales of the stock before
the date of the stock award. Accordingly, we determine the value
of the stock awarded indirectly by considering the following
factors:
“(a) The nature of the business and the history of the
enterprise from its inception.
(b) The economic outlook in general and the condition and
outlook of the specific industry in particular.
(c) The book value of the stock and the financial condition
of the business.
(d) The earning capacity of the company.
(e) The dividend-paying capacity * * *.
(f) Whether or not the enterprise has goodwill or other
intangible value.
(g) * * * the size of the block of stock to be valued.
[and]
(h) The market price of stocks of corporations engaged in the
same or similar line of business having their stocks actively
traded in a free and open market, either on an exchange or
over-the-counter.”
Estate of Simplot v. Commissioner, supra at 153 (quoting Rev. Rul.
59-60, 1959-1 C.B. 237, 238).
Ultimately, valuation is a question of fact; all facts and
circumstances are to be examined on the date of valuation without
regard to hindsight. See Commissioner v. Scottish Am. Inv. Co.,
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