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938, 940 (1982); sec. 20.2031-2(f), Estate Tax Regs. These
factors cannot be applied with mathematical precision; thus, the
weight to be given to each factor must be tailored to account for
the specific facts of the case at hand. See Messing v.
Commissioner, 48 T.C. 502, 512 (1967). Additionally, the rights,
restrictions, and limitations of the various classes of stock
must be considered in making valuation determinations. See
Estate of Newhouse v. Commissioner, 94 T.C. 193, 218 (1990);
Estate of Anderson v. Commissioner, T.C. Memo. 1988-511. The
factors to be considered are those that an informed buyer and an
informed seller would take into account. See Hamm v.
Commissioner, 325 F.2d 934, 940 (8th Cir. 1963), affg. T.C. Memo.
1961-347.
Rev. Rul. 59-60, 1959-1 C.B. 237, has been widely accepted
as setting forth the appropriate criteria to consider in
determining the fair market value of stock of closely held
corporations. See Estate of Newhouse v. Commissioner, supra at
217. The following factors, which are virtually identical to
those listed in section 20.2031-2(f), Estate Tax Regs., are to be
considered:
(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
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