In the case of Holman v. Commissioner,1 the U.S. Court of Appeals for the Eighth Circuit upheld a Tax Court decision2 that a discount for lack of marketability (DLOM) of 12.5 percent was appropriate for a private investment company holding only Dell common stock. I believe that the evidence presented to the court to support this theory is inaccurate and that the evidence may have been incomplete. The court based the DLOM amount on a natural limit or a cap. An
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