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Determining the “fair market value” of assets for Gift and Estate Tax purposes can be a daunting task depending upon the nature of the asset to be valued. Valuing certain types of assets, such as real estate or tangible property, can be logical and easily approached by even the most inexperienced layperson. However, the process and detail required to value more complex interests in businesses can be a challenge. To enlighten the business valuation process, this post outlines some fundamental valuation principles and describes the various methods that might be employed to determine a business’s (a business interest’s) “fair market value.”