mercers-musings-2-using-restricted-stock-studies-to-support-marketability-discounts 
Chris Mercer
MARCH 29, 2024
Introduction and Conclusion My musings on the use of restricted stock discounts to estimate marketability discounts (or DLOMs) have led me to the conclusion: Restricted stock studies/discounts cannot be used to estimate DLOMs in any credible, standards-compliant manner.
Chris Mercer
FEBRUARY 23, 2024
In Mercer’s Musings #2, we discussed the old and cold data on restricted stock transactions that have been misused by appraisers for decades. And appraisers develop discount rates that reflect the risks associated with achieving expected cash flows (or multiples from markets that have risk embedded in them).
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Chris Mercer
MARCH 7, 2024
My current series of blog posts is titled “Mercer’s Musings.” ” In the first three “musings,” I addressed USPAP and the Internal Revenue Service and concluded that the answer to the question of whether to comply with USPAP is “Why not?”
Chris Mercer
FEBRUARY 14, 2024
Mercer’s Musings #1 addressed the topic of compliance with USPAP and the Internal Revenue Service. This second musing addresses the use of restricted stock studies to support marketability discounts in gift and estate tax appraisals prepared for the Internal Revenue Service (or for anyone, for that matter).
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