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    of forecasting soon became obsolete. After 1920, the Internal Revenue Service issued a Committee on Appeal and Review Memorandum that suggested using formulas to determine the tangible and goodwill value of the business for selling and gift-tax purposes.

    In 1959, the IRS issued Revenue Ruling 59-60, which became the backbone of finding the true worth of a business in the marketplace. The ruling was further changed and iterated as per the growing complexities

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