During BVR’s recent Telephone Conference, “Ask the IRS,” Michael Gregory, ASA, AVA, an IRS Engineering Territory Manager, was pleased to announce the release of the Service’s new Business Valuation Guidelines—which also include its Valuation Guidelines for Intangible Property and Tangible Personal Property. (And BVR was pleased to put the comprehensive Guidelines at the top of its free downloads.)

But what about all the “countless sheets of exhibits” released with the prior (1999) version of the Guidelines? “Does this 2006 streamlined version replace our existing information,” asks BVR subscriber Gabrielle Lauhon (Daulton & Company, CPA, Inc.), “or would it be prudent to retain the exhibits?”

“The new guidelines replace the 1999 guidelines,” Mike Gregory responds, adding the words you don’t hear often from the IRS, “it’s that easy.”