In September 2009, the IRS released a Job Aid for Valuation Professionals regarding the determination and application of discounts for lack of marketability. As this document and its questions of many DLOM studies and analysis techniques has gained prominence, many valuation analysts are left with many questions and few answers. In FMV Responds to the IRS DLOM Job Aid, FMV Restricted Stock Study creator and purveyor Lance Hall joins BVR for an in-depth, fast-paced, and entertaining examination and rebuttal of this Job Aid. This presentation will address how appraisers can counter IRS arguments and defend determinations based on the FMV Restricted Stock study and FMV's recommended two-step approach. Further consideration will be given to academic studies involving restricted stock and the independent statistical support for the use of the company characteristics FMV recommends.