The IRS internal white paper, "The IRS Valuation of Non-Controlling Interests in Business Entities Electing to be Treated as S Corporations for Federal Tax Purposes,” dated Oct. 29, 2014, is reviewed and available. This recently obtained document, which was written to help IRS professionals who are examining S corp valuations, presents background on this topic area from the perspective of the IRS. In this can’t-miss webinar, former IRS employee Michael Gregory provides insights to help business valuation professionals respond to this commentary. Major elements of this document are presented, and Michael Gregory offers his insights as to what this might mean for business valuers providing S corp valuations for federal tax purposes.