Recent scrutiny on the part of the Tax Court in reviewing discounts for lack of marketability and control has placed renewed emphasis on the accuracy and defensibility of these adjustments to limited partnership interest appraisals. In addition to objecting to how discounts are substantiated, the court has expressed dissatisfaction over how empirical data are used to derive these discounts and the subjectivity in which those discounts were determined. In Using Empirical Data to Value Family Limited Partnerships, Part 3 of BVR's Online Symposium on Estate & Gift Tax, expert Bruce Johnson explains the best practices by which to select and apply empirical data to FLP valuations. Given recent decisions from the courts and other reviewers, Johnson's presentation is not to be missed.