In September 2009, the Internal Revenue Service (IRS) published "Discount for Lack of Marketability: Job Aid for IRS Valuation Professionals." This document, "Developed by Engineering/Valuation Program DLOM Team," provides guidance for IRS agents and engineers on areas of application and analysis of common methods of determining discounts for lack of marketability (DLOM) as well as the data that go into these determinations. In "What Business Valuators Need to Know When Preparing a DLOM for the IRS," expert appraiser Michael Gregory, formerly of the IRS and chief author of the Job Aid, joins BVR to discuss IRS interpretations of DLOM methodologies. From knowing how to work with the IRS to what to expect of IRS reviews and attacks on DLOM determinations, Gregory will cover the key points to presenting and obtaining information, and, most importantly, defending the valuation.