Summary of Valuation Rule (§ 801.10)

Previously acquired assets or voting securities/NCI which will be held as a result of the current acquisition:

Assets: Use the greater of the ACQUISITION PRICE or FAIR MARKET VALUE of the assets at the time that they were acquired.

Voting securities (non-publicly traded)/NCI: Use current FAIR MARKET VALUE

Voting securities (publicly traded): Use current MARKET PRICE if determinable (closing is within 45 days for the current acquisition) or current FAIR MARKET VALUE if market price is indeterminable (closing is more than 45 days out).

Assets or voting securities which are currently being acquired:

Assets: Use the greater of ACQUISITION PRICE (if determined) or FAIR MARKET VALUE

Voting securities (non-publicly traded)/NCI: Use ACQUISITION PRICE if it is determined. If acquisition price is not determined, use FAIR MARKET VALUE

Voting securities (publicly traded): If MARKET PRICE is determinable (closing is within 45 days) and the ACQUISITION PRICE is determined, use the greater of the two. If market price is indeterminable (closing is more than 45 days out) but the acquisition price is determined, use ACQUISITION PRICE. If neither market price nor acquisition price is determined, use FAIR MARKET VALUE.