抄録
The question arose as to whether the valuation of the property of privately held stocks should be based on the Circular or on a professional valuation. In this paper, we conclude that the valuation based on the Circular should be used. Since non-public stocks are traded without going through the market, it is difficult to measure their fair market value. Therefore, in order to ensure fairness in taxation among taxpayers, valuation by the Circular is appropriate.
