California’s proposed one-time 5 percent wealth tax on residents with net worth above $1 billion, measured as of December 31, 2026, would do more than increase a tax bill. It would force ultra-high-net-worth taxpayers, their advisors, and valuation professionals to defend the fair market value of every privately held asset in a net worth calculation. […]
The term “discount for lack of marketability” is often referred to, but it isn’t always fully understood. Markets in which public and private equity stakes (i.e., companies) can be negotiated are not exactly the same; the trading conditions are substantially different, especially in terms of marketability (liquidity). This can and often does have a significant impact on […]
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