3.0 ECONOMIC AND INDUSTRY REVIEW According to Revenue Ruling 59‐60 issued by the Internal Revenue Service (the IRS, business appraisals are considered in large part, a prophecy as to the future and must be based on facts available at the required date of appraisal.” 10 3.1 Economic Analysis The economic outlook in general and the condition and outlook of the specific industry in particular is cited by the IRS as one of the major considerations in conducting a business appraisal. Economic, industry, and related market conditions all have an impact on companies and their value. Therefore, these factors will be considered and taken into account in the analyses which will lead to an opinion of value. It is important to note that there are some factors that weigh more heavily on one company versus another, once again ensuring the specific facts and circumstances unique to the subject interest are considered in the appropriate context.
