This session initially explores the background and the IRS publication “Discount for Lack of Marketability – Job Aid for IRS Valuators” published by the IRS August 22, 2011 which Mike championed at the IRS with an update on additional sources, and methods for consideration when developing a DLOM. In developing Mike's book “Discount for Lack of Marketability and the IRS” (October 2013), the authors originally critiqued were asked for feedback. Their feedback plus Mike’s insights are presented to help you address this issue. Mike’s presentation emphasizes what you need to do for IRS purposes regarding DLOMs and how to work with the IRS. Example report language and questions to be answered in a DLOM commentary are presented to assist the practitioner.