What is the theory behind the use of valuation discounts, Taxation

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What is the theory behind the use of valuation discounts

Problem

1. What is the theory behind the use of valuation discounts? Briefly describe the two primary discounts. Is there a tax "downside" to aggressive discounting of estate assets?

2. How is the estate asset valued if multiple discounts are available? For this question, assume two separate discounts of 20% and 30%, respectively, and a stated asset value of $100,000. What is the total discount?

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