That valuation excludes a change of control premium, which Bank of America estimates should be between 20% and 30% over their estimate.

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The Fed has unlimited power to create bank reserves and control interest rates, which affect the valuation of every asset.

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Normally this lack of control and earnings visibility would lead to a discount on valuation.

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Up to a point, this lowball valuation will pass muster at the IRS. In a typical FLP Dad and Mom remain in control.

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