# 409a valuation safe harbor: Valuation Rules And Standards

> The Valuation Rules And Standards carries 5 published figures read from 2 sources' own pages, from 30 to 90 day, read 15 September 2026.

MultiplesBook · https://multiplesbook.com/datasets/valuation-rules-and-standards/ · computed 2026-09-15

**Median of the published figures:** 45 day (range 30 to 90 day; 5 sources with a figure; 2 of 14 sources read publish one).

2 of the 14 named sources read in full publish a figure; 11 publish none, read 15 September 2026.

## By rule

| Breakdown | Median | Range | Sources |
|---|---|---|---|
| rule fair market value averaging period | 30 day | 30 to 30 day | 1 |
| rule performance criteria preestablished within 90 days | 90 day | 90 to 90 day | 1 |
| rule separation from service presumed at 20 percent of prior services | 20 % | 20 to 20 % | 1 |
| rule separation from service presumed not below 50 percent | 50 % | 50 to 50 % | 1 |
| rule art appraisal assignment deadline | 45 day | 45 to 45 day | 1 |
| rule art appraisal referral deadline | 60 day | 60 to 60 day | 1 |
| rule engineering referral minimum fair market value | 500,000 USD | 500,000 to 500,000 USD | 1 |
| rule engagement letter deadline | 30 day | 30 to 30 day | 1 |

## Every figure, with its source

One row per source: the figure the source's own page publishes, the page, and the day it was read.

| Source | Figure | Breakdown | Read |
|---|---|---|---|
| [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012) | 500,000 USD | engineering referral minimum fair market value | 2026-09-12 |
| [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) | 90 day | performance criteria preestablished within 90 days | 2026-09-12 |
| [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012) | 60 day | art appraisal referral deadline | 2026-09-12 |
| [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) | 50 % | separation from service presumed not below 50 percent | 2026-09-12 |
| [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012) | 45 day | art appraisal assignment deadline | 2026-09-12 |
| [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) | 30 day | fair market value averaging period | 2026-09-12 |
| [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012) | 30 day | engagement letter deadline | 2026-09-12 |
| [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) | 20 % | separation from service presumed at 20 percent of prior services | 2026-09-12 |

## The sentence each figure was read from (8)

- [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012), read 2026-09-12: "While IRM 4.48 recommends referrals of real property assets with a minimum fair market value of $500,000, there are no minimum or maximum dollar thresholds requirements for making an engineering referral."
- [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1), read 2026-09-12: "Organizational or individual performance criteria are considered preestablished if established in writing by not later than 90 days after the commencement of the period of service to which the criteria relates, provided that the outcome is substantially uncertain at the time the criteria are established."
- [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012), read 2026-09-12: "Examiners will make a referral to AAS within 60 days of receipt of the case from the group manager, if the case will be examined and includes a piece of art with a returned value of $50,000 or more and all required information for the referral is contained in the file."
- [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1), read 2026-09-12: "An employee will be presumed not to have separated from service where the level of bona fide services performed continues at a level that is 50 percent or more of the average level of service performed by the employee during the immediately preceding 36-month period."
- [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012), read 2026-09-12: "In cases with art work or an art appraisal identified on the classification sheet, group managers will assign (or survey before assignment) cases within 45 days of receipt."
- [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1), read 2026-09-12: "(2) Using the arithmetic mean of such market prices on trading days during a specified period designated before the beginning of such specified period, where such specified period is not longer than 30 days and ends no later than 60 days after the transaction; or"
- [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012), read 2026-09-12: "The Engagement Letter will be issued by the engineer no later than 30 days from the assignment of the referral to the engineer and it will include the date that the referral was made."
- [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1), read 2026-09-12: "An employee is presumed to have separated from service where the level of bona fide services performed decreases to a level equal to 20 percent or less of the average level of services performed by the employee during the immediately preceding 36-month period."

## Read in full, publishes no figure

- [Cornell LII 26 CFR 1.409A-1](https://www.law.cornell.edu/cfr/text/26/1.409A-1), read 2026-09-12: every candidate on the page was refused
- [IRS valuation of assets](https://www.irs.gov/businesses/valuation-of-assets), read 2026-09-12: read in full and no accepted figure on the page
- [IRS S Corporation valuation job aid](https://www.irs.gov/pub/irs-lbi/S%20Corporation%20Valuation%20Job%20Aid%20for%20IRS%20Valuation%20Professionals.pdf), read 2026-09-12: every candidate on the page was refused
- [HMRC Shares and Assets Valuation Manual](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual), read 2026-09-12: read in full and no accepted figure on the page
- [HMRC SVM111050 meaning of unquoted and control](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm111050), read 2026-09-12: read in full and no accepted figure on the page
- [ATO market valuation of assets](https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/market-valuation-of-assets), read 2026-09-12: read in full and no accepted figure on the page
- [CRA IC89-3 policy statement on business equity valuations](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/ic89-3/policy-statement-on-business-equity-valuations.html), read 2026-09-12: read in full and no accepted figure on the page
- [CRA fair market value](https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/setting-your-business/bringing-assets-into-a-business/fair-market-value.html), read 2026-09-12: read in full and no accepted figure on the page
- [The Appraisal Foundation USPAP](https://appraisalfoundation.org/pages/uspap), read 2026-09-12: read in full and no accepted figure on the page
- [IVSC new edition of the International Valuation Standards](https://ivsc.org/new-edition-of-the-international-valuation-standards-ivs-published/), read 2026-09-12: read in full and no accepted figure on the page
- [RICS Red Book Global Standards](https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/red-book-global), read 2026-09-12: read in full and no accepted figure on the page

## Methodology

Every row is a verbatim sentence read from the named source's own page through the estate's fetch service on the date shown, hash-pinned to the stored read (the sha of the page's visible text; the raw page is mirrored to R2). 2 of the 14 named sources that could be read published a usable figure; 11 published none and are recorded as not published, never filled in; 1 could not be read (blocked, dead or unreachable) and count nowhere. The headline figures (median, minimum, maximum, quartiles) are over ONE figure per source in day (a source's median where its page yielded several accepted sentences), so N counts sources, never sentences; 21 candidate sentence(s) were refused by a reviewer with the reason recorded. Derivation as chartered: one row per jurisdiction per rule, quoted verbatim from the authority with its effective date: the definition of fair market value, the safe-harbour conditions and the 12-month presumption, what counts as a qualified appraiser, the standard of value a tax authority applies, and the professional standard a report must be written to. The derivation is the CROSS-JURISDICTION comparison - what the US, UK, Australian and Canadian authorities each demand of the same report, where they agree and where they do not - plus changed-since on every read, which is how a rule change becomes the news.

## Sources

- [eCFR 26 CFR 1.409A-1 definitions and covered plans](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) (the publisher's own terms; quoted for reporting and comment)
- [Cornell LII 26 CFR 1.409A-1](https://www.law.cornell.edu/cfr/text/26/1.409A-1) (the publisher's own terms; quoted for reporting and comment)
- [IRS valuation of assets](https://www.irs.gov/businesses/valuation-of-assets) (the publisher's own terms; quoted for reporting and comment)
- [IRS S Corporation valuation job aid](https://www.irs.gov/pub/irs-lbi/S%20Corporation%20Valuation%20Job%20Aid%20for%20IRS%20Valuation%20Professionals.pdf) (the publisher's own terms; quoted for reporting and comment)
- [IRS IRM 4.25.12 valuation assistance](https://www.irs.gov/irm/part4/irm_04-025-012) (the publisher's own terms; quoted for reporting and comment)
- [HMRC Shares and Assets Valuation Manual](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual) (the publisher's own terms; quoted for reporting and comment)
- [HMRC SVM111050 meaning of unquoted and control](https://www.gov.uk/hmrc-internal-manuals/shares-and-assets-valuation-manual/svm111050) (the publisher's own terms; quoted for reporting and comment)
- [ATO market valuation of assets](https://www.ato.gov.au/individuals-and-families/investments-and-assets/capital-gains-tax/market-valuation-of-assets) (the publisher's own terms; quoted for reporting and comment)
- [ATO market valuation for tax purposes guide](https://www.ato.gov.au/law/view/pdf/adhoc-sgml/market-valuation-guide.pdf) (the publisher's own terms; quoted for reporting and comment)
- [CRA IC89-3 policy statement on business equity valuations](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/ic89-3/policy-statement-on-business-equity-valuations.html) (the publisher's own terms; quoted for reporting and comment)
- [CRA fair market value](https://www.canada.ca/en/revenue-agency/services/tax/businesses/small-businesses-self-employed-income/setting-your-business/bringing-assets-into-a-business/fair-market-value.html) (the publisher's own terms; quoted for reporting and comment)
- [The Appraisal Foundation USPAP](https://appraisalfoundation.org/pages/uspap) (the publisher's own terms; quoted for reporting and comment)
- [IVSC new edition of the International Valuation Standards](https://ivsc.org/new-edition-of-the-international-valuation-standards-ivs-published/) (the publisher's own terms; quoted for reporting and comment)
- [RICS Red Book Global Standards](https://www.rics.org/profession-standards/rics-standards-and-guidance/sector-standards/valuation-standards/red-book/red-book-global) (the publisher's own terms; quoted for reporting and comment)
- [ecfr.gov](https://www.ecfr.gov/current/title-26/chapter-I/subchapter-A/part-1/section-1.409A-1) (the publisher's own terms; quoted for reporting and comment)

## Cite or embed

- The Valuation Rules And Standards carries 5 published figures read from 2 sources' own pages, from 30 to 90 day, read 15 September 2026.
- 2 of the 14 named sources read in full publish a figure; 11 publish none, read 15 September 2026.
- Valuation Rules And Standards, rule fair market value averaging period: median 30 day across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule performance criteria preestablished within 90 days: median 90 day across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule separation from service presumed at 20 percent of prior services: median 20 percent across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule separation from service presumed not below 50 percent: median 50 percent across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule art appraisal assignment deadline: median 45 day across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule art appraisal referral deadline: median 60 day across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule engineering referral minimum fair market value: median 500,000 USD across 1 source, read 15 September 2026.
- Valuation Rules And Standards, rule engagement letter deadline: median 30 day across 1 source, read 15 September 2026.

Cite as: "MultiplesBook Valuation Rules And Standards", updated 2026-09-15, https://multiplesbook.com/datasets/valuation-rules-and-standards/.

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