> This is demonstrably false given there is a market value for common stock in private companies For most startups no body is making a market for common stock.

> This is demonstrably false given there is a market value for common stock in private companies For most startups no body is making a market for common stock. So I don’t understand what you mean by market value here. IRS does impose that startups do a valuation process. Is that what you meant?