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Tax Lawyer, Vol. 61, No. 1 UPDATE ON CURRENT STUDIES AND ANALYSIS OF CURRENT CONTROVERSIES 241The Discount for Lack of Marketability:Update on Current Studies and Analysisof Current ControversiesRoObertERT ReillyEILLY andAND AaronARON RotOTkoOwsSkI*I. IntroductionThe difference in price an investor will pay for a liquid asset compared to a comparable illiquid asset is often substantial. This difference in price is commoonl referred to as the “discount for lack of marketability” (DLOM). That is...