The present double-standard approach to the valuation problem discriminates against owners of closely-held stock, that is, corporate shares which have no public market.' The disparity of treatment is traceable to the unfortunate fact that, whereas actual sales or bona fide bid and asked prices govern the valuation for federal tax purposes of listed stocks and of unlisted stocks which "are dealt in through brokers or have a market," 2 the criteria employed in valuing closely-held stock are predominantly subjective. This makes a paradise for "experts" but they seldom agree and few, if any, of their assumptions and conclusions are anything more than unverified, and not always wholly

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LIKE MOST TERMS "natural law" has had, and has, a variety of meanings. In most of its meanings it touches scarcely at all the professional concerns of the lawyer but moves, rather, on a plane widely separated from his daily cares and duties. Thus, for the most part, natural law stands aloof from the urgent here-and-now with which lawyer and judge necessarily are preoccupied; it inhabits a world apart. Relevant in this connection is a comment by Canon Leclercq, Professor of Moral and Social Philosophy at the Catholic University of Louvain: *.. The term "natural law" is currently fashionable, especially among Catholics who seek a rallying point against relativism. There are, therefore, many people fond of using it, and they bring it up on any pretext, as other men use the term "sociology." 1 Lecture delivered at the Yale Law School on February 29, 1960. 1. See Jacques Leclercq, Suggestions for Clarifying Natural Law, 2 NATURAL LAw Foaum 64, 74 (1957). 67. CARDozo, THE NATURE OF THE JUDICIAL PROCESS 172 (1922). 68. Hand, The Contribution of an Independent Judiciary to Civilization, in THE SPIRIT OF LIBERTY 158-59 (2nd ed., 1953). 69. See KARL ADA , THE SPIRIT OF CATHOLICISM 246 (rev. ed., 1943): "Every period of time has its special character, its 'spirit,' i.e., a characteristic way, conditioned by-special circumstances, of seeing, feeling, judging and acting." 70. CARDOZO, THE NATURE OF THE JUDICIAL PROCESS 114 (1922).