You typically should value a publicly traded security based on its exchange value.  In other cases, you should use some recognized indication of value for the type of asset, such as:

• a recent purchase price (if the purchase date is noted);
• a recent appraisal;
• the market value of the property as assessed for tax purposes;
• the book value of non-publicly traded stock;
• the face value of corporate bonds or comparable securities;
• the net worth of a business partnership; or
• the equity value of an individually owned business.

A good faith estimate of the fair market value may be made in any case in which the exact value cannot be obtained without undue hardship or expense.

If you are unable to make a good faith estimate of the value of an asset, you may indicate on the report that the “value is not readily ascertainable” in lieu of marking a category of value.  Note, however, that filers generally should be able to make a good faith estimate of value for operating businesses.  In addition, filers may be asked to provide additional details about the nature of an asset for which a value has not been provided.