The rapid run-up in farm and ranch land values1 in recent years with real estate values reaching record levels in many states, has focused attention on the valuation of corporate stock as well as the valuation of other types of ownership interests where the entity owns farm or ranch land.2 In almost every instance, it is unlikely that all of the descendants of the group initially forming the entity will want to continue to own interests in the entity indefinitely. That means that a fair valuation of the ownership interests is needed to avoid conflicts between on-farm and off-farm heirs.3