When valuing a closely held business in which the stock is not traded on any market, the valuation professional would most likely:

a. increase the base valuation by some amount because the very limited marketability of the stock makes it a rare and desirable investment.

b. reduce the base valuation by some amount because there is no ready market in which to sell this investment.

c. there would probably be no adjustment to the base valuation, because the lack of a ready market for the stock is typical for closely held stocks.

d. there would be some adjustment to the base valuation, but it is not clear whether the adjustment to the base value would be a discount or a premium.