Which ruling is recognized for its broad application in tax valuations?

Revenue ruling 59-60 is recognized for its broad application in tax valuations. This ruling is significant because it provides a comprehensive framework for valuing closely held businesses for tax purposes, establishing important guidelines that appraisers often follow. Revenue ruling 59-60 emphasizes various approaches to business valuation, including the income approach, market approach, and asset-based approach.

The ruling is particularly influential because it offers detailed guidance on how factors such as income, economic conditions, and buyer/seller motivations impact business value. This broad applicability makes it a go-to reference for valuation professionals when conducting tax-related valuations.

While the other rulings mentioned do address certain aspects of valuation, they do not carry the same level of comprehensive guidance or widely recognized application in the valuation community as Revenue ruling 59-60 does.