Julio E. Sune Jr. (FL)
Senior Member
- Joined
- Jan 16, 2002
- Professional Status
- Certified Residential Appraiser
- State
- Florida
http://www.miami.com/mld/miamiherald/class...ate/5132245.htm
This time is a "required" low number appraisal.
Many times for Estate Planning purposes, the client asks for a "low" number because it is going to the IRS. The client should be informed of the following Treasury Regulation and definition.
[From the IRS--9/27/00. You can find a discussion of fair market value under Estate Tax Regulation section 20.2031-1(B), Valuation of property in general. This regulation defines fair market value as "the price at which the property would change hands between a willing buyer and a willing seller, neither being any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." Another description found therein of fair market value is "the price at which the item or a comparable item would be sold at retail."]
This time is a "required" low number appraisal.
Many times for Estate Planning purposes, the client asks for a "low" number because it is going to the IRS. The client should be informed of the following Treasury Regulation and definition.
[From the IRS--9/27/00. You can find a discussion of fair market value under Estate Tax Regulation section 20.2031-1(B), Valuation of property in general. This regulation defines fair market value as "the price at which the property would change hands between a willing buyer and a willing seller, neither being any compulsion to buy or to sell and both having reasonable knowledge of relevant facts." Another description found therein of fair market value is "the price at which the item or a comparable item would be sold at retail."]
