Organizational Tax Research and Planning

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Organizational Tax Research and Planning

INSTRUCTIONS:

The executor of a deceased clients estate comes to you with a letter from the IRS indicating that they are auditing a large property valuation claim that was made on the estate return. The IRS is claiming that the property was undervalued at the time of death. Research the rules regarding the valuation of property for a decedents estate. Respond to the assertions by the IRS and counter those assertions with your own. Make a convincing argument that the information/documentation your client possesses justifies and supports the valuation claim.

CONTENT:

ESTATE MANAGEMENT Name Institution Affiliation Course Date of Submission Estate management In response to the IRS assertions on undervaluation of property, IRS should consider that property valuation is procedural. There are various general guidelines that are followed when it comes to property evaluation to avoid biasness of the final accounting figure. . The internal Revenue service before laying the claim should consider that the property was taken through the following valuation process and guidelines which are all clear to IRS as it was one of the bodies involved in the valuation. They include, first is the selecting the date of calculation for the valuation exercise. In this case, the date of the decendent is used or any alternate date in the course of the next six months after death. All assets are valued as at the date of...

Organizational Tax Research and Planning