The preparation of estate and gift tax returns is highly technical and detailed in nature. An initial decision must be made as to whether to use a date of death value or an alternate date six months after the date of death valuation. In either event, professional appraisals must be made of any artwork, collectibles, real estate and closely held business interests. Discounts on valuation may or may not be viable depending on the facts and circumstances of each family or individual.
In addition to the preparation of such returns, the preparer will frequently have to engage in negotiations or the presentation of a justification for certain valuations with the IRS to obtain the best possible result for clients.
We welcome you to contact Mark T. Neil & Associates for more information on our estate and gift tax return practice.