Tax Court Sends Message on Valuation in Richmond
5 Pages Posted: 8 Apr 2014 Last revised: 23 May 2014
Date Written: March 24, 2014
In Estate of Helen P. Richmond, the Tax Court determined the proper value for estate tax purposes of a minority interest in a family-owned corporation holding mostly appreciated securities. The court also sustained an accuracy-related penalty against the estate, finding that it used an unsigned draft report by a noncertified appraiser as the basis for the stock valuation reported on Form 706.
Keywords: estate tax, BICG tax liability, valuation discount, stock valuation, built-in capital gains tax liability, estate tax valuation penalty, accuracy-related penalty
JEL Classification: E62, H2, K34
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