IRS Valuation

Reader comment on: The American Eagle Estate Tax Tactic

Submitted by DLN (United States), Apr 24, 2013 18:11

In Rev. Rul. 78-360, 1978-2 C.B. 228 the IRS has ruled that the fair value of a coin is the higher of its stated monetary value or its value as property in determining the taxable value of a decedent's estate. Sorry, but once gold coins are reported at an obviously lower value, this is likely to draw an audit (a higher percentage of estate tax returns are audited than audits of individual income tax returns).

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Title By Date
⇒ IRS Valuation [75 words]DLNApr 24, 2013 18:11
↔ The above ruling I suspect also applies to stamps and other denominated items as well. [26 words]LyleApr 24, 2013 21:55
Jim [17 words]Jim HodgeApr 24, 2013 15:06
I suspect the IRS is looking for someone to prosecute on this. [121 words]LyleApr 24, 2013 13:39
Tax from every angle [54 words]TheMoomintrollApr 24, 2013 12:45

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