Qualified appraisals and qualified appraisers : expert tax valuation witness reports, testimony, procedure, law, and perspective /

Qualified appraisals and qualified appraisers : expert tax valuation witness reports, testimony, procedure, law, and perspective /

"There has been a steady flow of controversies since the IRS issued its regulations on qualified appraisers and qualified appraisals. The IRS has developed a body of law relating to the qualifications needed to satisfy the Government that an appraisal is adequate to support the taxable event on...

Full description

Saved in:
Bibliographic Details
Main Authors: Devitt, Michael R., 1957- (Author), Sannicandro, Lawrence A., 1979- (Author)
Format: Electronic eBook
Language:English
Published: Hoboken, New Jersey : Wiley, 2017.
Series:Wiley finance
Subjects:
United States. > Internal Revenue Service.
Tax assessment > Law and legislation > United States.
Valuation > Law and legislation > United States.
Tax assessment > United States > Data processing.
Tax administration and procedure > United States.
Forensic accounting > United States.
Evidence, Expert > United States.
Online Access:CONNECT
Table of Contents:
  • Cover
  • Title Page
  • Copyright
  • Contents
  • Foreword
  • Foreword
  • Preface
  • Chapter 1: Tax Valuation and the Necessity for Expert Appraisals
  • Summary
  • The Need for Valuation Experts
  • Valuation in Tax Reporting
  • Valuation in Tax Litigation
  • Valuation in Business and Familial Matters
  • Valuation Calculation Standards
  • Fair Market Value Defined
  • Implied Assumptions
  • Cash Value and Market Value
  • Computing Fair Market Value
  • Step 1: Calculating Net Asset Value
  • Step 2: Applying Discounts and Premiums
  • Common Tax Appraisal Reports
  • Appraisal Reports to Support Tax Reporting Positions
  • Appraisal Reports to Support Tax Litigation
  • Proliferation of Litigation
  • Conclusion
  • Chapter 2: Qualified Appraisal
  • Summary
  • Defining Qualified Appraisal
  • Situations in Which a Qualified Appraisal May Be Required
  • Qualified Appraisal Requirements for Charitable Contribution Deductions Context
  • Requirements
  • Legislative History
  • Statutory Definition of a Qualified Appraisal
  • Regulatory Definition of a Qualified Appraisal
  • Requirement 1: The 60-Day Requirement: Treas. Reg. 1.170A-13(c)(3)(i)(A)
  • Requirement 2: The Qualified Appraiser Requirement: Treas. Reg. 1.170A-13(c)(3)(i)(B)
  • Requirement 3: The Substantive Requirements: Treas. Reg. 1.170A-13(c)(3)(i)(C)
  • Requirement 3.1: Property Description: Treas. Reg. 1.170A-13(c)(3)(ii)(A)
  • Requirement 3.2: Tangible Property: Treas. Reg. 1.170A-13(c)(3)(ii)(B)
  • Requirement 3.3: Date of Contribution: Treas. Reg. 1.170A-13(c)(3)(ii)(C)
  • Requirement 3.4: Terms of Agreement: Treas. Reg. 1.170A-13(c)(3)(ii)(D)
  • Requirement 3.5: Identifying Information of the Qualified Appraiser: Treas. Reg. 1.170A-13(c)(3)(ii)(E)
  • Requirement 3.6: The Qualifications of the Qualified Appraiser: Treas. Reg. 1.170A-13(c)(3)(ii)(F).
  • Requirement 3.7: Statement of Preparation for Income Tax Purposes: Treas. Reg. 1.170A-13(c)(3)(ii)(G)
  • Requirement 3.8: Date(s) of Appraisal: Treas. Reg. 1.170A-13(c)(3)(ii)(H)
  • Requirement 3.9: Appraised Fair Market Value: Treas. Reg. 1.170A-13(c)(3)(ii)(I)
  • Requirements 3.10 and 3.11: Valuation and Basis Used to Determine Fair Market Value: Treas. Reg. 1.170A-13(c)(3)(ii)(J) and (K)
  • Requirement 4: No Prohibited Fee Arrangement: Treas. Reg. 1.170A-13(c)(3)(i)(D)
  • The Qualified Appraisal Requirement and Pass-Through Entities
  • Interplay of the Qualified Appraisal and Appraisal Summary Requirements
  • Litigation Concerning Qualified Appraisals
  • Conclusion
  • Chapter 3: Qualified Appraiser
  • Summary
  • Legislative History
  • Statutory Requirements
  • Statutory Requirement #1: Appraisal Designation or Certain Minimum Education and Experience Requirements
  • Statutory Requirement #2: Regularly Performs Appraisals for Compensation
  • Statutory Requirement #3: Verifiable Education and Experience
  • Statutory Requirement #4: Not Prohibited from Practice by 31 U.S.C. 330(c)
  • Regulatory Requirements
  • Appraiser's Declaration
  • Regulatory Requirement #1: Declaration That Individual Is an Appraiser: Treas. Reg. 1.170A-13(c)(5)(i)(A)
  • Regulatory Requirement #2: Declaration That the Appraiser Is Qualified to Value the Property: Treas. Reg. 1.170A-13(c)(5)(i)(B)
  • Regulatory Requirement #3: Declaration That the Appraiser Is Not an Excluded Person: Treas. Reg. 1.170A-13(c)(5)(i)(C)
  • Regulatory Requirement #4: Declaration That the Appraiser Understands Consequences of Fraudulent Valuation: Treas. Reg. 1.170A-13(c)(5)(i)(D)
  • Additional Declaration Requirements of Notice 2006-96
  • Denial of Appraiser Status
  • Appraisals by More than One Appraiser
  • Appraisal Fees
  • Judicial Interpretation of the Requirements.
  • Sufficiency of Documentation
  • Scrutiny of Qualifications
  • Excluded Parties
  • Multiple Appraisers
  • Conclusion
  • Chapter 4: Substantial Compliance vs. Strict Compliance
  • Summary
  • Overview of the Strict and Substantial Compliance Doctrines
  • Applicability of the Substantial Compliance Doctrine
  • Judicial Approaches to the Substantial Compliance Doctrine
  • Survey of Cases Applying the Substantial Compliance Doctrine
  • Bond v. Commissioner: The First Application of the Substantial Compliance Doctrine in the Context of the Qualified Appraisal Regulation
  • Post-Bond Decisions: Cases Finding Substantial Compliance
  • Supplemental Information from Form 8283
  • Sufficient Information for IRS to Evaluate Reported Contributions as Intended by Congress
  • A New Trend?
  • Post-Bond Decisions: Cases Finding No Substantial Compliance
  • Absence of Qualified Appraisal
  • Flawed Appraisal Reports
  • Post-Scheidelman Cases
  • Judicial Approaches to the Strict Compliance Doctrine
  • The Substantial Compliance Doctrine in the Appellate Courts
  • Reasonable Cause: Codification of the Substantial Compliance Doctrine
  • Conclusion
  • Chapter 5: Government Expert Witnesses
  • Summary
  • The Government's Need for Expert Testimony
  • IRS Criteria for Expert Selection
  • Internal IRS Valuation Experts
  • IRS Hiring, Training, and Evaluation of Internal Valuation Experts
  • Hiring
  • Training
  • Performance Evaluation and Management Oversight
  • IRS Use of Internal Valuation Expert Witnesses
  • Advantages to Using an Internal Valuation Expert as an Expert Witness
  • The Inherent Bias Problem
  • Court Reactions to Government Employee Expert Witnesses
  • Government's Decision to Not Present an Expert Witness
  • Conclusion
  • Chapter 6: The Practicalities of Selection and Preparation of Experts
  • Summary
  • Selecting an Appraiser.
  • Education, Training, Professional Experience, and Accrediting Organization Participation
  • The American Society of Appraisers
  • The Appraisal Institute
  • The Institute of Business Appraisers
  • The National Association of Valuers and Analysts
  • The American Institute of Certified Public Accountants
  • Being a Good Communicator
  • Offering a Neutral, Detached Opinion of Value
  • Avoiding the Bias Perception
  • Selecting the Expert Who Prepared the Appraisal That Supports the Tax Reporting Position
  • Early and Significant Appraiser Involvement
  • Appraiser Scheduling and Availability
  • Correcting Errors in the Expert's Report
  • Skeletons in the Closet''
  • Acquainting the Expert with the Cast of Characters and Venue
  • Attorney Comprehension of Expert Opinions
  • Planning the Testimony
  • Expert Testimony Preparation
  • Conclusion
  • Chapter 7: From Daubert to Boltar
  • Summary
  • Standard of Admissibility for Expert Witness Testimony-The Federal Rules of Evidence
  • Daubert and Its Progeny in Courts Other than the Tax Court
  • Boltar as the Modern Incarnation of Daubert in the Tax Court
  • Daubert Challenges Generally
  • Illustrations of Daubert Factors in Practice
  • Factor 1: Has the theory or technique been tested?
  • Factor 2: Has the theory or technique been subjected to peer review and publication?
  • Factor 3: Is there a known or potential rate of error or standards for the theory or technique applied?
  • Factor 4: Has the theory or technique gained general acceptance?
  • Factor 5: Is the expert testifying about matters growing naturally and directly out of research conducted independent of the litigation?
  • Factor 6: Has the expert unjustifiably extrapolated from an accepted premise to an unfounded conclusion?
  • Factor 7: Has the expert adequately accounted for obvious alternative explanations?
  • Factor 8: Is the expert being as careful as he would be in his regular professional work?
  • Factor 9: Is the field or expertise claimed by the expert known to reach reliable results for the type of opinion the expert would give?
  • Factor 10: Has the theory or method offered by the expert been put to any non-judicial use?
  • Factor 11: Whether the expert's opinion fails to square with a judge's opinion and common sense
  • Conclusion
  • Chapter 8: Discovery of Expert Material
  • Summary
  • Overview of Discovery
  • Important Limitations on Discovery
  • The Attorney-Client Privilege
  • Work Product
  • Unfairness Doctrine
  • The IRS's Summons Authority
  • Procedures with Respect to Expert Witnesses Prepared in Connection with Litigation
  • Discovery in the Courts
  • Tax Court
  • General Provisions Regarding Discovery
  • Interrogatories
  • Production of Documents
  • Depositions
  • Admissions
  • U.S. District Courts
  • General Provisions Regarding Discovery
  • Interrogatories
  • Production of Documents, Electronically Stored Information, and Other Similar Items
  • Depositions
  • Admissions
  • Court of Claims
  • Expert Should Be Present at Opposing Expert's Deposition
  • Conclusion
  • Chapter 9: Expert Appraisal Reports
  • Summary
  • Valuation Standards
  • Revenue Ruling 59-60
  • USPAP Generally
  • Compliance with USPAP
  • Noncompliance with USPAP Does Not Render an Expert Report Unreliable
  • Appraisal Reports Generally
  • Fair Market Value
  • Contents of the Appraisal Report
  • Table of Contents
  • Executive Summary or Cover Letter
  • Body of Report
  • Identifying the Retaining Party and Other Intended Users
  • Type of Appraisal
  • Standard of Value and Source
  • Effective Date of the Appraisal and the Date of the Report
  • Purpose of the Appraisal and Its Intended Use
  • Summary of the Scope of Work
  • Summary of Information Considered.

Similar Items