Gift Estate Tax Valuations
Expert Valuation Services in Chicago
Gibraltar Business Valuations, we offer a full line of business appraisal services, including:
- Valuation of intellectual property
- Business related discount studies
- Valuation of closely held stock
- Litigation support related to business appraisal
For federal transfer tax purposes, assets that are given or inherited must
be valued. The IRS requires that these services be performed by a qualified
appraiser. These situations often receive special attention from the United
States Internal Revenue Service (IRS), the Department of Labor, and other
state and federal regulatory agencies. Any perceived discrepancy or undervaluing
in the bequeathed assets could result in serious tax penalties.
For this reason, it is vitally important to have property held in an estate
or gifted to an heir professionally valued by a qualified appraiser. Not
only does this result in a more precise and accurate appraisal, but it
also lowers the risk of tax penalties and minimizes the amount of taxes
paid. The government already takes a close look at every single estate
tax return. That scrutiny will only increase if a qualified appraiser
is not involved. Hiring Gibraltar Business Valuations will go a long way
to passing through that scrutiny with a favorable outcome.
Why Should I Hire a Chicago Business Appraisal Service?
In recent years, various developments have emphasized and increased the
value of professional valuation for gift and estate tax purposes. There
are several reasons why a professional valuation is a wise move. As the
tax system has changed, putting more and more people into higher brackets,
valuation services can serve as a cost effective form of tax planning.
Additionally, IRS rules such as Revenue Ruling 93-12—which repealed
the former family attribution, and Revenue Ruling 81-253 have affected
those who inherited or were gifted assets. And finally, family limited
partnerships can be used as a valuable means of securing valuation discounts.
Speak with a professional from Gibraltar Business Valuations to learn
more about your
Chicago business appraisal services.
Call our Chicago office
today at (312) 883-8850 to set up an appointment for a
or to learn more about our services. We also proudly serve
clients in Colorado and Utah.