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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...
| Clasificación: | Libro Electrónico |
|---|---|
| Autores principales: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, New Jersey :
Wiley,
2017.
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| Colección: | Wiley finance
|
| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 100 | 1 | |a Devitt, Michael R., |d 1957- |e author. | |
| 245 | 1 | 0 | |a Qualified appraisals and qualified appraisers : |b expert tax valuation witness reports, testimony, procedure, law, and perspective / |c Michael R. Devitt, Lawrence A Sannicandro. |
| 264 | 1 | |a Hoboken, New Jersey : |b Wiley, |c 2017. | |
| 300 | |a 1 online resource | ||
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| 500 | |a Includes index. | ||
| 520 | |a "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 the taxpayer's return. This book discusses elements related to testifying experts and introduces a novel form of expert testimony: hot tubbing. The book identifies the law, analyzes the cases, identifies the problems and provides insight and solutions to help appraisers do work which will be accepted by the IRS"-- |c Provided by publisher | ||
| 588 | 0 | |a Print version record and CIP data provided by publisher. | |
| 505 | 0 | |a 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). | |
| 505 | 8 | |a 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. | |
| 505 | 8 | |a 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. | |
| 505 | 8 | |a 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? | |
| 505 | 8 | |a 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. | |
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