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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 |
Tabla de Contenidos:
- 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.