This is a part of our “How To” Series.
Assigning values – for income or estate tax purposes, separation agreements, business mergers, insurance, and depreciation calculations – can be difficult and even daunting, with the results often challenged by the tax authorities. This course will introduce various valuation methodologies; examine charitable contributions, art appraisals, and fraudulent schemes; as well as identify what makes an appraiser and an appraisal “qualified”.
Upon completion of this course, you will be able to:
- Appreciate that value is in the eye of the beholder but that the beholder must ultimately see it as the IRS does.
- Understand that fair market value can be established based on comparable sales, retail pricing, the type of property in question, or by any substantial method.
- Recognize that valuation for tax purposes is crucial to the estate and gift tax regimes, as well as charitable contribution deductions, property tax assessments, and the division of business and marital assets.
- Identify the elements of a qualified appraisal that can only be prepared by a qualified appraiser.
This Course Counts for 2 Hours of Federal Tax Law for IRS Continuing Education.
About Monica Haven:
Monica Haven is an Enrolled Agent, an Accredited Tax Advisor®, and Accredited Tax Preparer®. She is a graduate fellow of the National Tax Practice Institute®, a nationally recognized academic program designed to develop and hone the skills necessary for effective taxpayer representation.
She has a Bachelor of Science degree in Small Business Management with an emphasis on New Ventures, as well as a Doctor of Jurisprudence (J.D.) and a Master of Laws in Taxation (LL.M.) from Loyola Law School in Los Angeles.
She is a nationally recognized speaker and a sought-after guest lecturer on college campuses and at community organizations. She loves to teach and welcomes every opportunity to share her experience and expertise in the classroom, even as she maintains her Southern California tax practice which serves clients throughout the world.