The following slide presentation is intended to advise lay-persons as well as tax professionals about what to expect from an IRS review of either a gift tax, or estate tax return. It is based upon current (2011) internal policy interpretation & internal IRS training programs. I have made certain highlighted (red) edits to draw the readers attention to weaknesses and or peculiarities in IRS procedural application of certain policies. Certain of these, are suggestions made for your consideration.
In ALL instances of estate planning I urge the reader to retain the professional services of an experienced estate & gift tax attorney, or experienced tax accounting professional.
I urge all readers to insure that any appraiser they consider retaining, fully understands the definition differences between Market Value (MV) associated with non tax related appraising, and Fair market Value (FMV) for IRS estate & gift tax appraisals, as defined in the relevant Treasury Regulations for each return type!
If in doubt, please call me! There is no obligation or cost for a phone call.