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Tax Law - Estate Tax Law - General Estate Tax Law Questions

  Page 16 of 21

What is considered the "right" value in appraising property for federal estate taxes?
What is the appropriate value, of course, depends on the assets. For appraisal purposes, on a home, use comparable sales, or if there is no market, the highest price; for that Van Gogh painting, use auction prices or appraisals; insurance policies in your name, the face value; for a sole proprietorship, use the balance sheet for the valuation date; Microsoft stock, the average of the high and low selling prices quoted on the valuation date; jewelry, its retail value; your yacht, try a yacht broker for an appraisal; employee benefits, the value of the payments made to the beneficiaries.
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