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Posted by D. Stussy on May 28, 2008, 6:55 pm
Please log in for more thread options > > We're hitting the deadline for our 706 (including the extension).
> > Still having disagreements with appraisers.
> > Does a 706 return have the same 3 year statue of limitations for an
> > amended return?
> > Rather than argue with the appraiser, I'd rather just be done with the
> > return, then if anythign sells for significantly less than the
> > appraised value, turn in an amended return and get a refund.
> > Anything wrong with that strategy?
>
> Yeah. This is a declining economy (unless the estate holds gas and oil
> reserves). So what was worth $X months ago can be worth lots-lots less
> today, and even less in value this fall.
>
> Expect the IRS to question any decrease of values based on a sale made
> months after the DOD. The farther away you get, the more likely they'll
be
> to not take kindly to your revaluations based on such a strategy.
Period of limitations: Yes, unless you specifically file for the
short-statute determination.
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