Estate & Gift Tax Reporting
A comprehensive, well-supported business valuation is crucial when gifting interests in a company. Business interests must be valued for tax compliance purposes when transferred as a gift or as part of an estate. The recognized standard of value in estate and gift tax valuations is the “fair market value”. This is defined as the theoretical amount at which the property would change hands between a willing buyer and a seller, where both parties have reasonable knowledge of the relevant facts.
At NYBVG, we always utilize commonly accepted valuation methodologies based on reasonable and verifiable assumptions. Our valuation reports extend beyond typical valuation standards to meet as well the valuation guidelines established under Revenue Ruling 59-60 for gift and estate tax purposes.
Valuations of minority interests in closely held family limited partnerships (“FLPs”) or limited liability companies (“LLCs”) are often intended to support significant discounts for lack of control and marketability. These valuations undergo intense scrutiny. In order to minimize IRS challenges, a professionally prepared and well corroborated valuation is essential for various estate and gift tax valuations.
Business valuation services we offer include:
- Estate & Gift Tax Valuations and Reporting
- Whole or Fractional Ownership Interests in FLPs or LLCs
- Whole and Fractional Ownership Interests in Closely Held Businesses
- Succession Planning
At NYBVG, we efficiently provide well documented valuation analyses that are well supported. Our professionals will work intimately with you or your appointed designee. Our methods rest on a solid foundation of evidence!