12.1 Background
| Library | A Lawyer's Guide to Estate Planning: Fundamentals for the Legal Practitioner (ABA) (2018 Ed.) |
12.1 Background
The valuation of property for the purpose of imposing the estate or gift tax can be a complex task. In this chapter only the general principles are considered, and the focus will be on the estate tax, although the principles stated are equally applicable to the gift tax.
Valuation, as the term is used in estate tax law, means the fair market value of the particular asset that passes from the decedent to the beneficiary, valued at the date of the decedent's death. The federal estate tax regulations provide the following...
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