The IRS requires donors and donee organizations to supply certain information to prove a taxpayer’s right to deduct charitable contributions.
A recently decided Tax Court decision further underscores the need to obtain an objective valuation and to have a valuation expert substantiate the valuation.
The best defense against an underpayment penalty is an independent valuation from a certified appraiser.
The potential for rising taxes due to huge U.S. government budgetary deficits are prompting many owners of privately held companies to consider their options.
Many factors of a business must be considered when answering the question “what is the value of my closely held business.”