Video

  • 10 minutes

Reporting Requirements in Trust and Estate Valuation

 
Information required for an estate tax return continues to change. There are no penalties for failing to include an appraisal or provide the information requested, but a number of negative ramifications if the tax preparer fails to provide adequate valuation information: incomplete/inadequate information increases audit likelihood, if estate fails to provide appraisal or financial support, IRS merely has to state its position on the value and the burden remains with the taxpayer to refute, in contrast, if estate tax return includes appraisal, IRS must come up with its own analysis; appraisal may help avoid undervaluation penalties. Unlike gift tax return, filed estate tax return starts statute of limitations, even if business interest is not adequately disclosed.

In this video our speaker, Christine Quigley, reviews reporting valuation discounts on the estate tax return. She also discusses taxpayer penalty provisions and tax return preparer penalties.

Christine Quigley is a partner in the Private Clients, Trusts and Estates group of Schiff Hardin LLP. She advises affluent individuals and families in wealth transfer planning, tax planning, estate and trust administration, and business succession planning. Mr. Quigley is the vice chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the American Bar Association’s Real Property, Trust and Estate Law Section and active in the Chicago Estate Planning Council.
Runtime: 9 minutes

Faculty

Christine Quigley

Christine Quigley

Schiff Hardin LLP

Agenda

Faculty

Christine Quigley

Christine Quigley

Schiff Hardin LLP

  • Partner in the Private Clients, Trusts and Estates group of Schiff Hardin LLP
  • Advises affluent individuals and families in wealth transfer planning, tax planning, estate and trust administration, and business succession planning
  • Chair of the Business Investment Entities, Partnerships, LLCs and Corporations Committee of the American Bar Association’s Real Property, Trust and Estate Law Section and active in the Chicago Estate Planning Council
  • Has been quoted in The Wall Street Journal and has written and lectured on a variety of topics that impact her clients, including carried interest planning, family partnerships, tax traps involved in closely held business transactions and business succession issues
  • Fellow of the American College of Trust and Estate Counsel
  • Has been named a 'Rising Star' by Illinois Super Lawyers magazine each year 2012–2016
  • J.D. degree, summa cum laude, with a certificate in tax law, Loyola University Chicago School of Law; B.A. degree, Dartmouth College
  • Can be contacted at 312-258-5522 or [email protected]

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