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?
706 Amended Return
May 28, 2008
2 Replies
wrote
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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