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Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
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In Estate of Helen P. Richmond, the Tax Court determined the proper value for estate tax purposes of a minority interest in a family-owned corporation holding mostly appreciated securities. The court also sustained an accuracy-related penalty against the estate, finding that it used an unsigned draft report by a noncertified appraiser as the basis for the stock valuation reported on Form 706.