Appraisal

Appraisal

Appraisal means:
a professional opinion or estimate of the value of a property. For example, an owner may have an appraisal made of a specific property to determine a reasonable offering price in a sale, to determine the value at gift or death for estate or gift tax purposes, to allocate the purchase price to the land and improvements, or to determine the amount of hazard insurance to carry. Appraisals are important when a C corporation elects to become an S corporation in order to determine the built-in gain and loss.

See Inheritance Tax and Inheritance Tax.

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