I am working with someone with regards to filing a 706 form (i.e., tax form for a trust of someone who has passed) and I am adding up the various values of his assets. I got someone to appraise the value of the trust properties (like houses) and was wondering if I had to put down the exact number of the appraised value? The reason is because I think it is on the high side and slightly unreasonable and I would like to avoid the 45% tax rate for 2008.
Yeah, I know that I should consult a tax professional, but this is just a general question. I believe that Railroader here has experience with this.
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