The executor of a deceased client's estate comes to you with a letter from the IRS showing that they are auditing a large property valuation claim that was made on estate return. The IRS is claiming that the property was undervalued at time of death.
Using the Internet or Strayer databases, research the rules regarding valuation of property for a decedent's estate.
Prepare a one to two (1-2) page letter in which you:
1. Respond to assertions by the IRS and counter those assertions with your own.
2. Make a convincing argument that information/documentation your client possesses justifies and supports valuation claim.