§754 without an appraisal?
Tax attorney for the estate wants me to use a realtor's estimate of market value for 2 commercial pieces to do the §754 election (It included comps and opinion letters for both properties). He used that for the CT estate tax return. The original cost basis is around 800k and the new value is 3.2 mil. Since the executor husband is refusing to pay 3k for an appraisal I think I have no choice but to not do the election and have him sign off that he does not want the step up now. Am I wrong to refuse to do it without an appraisal? What's my liability if I use the existing reports?