Does anyone know if U.S. gaap requires fair market valuation reporting of an owner occupied home. I have a situation where an owner occupied home is in a French Corporation and I need to file a form 5471. I believe the entity maybe a legal entity called an SCI (•'Société Civile Immobilière ), not that it matters. However, the question remains does US gaap allow for historical cost or fair value reporting?
Thank you.