tax basis balance sheet/compilation report during estate

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#1
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157
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Orange County, CA
Hi, I have a new client. It's a shopping center previously owned by an individual, as a sole proprietorship, who died last year. I'm preparing a tax basis compilation for the last quarter of 2016 for the estate. There were net assets of about $2M. Since the value of these assets will change as of the date of death of the owner, and there seems to be now rush to do that, I don't know how to present the balance sheet or the compilation report. Any suggestions would be greatly appreciated. Thanks, Bob
 

#2
Wiles  
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21-Apr-2014 9:42am
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CA
They want the FS done before the tax return is done?

Do you have the appraisal in hand? What's the hold up? Just get 'er done.
 

#3
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157
Joined:
22-Apr-2014 7:02pm
Location:
Orange County, CA
The financial statements were done quarterly before his death, and they want to continue. It's a complicated estate; there are no appraisals done and none close to being done. Whether or not I actually do a financial statement, I think I would have to attach a note and probably something in the report.
 

#4
Wiles  
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5058
Joined:
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CA
Yes. I agree. Common sense says just add a paragraph to the accountant's report regarding the departure from the tax basis.
 


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