Bob B wrote:

- quote -

The following is from memory without actually looking to see
if the rules changed:

Assuming a Form 706 was timely filed, you can elect to use
the alternate valuation date on the last timely filed 706.
The final date to amend would be the due date of the 706
including any extensions. The normal due date is 9 months
after the date of death. If no extensions had been granted,
then the last Form 706 filed before 9 months elapsed could
include the election to use the alternate date.

--
Alan
http://taxtopics.net

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"Bob B" <bobabrown[at]comcast.net> wrote:

- quote -

If the appraisal was a "true" appraisal, you would have a
hard time convincing the IRS. But if what the personal
representative did was ask a Realtor "What is this worth?"
and got an off-the-cuff answer of $2,000,000, I'd suggest
you invest in a certified appraisal. It's possible, of
course, that she died at the peak of the real estate market
in your area. Though in that case it would have been
worthwhile to elect alternate valuation six months after her
date of death.

--
Tom Healy, CPA
Boulder, CO
Web: http://www.tomhealycpa.com

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My wife and her siblings inherited a piece of real estate
which was apprased at $2000000 and some common stock when
her mother passed away in 2003. Basically, the proceeds
from the sale of the stock paid the federal estate tax. The
appraosal of the real estate was made, mostly, due to one
contingent offer, which then fell through. Since that time,
there has been a series of such offers in diminishing
amounts. It is now on the market for $1000000. There is no
reason to believe that the "real" value of the real estate
has diminished during this period.

Is it possible to file and amended estate tax return and get
the excess tax back? How long do they have to do it?

Thanks.

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