The cost approach to valuing a business starts with the book values of assets and liabilities reported on the balance sheet. However, book value is based on historic cost, rather than current market value. Plus, certain items, such as internally generated intangible assets and contingent liabilities, may not be reported on the balance sheet. So
Fair market value Archives - Crawford Ellenbogen
Feb 8, 2022
Aug 19, 2020
Take advantage of a “stepped-up basis” when you inherit property
- By Joan Ellenbogen
- Estate
- 0 Comments
If you’re planning your estate, or you’ve inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Under the fair market value basis rules (also known as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. For example, if your grandfather bought