White Paper

Establishing Defensible Valuations for Trust Assets in Arizona

 
Spotting and defending values likely to be contested. The valuation of assets can be a critical issue if, in the months after the decedent’s death, an estate or gift tax return may need to be filed although, under current law, this will become almost a rarity. While all asset valuations are subject to IRS scrutiny, some are more so than others. Hard-to-value assets will get particular attention, three of the foremost being unimproved land, commercial real estate and a family-owned (closely held) business. The filing of these returns can also be important to commence the running of any applicable statute of limitations. IRC 6501. This is usually a three-year statute. But filing the return is not enough. There has been considerable controversy over the adequate disclosure rules set forth in IRC 6501(c)(9) and Treas Reg 301.6501-1.

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Thomas J. Murphy is the founder of Murphy Law Firm, Inc. His practice emphasizes estate planning, elder law (including nursing home issues), all probate matters (including contested matters and guardianships) and tax controversies. Mr. Murphy is one of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in more than 100 jury trials.

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

Agenda

Faculty

Thomas J. Murphy

Thomas J. Murphy

Murphy Law Firm, Inc.

  • Attorney and Founder of Murphy Law Firm, Inc. in Phoenix, AZ
  • Over 40 years of experience with practice focusing on probate law, estate planning, elder law, and tax law and planning for the disabled and those with special needs
  • Author of nearly 100 articles that have been published in many national and state professional journals focusing on a wide variety of legal and tax matters
  • Has spoken to thousands of attorneys, accountants, and financial advisors and has appeared on several local television and radio stations to discuss tax and legal issues affecting the elderly and their families
  • Served on numerous state and county bar association committees and was selected to be the State Bar representative to the Arizona Supreme Court’s Committee on Reform of Lower Jurisdiction Courts
  • One of the most experienced trial attorneys in the Southwest, having been the sole or lead counsel in over 100 jury trials; has successfully litigated cases in the United States Tax Court, the Arizona Tax Court, and the Arizona Board of Tax Appeals and has represented clients before all levels of the Internal Revenue Service and Arizona Department of Revenue
  • Can be contacted at [email protected] or 480-838-4838

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