When are assets valued for purposes of reporting the fair market value of assets under section 4010?
A28. The fair market value of assets is determined on the last day of the plan year ending within the filer’s information year, without regard to any contributions received by the plan after the end of the plan year. This should be the same value used for financial statement purposes. V. Financial Information Q29. Are filers required to prepare audited financial statements? A29. No. There is no requirement to prepare either audited or unaudited financial statements. However, if either audited or unaudited financial statements are prepared they must be submitted. Q30. If audited financial statements are not available by the due date, may unaudited statements be filed? A30. Yes. However, if unaudited financial statements are submitted, audited financial statements must be filed within 15 days after they are prepared. (Filers that routinely prepare audited financial statements later than 105 days after their fiscal year end may apply for an exemption that permits a later due date.) Q31. I
Related Questions
- What if the assets acquired from the decedent have a fair market value of less than $1.3 million? Does the executor need to file a return allocating the basis adjustment?
- Why do most estate lawyers require all assets to be appraised and fair market value determined when someone dies?
- What assets should be valued utilizing Fair Value?
