[WSBAPT] Valuation of Real Estate Partnership Interest in New York City

[Philip N. Jones]

Perhaps you could try to point out (if true) that the decedent's interest in the partnership was very small, and thus could not possibly be very valuable, and thus an appraisal would cost more than the value.  And point out that the appraisal would not produce any tax revenue, if true.
Phil Jones

From: wsbapt-bounces at lists.wsbarppt.com <wsbapt-bounces at lists.wsbarppt.com> On Behalf Of Lovie Bernardi
Sent: Wednesday, October 13, 2021 10:49 AM
To: WSBA Probate & Trust Listserv <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Valuation of Real Estate Partnership Interest in New York City

Dear listmates,

I have a probate that will require a Washington estate tax return. (There will be no tax due because after gifting to individuals up to the exemption amount, the remainder will go to charities.) One asset is a small percentage of a real estate partnership that owns a hotel in Manhattan. The management of the partnership has done no recent appraisals and is unhelpful, other than suggesting we look up the assessed value with the New York taxing authority. The Department of Revenue says we must get an appraisal of the hotel, that assessed values for real estate are not accurate. Has anyone run into this situation before? Any suggestions for other ways to get a value for the partnership interest besides an appraisal of the hotel, one that DOR will accept? Failing that, I would appreciate referrals for commercial property appraisers in New York City. Thanks!

Lovie L. Bernardi
Flaherty & Bernardi, PLLC
3600 15th Avenue West #205
Seattle, WA  98119
(206) 682-2616

lovie at fb-lawfirm.com<mailto:joni at sbfirm.com>
http://fb-lawfirm.com<http://sbfirm.com/>

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