<html xmlns:v="urn:schemas-microsoft-com:vml" xmlns:o="urn:schemas-microsoft-com:office:office" xmlns:w="urn:schemas-microsoft-com:office:word" xmlns:m="http://schemas.microsoft.com/office/2004/12/omml" xmlns="http://www.w3.org/TR/REC-html40">
<head>
<meta http-equiv="Content-Type" content="text/html; charset=us-ascii">
<meta name="Generator" content="Microsoft Word 15 (filtered medium)">
<style><!--
/* Font Definitions */
@font-face
{font-family:"Cambria Math";
panose-1:2 4 5 3 5 4 6 3 2 4;}
@font-face
{font-family:Calibri;
panose-1:2 15 5 2 2 2 4 3 2 4;}
@font-face
{font-family:"Script MT Bold";
panose-1:3 4 6 2 4 6 7 8 9 4;}
/* Style Definitions */
p.MsoNormal, li.MsoNormal, div.MsoNormal
{margin:0in;
font-size:11.0pt;
font-family:"Calibri",sans-serif;}
a:link, span.MsoHyperlink
{mso-style-priority:99;
color:#0563C1;
text-decoration:underline;}
span.EmailStyle20
{mso-style-type:personal-reply;
font-family:"Times New Roman",serif;
color:windowtext;}
.MsoChpDefault
{mso-style-type:export-only;
font-size:10.0pt;}
@page WordSection1
{size:8.5in 11.0in;
margin:1.0in 1.0in 1.0in 1.0in;}
div.WordSection1
{page:WordSection1;}
--></style><!--[if gte mso 9]><xml>
<o:shapedefaults v:ext="edit" spidmax="1026" />
</xml><![endif]--><!--[if gte mso 9]><xml>
<o:shapelayout v:ext="edit">
<o:idmap v:ext="edit" data="1" />
</o:shapelayout></xml><![endif]-->
</head>
<body lang="EN-US" link="#0563C1" vlink="#954F72" style="word-wrap:break-word">
<div class="WordSection1">
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">To me, the question (or rather the answer) is what the WDOR will accept on an estate tax return.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Anecdotal evidence suggests that the WDOR might accept a BPO on a first-to-die no-tax-due return, but they generally do not accept a BPO on a second-to-die tax-due return.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Can anyone else comment on this? What has your experience been? Is my anecdotal evidence half-baked?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">What other purposes might you use a BPO for in an estate? Dividing the assets among family?<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(When getting a BPO, be sure to insist on an opinion of what the property would have SOLD for on the date of death, not what the broker would have listed it for. It is
often difficult to get brokers to understand that estate tax concept.)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">And of course, I agree with those who say that if you will be selling the property promptly after death, then the selling price is the gold standard for valuation, assuming
it was sold on the open market to a unrelated third party after a reasonable listing period. But even that can be a bit tricky at times. Down here in Oregon, the real estate market was hotter than a pistol for the last three years or so, then early this
year it started cooling and actually declining, perhaps by 10%. I believe it is still declining as we speak. If Dad died in February, and we sold the house in September, perhaps the WDOR would question whether the September sales price was the February value.
Of course, with the stock market following a similar path, it’s time to consider an alternate valuation date election.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Phil Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Philip N. Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Duffy Kekel LLP<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">900 S.W. Fifth Ave. Suite 2500<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">Portland, OR 97204<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><a href="mailto:pjones@duffykekel.com"><span style="color:#0563C1">pjones@duffykekel.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 226-1371 – office<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 853-1482 – cell<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif">(503) 226-3574 - fax<o:p></o:p></span></p>
</div>
<p class="MsoNormal"><span style="font-size:14.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>sdonahue@sdonahuelaw.com<br>
<b>Sent:</b> Thursday, September 15, 2022 9:49 AM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I’ve used a BPO on a couple of occasions with no blowback. If there is some objection, you can always do the full appraisal after that.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Good luck,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Susan<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<p class="MsoNormal" style="text-autospace:none"><b><span style="font-size:13.0pt">SUSAN DONAHUE</span></b><b><span style="font-size:12.0pt"><o:p></o:p></span></b></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">Law Office of Susan Donahue<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">125 West 2<sup>nd</sup> Avenue, Suite “B”<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">P.O. Box 81<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">Twisp, WA 98856<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">(509) 996-5944 (phone)<o:p></o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-size:12.0pt">(509) 362-9692 (fax)<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><a href="mailto:sdonahue@sdonahuelaw.com"><span style="font-family:"Calibri",sans-serif;color:blue">sdonahue@sdonahuelaw.com</span></a></span><o:p></o:p></p>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Diane J. Kiepe<br>
<b>Sent:</b> Thursday, September 15, 2022 8:09 AM<br>
<b>To:</b> WSBA Probate & Trust Listserv <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> Re: [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif">Michael,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><br>
I have used (and others in my firm) a BPO on more than one occasion.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<div>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold"">Diane J. Kiepe<o:p></o:p></span></i></p>
<p class="MsoNormal"><i><span style="font-family:"Script MT Bold""><o:p> </o:p></span></i></p>
<p class="MsoNormal">Diane J. Kiepe<o:p></o:p></p>
<p class="MsoNormal">Douglas Eden<o:p></o:p></p>
<p class="MsoNormal">717 W. Sprague Ave.<o:p></o:p></p>
<p class="MsoNormal">Suite 1500<o:p></o:p></p>
<p class="MsoNormal">Spokane, WA 99201<o:p></o:p></p>
<p class="MsoNormal"><a href="mailto:djkiepe@depdslaw.com">djkiepe@depdslaw.com</a><o:p></o:p></p>
<p class="MsoNormal">509-455-5300<o:p></o:p></p>
</div>
<p class="MsoNormal"><span style="font-size:12.0pt;font-family:"Times New Roman",serif"><o:p> </o:p></span></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal"><b>From:</b> <a href="mailto:wsbapt-bounces@lists.wsbarppt.com">
wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b><a href="mailto:msafren@jennylinglaw.com">msafren@jennylinglaw.com</a><br>
<b>Sent:</b> Wednesday, September 14, 2022 9:13 PM<br>
<b>To:</b> 'WSBA Probate & Trust Listserv' <<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>><br>
<b>Subject:</b> [WSBAPT] BPO vs Appraisal for property valuation to obtain step up in basis for estate beneficiaries<o:p></o:p></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Hello Fellow Listservs,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">I wanted to ask your collective opinions and experiences on whether a Broker Price Opinion (BPO) was sufficient support to document the value of real estate (as of the date of decedent’s death) for the step up in basis for estate beneficiaries
or if you think that a full on appraisal by a licensed appraiser was needed instead of the BPO.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The PR is selling real estate owned by the estate, but did not want to bear the expense and delay of the appraisal if it could be avoided and a BPO substituted to establish the value of real estate for purposes of obtaining the step up
in basis valuation for the property for tax purposes. <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Thank you all in advance!! <o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="color:black">Warmest regards,<br>
<br>
</span><b><span style="font-size:12.0pt;color:purple">Michael S. Safren, Esq.</span></b>
<b><br>
</b><i>Attorney at Law</i> <br>
<br>
14900 Interurban Ave. S., Ste. 280 | Seattle, WA 98168 <br>
11900 NE 1st St., Bldg. G - Ste. 300 | Bellevue, WA 98005 <br>
P: (206) 859-5098 | E: <a href="mailto:msafren@jennylinglaw.com" target="_blank">
<span style="color:blue">msafren@jennylinglaw.com</span></a> <br>
<u><a href="https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.jennylinglaw.com%2F&data=05%7C01%7Cpjones%40duffykekel.com%7Ced83d97e5a33451fbc1208da973a8655%7C2d66ed5354fa4c2f8c4dbff1aca5479d%7C0%7C0%7C637988574864010718%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=hlWUTobgOHPSeWudJBTpDtOo0F5ycqf9Dxl%2F4c6sQsg%3D&reserved=0" target="_blank"><span style="color:blue">www.jennylinglaw.com</span></a></u>
| <u><a href="https://nam11.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.facebook.com%2Fjennylinglaw%2F&data=05%7C01%7Cpjones%40duffykekel.com%7Ced83d97e5a33451fbc1208da973a8655%7C2d66ed5354fa4c2f8c4dbff1aca5479d%7C0%7C0%7C637988574864010718%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=KxAVGOiS9PPEwHTG0SNs0DP%2B1JZkCmPhigDPoOyfQ9s%3D&reserved=0" target="_blank"><span style="color:blue">facebook.com/jennylinglaw/</span></a></u>
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><br>
<span style="font-size:8.0pt">This communication, including attachments, may contain information that is confidential and protected by the attorney/client or other privileges. It constitutes non-public information intended to be conveyed only to the designated
recipient(s). If the reader or recipient of this communication is not the intended recipient, an employee or agent of the intended recipient who is responsible for delivering it to the intended recipient, or you believe that you have received this communication
in error, please notify the sender immediately by return e-mail and promptly delete this e-mail, including attachments without reading or saving them in any manner. The unauthorized use, dissemination, distribution, or reproduction of this e-mail, including
attachments, is prohibited and may be unlawful. Receipt by anyone other than the intended recipient(s) is not a waiver of any attorney/client or other privilege.</span>
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
</div>
</body>
</html>