Recent declines in the real estate and credit markets provide a unique opportunity in valuations of promissory notes. At first blush, the fair market value (FMV) of promissory notes, secured or unsecured, appears to be easily determined. Treasury regulations presume it to be the amount of unpaid principal, plus any interest accrued to the date of valuation. But fiduciaries can establish that the value is lower or even that notes are worthless1 — thereby reducing the transfer taxes ...

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