It may be a dealer, auction company, or it may have been inherited or purchased from a major collector. Provenance rarely impacts on the value of any items except those already considered to be valuable tangible assets. Cost Basis, Date, and Manner of Acquisition. This form was first issued in February 1985, with the latest revision coming in March of 1990, in response to Reg. Photographs of the Property.
Photographs are essential for donated items, but less critical for estate and other inventories.
The IRS may well ask for photographs of estate property to assist in its review. A Statement of Comparable. A major mistake made by inexperienced appraisers is to value the property, for any of the purposes noted, without reference to the sale of comparable items. These sales should have occurred on or around the valuation date. This is of utmost importance for donated or gifted property and can be of great assistance in the valuing of estate property.