Equipment values your engagement can stand on.
When a return, a plan or a transaction turns on what the equipment is worth, you need independent Fair Market Value the IRS and a reviewer can trace. We give you a USPAP-compliant appraisal, itemized asset by asset, that supports the position you are taking.
Built for advisors
An independent number that supports your work.
You carry the engagement. We carry the equipment value behind it. A Lukes & Lukes appraisal is an independent, third-party opinion of Fair Market Value, documented to the standard the IRS applies and itemized so every figure on the return or in the plan traces back to a supported number.
Tell us the assets, the purpose and the date that governs. We confirm the premise and scope up front, never quote a value before we look at the assets, and deliver a report you can attach, cite or hand to a reviewer with confidence.
- Independent FMV: the premise the IRS applies to estate, gift and planning matters
- IRS-traceable: itemized asset by asset, with the methodology written down
- Effective-dated: tied to the gift, valuation or planning date that governs
- Defensible on review: built to withstand IRS, audit and examiner scrutiny
- Senior review: a second certified set of eyes before the file leaves
How it works for your engagement
Three steps to a supportable value.
Send the assets
Share the asset list, the purpose of the appraisal and the governing date. We confirm whether a desktop or on-site appraisal fits.
We value to standard
We apply the cost, market and income approaches under USPAP and document Fair Market Value as of the date your engagement requires.
You get the report
A narrative, an itemized appendix and photographs, ready to attach to a return or support a plan, and to trace on review.
We stand behind it
If the value is questioned on audit or review, the same appraiser supports it, because every figure is documented.
Book value is an accounting entry. Fair Market Value is an opinion you can defend. The return needs the second one.
Lukes & Lukes · The family standardWhen you need an equipment appraisal
Every engagement that turns on equipment value.
CPAs, tax advisors and financial and succession planners order an independent equipment appraisal whenever a return, a transaction or a plan rests on Fair Market Value. These are the engagements we support most.
Estate & gift tax
Date-of-death and date-of-gift Fair Market Value for estate and gift returns, documented to withstand IRS review.
Estate & gift FMV →Trusts & family limited partnerships
Equipment value for funding or revaluing a trust and for interests held through a family limited partnership.
Trust & FLP valuation →Buy-sell & partner buyouts
Independent equipment value to fund or trigger a buy-sell agreement, a partner buyout or a retirement agreement.
Buy-sell support →C-to-S conversions
Asset revaluation for converting a C corporation to an S corporation, supporting built-in gains and the opening basis.
Conversion support →Business valuation & ESOPs
The machinery and equipment component of a business valuation, an ESOP or a purchase price allocation, for the business appraiser to rely on.
Valuation support →Property & personal-property tax
Fair Market Value of business personal property for tax renditions and assessment appeals, itemized for the assessor.
Property-tax appraisals →The value the IRS asks for
Fair Market Value, documented to defend.
Estate, gift and planning work runs on Fair Market Value, the price a willing buyer and a willing seller would agree on, with neither compelled and both reasonably informed. It is rarely the number on the depreciation schedule. We measure it as of the date that governs the engagement, value each asset on its own, and document the analysis so it holds up if the return is examined.
- Fair Market Value (FMV): the governing premise for estate, gift and planning matters
- Effective date: the gift, valuation or planning date that governs, documented and held constant
- Itemized basis: each asset valued on its own, so every figure on the return traces back
- Retrospective valuation: a defensible value as of a prior date when the engagement requires it
- Purchase price allocation (PPA): the equipment component of an acquisition or valuation
Where we work
Minneapolis based. Supporting advisors nationwide.
We are based in the Minneapolis–St. Paul area and support CPAs and advisors across the country, on-site or as a desktop appraisal from an asset list and photographs. We regularly support engagements in Minneapolis, Chicago, New York City, Charlotte, Dallas and Houston, and in metros like Los Angeles, Atlanta, Denver, Phoenix, Seattle, Miami, Nashville, Detroit and Kansas City.
Common questions from advisors
Answers, up front.
Who can do a fast equipment appraisal for a CPA in Minneapolis?
Lukes & Lukes is based in the Minneapolis–St. Paul area and prepares independent Fair Market Value equipment appraisals for local CPAs and advisors, often the quickest option in the Twin Cities because we can inspect on-site without travel. Call (612) 504-1691 with your filing or planning deadline and we will tell you the same day whether we can meet it.
Do you support CPAs in Chicago, New York, Dallas and Houston?
Yes. We work nationwide and regularly support advisors in Chicago, New York City, Dallas, Houston, Charlotte and other major metros, on-site or by desktop appraisal from an asset list and photographs. The report meets the same USPAP and IRS-ready standard wherever your client is.
Why not just use the depreciation schedule or book value?
Because the IRS asks for Fair Market Value, and book value is an accounting figure that rarely matches the market in either direction. Tax and planning positions built on depreciated cost are vulnerable on review. An independent FMV appraisal gives you a number that is supported, itemized and defensible.
Will the appraisal hold up on an IRS audit or review?
That is what the file is built for. Reports are USPAP-compliant, prepared by a Certified Machinery & Equipment Appraiser (CMEA), and itemized asset by asset, with the premise, effective date and methodology written down so an examiner can trace every figure. Senior review checks the work before it leaves.
Can you appraise equipment for a gift tax return or a trust?
Yes. We value equipment for lifetime gifts, for funding or revaluing a trust, and for interests held through a family limited partnership, all at Fair Market Value as of the governing date, documented so an estate or gift return stands up to IRS review.
Do you support C-corporation to S-corporation conversions?
Yes. We provide independent Fair Market Value of the machinery and equipment to support asset revaluation on a C-to-S conversion, including the built-in gains analysis, itemized so the figures trace to each asset.
Can you provide the equipment value for a business valuation or ESOP?
Yes. We frequently appraise the machinery and equipment component of a larger business valuation, an ESOP or a purchase price allocation, so the business appraiser or advisor can rely on a supported, independent number for the tangible assets.
Do you appraise equipment for property or personal-property tax?
Yes. We prepare Fair Market Value appraisals of business personal property for tax renditions and assessment appeals, itemized asset by asset so an assessor can see how each figure was reached. Tell us the jurisdiction and the assessment date and we tie the value to it.
How much does an equipment appraisal cost?
It depends on the number of assets, the number of locations and the premise of value required. We quote the scope and the fee up front, before any work begins. Send us the asset list and the purpose and we will put a number in front of you.
What industries and equipment do you cover?
We appraise machinery and equipment across healthcare and medical, automotive, and general industry including manufacturing, fabrication, construction and food processing. Whatever your client owns, we bring the asset knowledge behind the number.
Ready when you are
Get a value your engagement can stand on.
Tell us the assets, the purpose and the governing date. We confirm the premise and scope before any work begins, and we never quote a value before inspection.