How should you evaluate and document the advice you receive

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Question - Property Sale - A client has invested a substantial amount of money in the rehabilitation of a building with the intention of qualifying for rehabilitation and other available tax credits. The client is also interested in maximizing depreciation deductions and has asked you to prepare the tax returns for that year. Although you are an expert in real estate matters, you have never worked on this sort of transaction, but you have a friend who has. He agrees to help you determine the depreciation lives of the building components and the tax benefits of the expenditures.

Is it necessary to tell your client that your friend will be helping?

If so, exactly what should you tell your client about the need for outside expertise?

Once the information comes back, how should you evaluate and document the advice you receive?

Reference no: EM133168250

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