Unlike full ownership appraisals, this process accounts for the unique legal, economic, and market-based factors that affect partial interests, including lack of control, limited marketability, and the rights or restrictions tied to life estates or tenancy-in-common arrangements. These appraisals are essential for estate and gift tax filings, trust administration, charitable contributions, and partnership dissolutions, and they often involve actuarial calculations under IRS Section 7520 to properly reflect present value. A well-prepared partial interest appraisal provides attorneys, CPAs, and fiduciaries with defensible, jurisdiction-specific documentation that meets both federal and state compliance standards—especially in states with active estate tax regimes.