If the asset in question has increased in value since the estate valuation there could also be CGT. Specialist tax advice required. Do not, please, ring up the Revenue Commissioners and take what whoever who answers the phone says as specialist advice as I have seen other posters do. The drafting of the notice of appropriation also needs to be done very carefully since it will include the distributory estate account especially if there is any possibility of it being queried. Specialist legal advice required.