Publication: Valuation Insights & Perspectives
Publication Date: 01-JAN-07
Delivery: Immediate Online Access
Author:
Article Excerpt
Responding to the Internal Revenue Service's transitional guidance on appraisal requirements of noncash charitable contributions, the Appraisal Institute, American Society of Farm Managers and Rural Appraisers, and the National Association of Independent Fee Appraisers recently raised several points of concern, while supporting others. The guidance, released in October 2006, attempts to implement the appraisal provisions enacted by Congress last year in the Pension Protection Act (H.R. 4).
In a comment letter dated January 17, the appraisal groups called for the IRS to adopt USPAP internally and to establish a fair process for bringing civil money penalties against appraisers, in addition to extending the new definitions of "qualified appraiser" and "qualified appraisal" to estate and gift tax appraisals. The groups supported the IRS-proposed definition of "qualified appraiser," which recognizes professional designated appraisers, and long-awaited recognition of USPAP within IRS appraisal policies.
"Without this standard, and the development of a clear, understandable and fair process...
NOTE: All illustrations and photos have been removed from this article.
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