Is he [the appraiser] actually qualified to make that suggestion?
Yes. An appraiser with specialized knowledge would be the most qualified to do so. According to the recent (AUG 2006) Federal Statute, only “qualified appraisers” are now permitted to write “qualified appraisals” for tax and estate purposes as per 170(f)(11) of the Internal Revenue Code, and also the new 6695A of the Code regarding substantial or gross valuation misstatements, as added by 1219 of the Pension Protection Act of 2006, Pub. L. No. 109-280, 120 Stat. 780 (2006) (the “PPA”). ….All of this mumbo-jumbo is called HR-4 in case you want to just speak English to your friends. In a nutshell, gift and tax appraisals must now be completed by an appraiser with an earned designation from a major appraisal society, like AAA or ASA. Those silly letters after an appraiser’s name now have the force of law. ―Mark C. Grove, AAA, ASA.
Yes. An appraiser with specialized knowledge would be the most qualified to do so. According to the recent (AUG 2006) Federal Statute, only “qualified appraisers” are now permitted to write “qualified appraisals” for tax and estate purposes as per §170(f)(11) of the Internal Revenue Code, and also the new § 6695A of the Code regarding substantial or gross valuation misstatements, as added by § 1219 of the Pension Protection Act of 2006, Pub. L. No. 109-280, 120 Stat. 780 (2006) (the “PPA”). ….All of this mumbo-jumbo is called HR-4 in case you want to just speak English to your friends. In a nutshell, gift and tax appraisals must now be completed by an appraiser with an earned designation from a major appraisal society, like AAA or ASA. “Those silly letters after an appraiser’s name now have the force of law.” -Mark C. Grove, AAA, ASA. Additional info provided as a result of this dialogue was passed on to Members of the Richmond Chapter of the American Society of Appraisers and the Regi
