IRS issues guidance on appraisal requirements for non-cash charitable contributions of property.
In Notice 2006-96, the Internal Revenue Service issued transitional guidance on the new definitions of "qualified appraisal" and "qualified appraiser" in [section] 170(f)(11) of the Internal Revenue Code, and new [section] 6695A of the Code regarding substantial or gross valuation misstatements, as added by [section] 1219 of the Pension Protection Act of 2006, Pub. L. No. 109-280, 120 Stat. 780 (2006) (the "PPA").
The Service and the Treasury Department expect to issue regulations under [section] 170(f)(11). Until those regulations are effective, taxpayers may rely on Notice 2006-96 to comply with the new provisions added by [section] 1219 of the PPA.
Some key provisions for members in this transitional guidance are:
* The guidance specifically mentions the Uniform Standards of Professional Appraisal Practice, which are promulgated by the Appraisal Foundation, in its discussion of generally accepted appraisal standards.
* The guidance defines an appraisal designation and the appropriate education/experience of the qualified appraiser in valuing the type of property.
* The appraiser will be required to file a statement that he or she understands that a substantial or gross valuation misstatement resulting from an appraisal of the value of property that the appraiser knows, or reasonably should have known, would be used in connection with a return or claim for refund, may subject the appraiser to a civil penalty.
The new IRS guidance is...
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