Citations and Declarations for the Donation Appraisal
(by Dave Maloney) The requirements for including citations or declarations in any personal property appraisal report normally originate from such sources as USPAP, the IRS, a law or regulation, a societal mandate, or, albeit it rarely, even the client. But given the plethora of applicable IRS regulations, rules, publications and forms, it is often in the donation appraisal report that we find the appraiser demonstrating the greatest of originality in the design of sometimes rather elaborate (and unnecessary?) citations and declarations.
Understanding which IRS regulations, forms, publications, notices, or revenue procedures are required to be cited in a donation appraisal report and which appraiser declarations are mandated for a donation appraisal report can be a challenge—particularly at this point in time during which we are operating under temporary IRS “Guidance” as we await final approval of new Treasury Regulations. The new Regulations will contain changes affecting the appraiser that were generated by the passing of the American Jobs Creation Act of 2004 and the Pension Protection Act of 2006. Continue reading “Citations and Declarations for the Donation Appraisal”