Qualified Appraisals and Qualified AppraisersExpert Tax Valuation Witness Reports, Testimony, Procedure, Law, and Perspective
Wiley Finance 1. Aufl.
Decode IRS appraisal regulations and find practical solutions to current issues Qualified Appraisers and Qualified Appraisals provides clarification on complex IRS guidelines, and offers solutions and insight that can help appraisers adhere to the latest Treasury Regulations concerning appraisals submitted in tax matters. From the Uniform Standards of Professional Appraisal Practice to IRS regulations, this book explores the body of law that has arisen around the production of “qualified appraisals” that the government and courts will accept. The discussion covers estate, gift, charitable contribution, income taxes, and more, with expert guidance on the interpretation and application of complex regulations. As appraisers often are called upon to provide expert testimony in court, this book shares effective methods including the novel “hot-tubbing” technique that eliminates the appearance of bias in favor of a less-adversarial discussion. Cases are dissected as they relate to application of existing appraisal laws, and the companion website features checklists, references, and additional cases as they become available. The IRS regulations on qualified appraisers and qualified appraisals have sparked a storm of controversy, and have raised more questions than they have answered. This book acknowledges the problems and offers solutions to help appraisers produce work the IRS and courts will accept. Understand the laws surrounding “qualified appraisals” and “qualified appraisers” Gain insight on testifying as an expert, including new techniques Explore solutions to common issues the IRS raises with respect to qualified appraisals and qualified appraisers Examine cases that illustrate the nuances of appraisal law application In order for an appraisal to satisfy the government, an appraisal must be performed by a “qualified appraiser” specific for the type of property in question. This broad statement leaves much to question, but Qualified Appraisers and Qualified Appraisals provides the answers appraisers need to comply with the law and produce work that meets the latest standards.
MICHAEL R. DEVITT, CPA, JD, MS, is Professor-in-Residence at the University of San Diego Law School. He was managing partner of a law firm where he practiced complex civil litigation in various jurisdictions around the U.S. and lead counsel in several high-profile cases dealing with fraudulent financial reporting, which have resulted in hundreds of millions of dollars in combined recoveries. He is a frequent lecturer on evidence, financial reporting, accounting, litigation, ethics and other topics. LAWRENCE A. SANNICANDRO, LLM, JD, MBA, is a tax controversy and litigation attorney with McCarter & English, LLP. He regularly represents clients in audits before the IRS Office of Appeals, and in litigation before the United States Courts of Appeals, the United States Tax Court, the United States Court of Federal Claims, and United States District Courts. Prior to entering private practice, Mr. Sannicandro served as a law clerk for the United States Tax Court, and before that, as an attorney for the IRS. Mr. Sannicandro has written extensively on tax practice and procedure.
One cannot overstate the significance of valuations to the system of taxation in the U.S. or the complexity of the rules and technical requirements governing their proper performance. So seriously does the federal government take the issue and the billions of dollars at stake, that approximately 340 sections of the Internal Revenue Code require taxpayers to make fair market value determinations in order to self-report, and for the IRS to assess, tax liabilities. Many provisions of the law require appraisals to support reporting positions, and in many cases, Congress has enacted technical and specific requirements with which appraisers, tax professionals, and taxpayers must comply for an appraisal to be respected. For its part, the IRS has developed a veritable arsenal of sophisticated techniques for challenging the validity of valuations. An indispensable addition to the reference shelves of appraisers and tax professionals, this book was written by a uniquely well-qualified author team comprising two distinguished attorneys/tax professionals. An invaluable source of information, insight, and guidance, it identifies the law, analyzes the cases, discusses potential pitfalls, and provides reliable solutions to virtually every problem that can arise with the valuation process. What constitutes a qualified appraisal? Who is a "qualified appraiser" and how does one become qualified? How do appraisals for various types of properties, businesses, or other assets differ? Is it a good idea for tax professionals and appraisers to develop cross-disciplinary skills in valuation and tax, and how do the rules concerning expert witnesses bear on this question? These are just a few of the questions for which appraisers and tax professionals will find the answers they need in order to confidently comply with the law and produce work that meets the latest standards. Estates, gifts, charitable contributions, income taxes, and more are covered in detail, with expert guidance on the interpretation and application of relevant regulations. Since appraisers often are called upon to provide expert testimony in court, the authors explore various approaches, including "hot-tubbing," an increasingly important technique that eliminates the appearance of bias and helps mitigate the adversarial nature of such cases. Numerous cases are dissected as they relate to existing appraisal laws. The ever-evolving regulations concerning qualified appraisers and qualified appraisals have given rise to much confusion, litigation, and no end of controversy with the tax authorities over the past decade. This book acknowledges the problems associated with appraisals and offers solutions to help professionals produce work the IRS and courts will accept now and in the years ahead.
An Indispensable Source of Information, Insight, and Practical Solutions for Appraisers, Tax Professionals, and Attorneys In order for an appraisal to satisfy the requirements set forth by Congress, the IRS, and the U.S. Department of the Treasury it must be performed by an appraiser qualified to appraise the specific type of property or asset in question. What constitutes a qualified appraisal? Who is a "qualified appraiser"? How do appraisals for various types of properties or other assets differ? This book systematically answers these, and every question appraisers, tax professionals, and attorneys may have concerning the complex laws governing appraisals and valuation reports. Make sense of the laws and regulations surrounding qualified appraisals and qualified appraisers Discover proven solutions to virtually every problem that can arise with appraisal reports, from a U.S. tax perspective Benefit from the knowledge and experience of distinguished authorities on expert testimony Explore cases illustrating the nuances and potential pitfalls involved in the application of appraisal law Qualified Appraisals and Qualified Appraisers gives you the answers you need to fully and confidently comply with the law and produce work that meets the latest standards.
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