From the September 2008,
American Society of Appraisers Newsletter
First Shoe Drops in IRS Implementation of Pension Protection Act's Appraisal Provisions
Last week, the Internal Revenue Service (IRS) issued its first set of proposed regulations for implementing the important appraisal provisions of the Pension Protection Act of 2006. Entitled, "Substantiation and Reporting Requirements for Cash and Non-cash Charitable Contribution Deductions," the rule proposes the establishment of new definitions for the terms "Qualified Appraiser" and "Qualified Appraisal." When finalized, the rules will govern all tax-related valuations of non-cash charitable contributions. In a typical tax year, several million taxpayers make non-cash contributions totaling about $30 billion. Approximately 80,000 taxpayers each year make non-cash donations with claimed values of more than $20,000 each. Donations include real estate, closely held stock, art, antiques, and machinery and equipment.
The proposed regulations include a number of important changes in IRS appraisal policies that ASA has advocated for several years: If they become final in their proposed form, the new regulations (1) redefine the term "Qualified Appraisal" in a way which requires that all valuations of non-cash charitable donations comply with "the substance and principles of USPAP"; (2) redefine the term "Qualified Appraiser" in a manner which requires either a "recognized appraisal designation" from "a recognized professional appraisal organization"—such as ASA—"on the basis of demonstrated competency"; or, from an individual who can demonstrate that he or she has "verifiable education and experience in valuing the type of property for which the appraisal is performed," including "two or more years" of such experience.
Such action sets the stage for an across-the-board acceptance of these
standards by all those who base value judgments and adjudication upon personal property appraisals.
Lundberg Scores Professional “Hat Trick”
Southwest Valuations appraiser Jon Lundberg will attain three professional endorsements during 2008. His most recent achievement is “Accredited Member” status with the American Society of Appraisers. Based in Herndon, VA, the ASA is a 3600-hundred member professional association that educates and certifies both real and personal property appraisers in multiple disciplines. Lundberg’s status was granted following 120 hours of personal property valuation training, multiple tests and peer-reviewed appraisal of more than 200 projects.
The other two professional achievements pertain to his nearly six-decade involvement with the auto industry and racing. In March of this year Jon was inducted to the International Drag Racing Hall Of Fame during ceremonies in Gainesville, FL. Later, in July, he will also be honored by induction to the drag racing Legion Of Honor during observances conducted by the National Nostalgia Drag Racing Association at its annual “Muscle Car Madness” event at York, PA. LOH inductees are honored in perpetuity at the Eastern Museum of Motor Racing, York Springs, PA. Drag Racing Hall of Fame members have permanent honoraria at the Don Garlits Museum of Drag Racing History in Ocala, FL.
Southwest Valuations is an Arizona-based personal property appraisal firm which focuses on unique, exotic, special interest, prestige and racing motor
Jon W. Lundberg, Sr. - ASA
783 West Clear Creek Way
Oro Valley, Arizona 85737-6954
Voice: (520) 297-6870
Cell: (520) 490-5536
Toll Free (877) 427-7249