Lawyers' Group Protests The Appraiser Penalties

The Pension Protection Act of 2006 (PPA)1 imposes new penalties on appraisers that are deemed to have made substantial or gross valuation misstatements. These stiff penalties are articulated in new Internal Revenue Code Section 6695A (see Go to the Source, p. 28) and apply not only to professional appraisers but also, as the PPA states, to a[ny] person who prepares an appraisal. Once imposed, the

The Pension Protection Act of 2006 (PPA)1 imposes new penalties on appraisers that are deemed to have made substantial or gross valuation misstatements. These stiff penalties are articulated in new Internal Revenue Code Section 6695A (see “Go to the Source,” p. 28) and apply not only to professional appraisers but also, as the PPA states, to “a[ny] person who prepares an appraisal.” Once imposed, the only way to avoid them is “if the person who prepared the appraisal can establish

All access premium subscription

Your subscription will include 12 months of Trusts & Estates magazine and access to premium content on WealthManagement.com.

Hide comments

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Publish