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ASA Urges IRS on Final Rule Promulgation for REG-140029-07, and its Definition of a “Qualified Appraiser”

Nov 17, 2017

On November 15, 2017, the American Society of Appraisers (ASA), CFA Institute and the National Association of Independent Fee Appraisers (NAIFA) wrote to the Internal Revenue Service to seek promulgation of final rules, and specifically, to request that the IRS strongly consider enumerating those professional credentials that would suffice under the requirements of §1.170A-17(b)(2)(i)(B).

In 2008 the Service, in its Proposed Rule, defined the education and experience requirements that qualified appraisers must possess under income tax regulations. While the Service did provide examples of what it would consider to be a “recognized appraisal designation” in §1.170A-17(b)(2)(iii), the Service did not explicitly lay out in precise terms what designations would meet the definition. ASA, CFA Institute, and NAIFA asked the Service consider providing more specific guidelines surrounding designations, and recognize certain designations offered by the three organizations as sufficient for the purposes of determining whether an individual is a “qualified appraiser”. These designations have proven rigor in the valuation profession, and they are a mark for excellence because of their stringent criteria in education, experience, and professionalism.

To read ASA, CFA Institute, and NAIFA’s letter to IRS, click here.