PP400-OOO - Fair Market Value: Appraising Personal Property for Non-Cash Charitable Contributions and Estates
Category: Personal Property
Continuing Education: 18
Registration
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Course Description
This course has been developed to acquaint beginning
appraisers with the requirements of preparing appraisals for the intended uses
that require an opinion of Fair Market Value and to provide experienced
appraisers with a review of and information about changes of the laws and
regulations to which appraisers must adhere in preparing such valuations. In
addition, this course will provide updates to current terms and practices for
all professional appraisers.
The course reviews the concept of Scope of Work in relation to IRS requirements
for the various intended uses of a Fair Market Value appraisal and the
various definitions from the
Code of Federal Regulations (CFR) and compares them.
The course also looks at the new regulations and requirements
of a personal property appraisal for non-Cash Charitable Contributions as well
as the requirements for estate tax filing.
Because not all requirements derive from the regulations,
this course provides information on the outcomes of numerous tax court cases that have an impact
on appraisal requirements. Class participants will read and discuss several of the precedent-setting tax
court cases.
Included in the course are explanations of the concepts of fractional
donations; ordinary income and capital gains property; the selection of
appropriate market and comparable properties; the "suggested" format of an appraisal and
the requirements of an appraisal; and the different roles of the IRS "players"
in the process.
No prerequisites for this course.
Learning Outcomes
Upon completion of this course, students will
understand:
- The terms "qualified appraiser"
and "qualified appraisal," as used by the IRS
- The "scope of work" process for appraisals
concluding Fair Market Value
- The requirements of a Fair Mark Value appraisal
prepared for assignments that includes the generational transfer of personal
property (estates) or charitable contributions for preparation of federal taxes
- Selected federal tax court cases that may have an effect
on future Fair Market Value assignments
- What need to be included in an up-to-date,
cohesive, logical, and well-organized appraisal report that concludes Fair
Market Value for estates and non-cash charitable contributions