PUBLIC LAW 109–280—AUG. 17, 2006
120 STAT. 1085
(1) IN GENERAL.—Subparagraph (E) of section 170(f)(11) is amended to read as follows: ‘‘(E) QUALIFIED APPRAISAL AND APPRAISER.—For purposes of this paragraph— ‘‘(i) QUALIFIED APPRAISAL.—The term ‘qualified appraisal’ means, with respect to any property, an appraisal of such property which— ‘‘(I) is treated for purposes of this paragraph as a qualified appraisal under regulations or other guidance prescribed by the Secretary, and ‘‘(II) is conducted by a qualified appraiser in accordance with generally accepted appraisal standards and any regulations or other guidance prescribed under subclause (I). ‘‘(ii) QUALIFIED APPRAISER.—Except as provided in clause (iii), the term ‘qualified appraiser’ means an individual who— ‘‘(I) has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations prescribed by the Secretary, ‘‘(II) regularly performs appraisals for which the individual receives compensation, and ‘‘(III) meets such other requirements as may be prescribed by the Secretary in regulations or other guidance. ‘‘(iii) SPECIFIC APPRAISALS.—An individual shall not be treated as a qualified appraiser with respect to any specific appraisal unless— ‘‘(I) the individual demonstrates verifiable education and experience in valuing the type of property subject to the appraisal, and ‘‘(II) the individual has not been prohibited from practicing before the Internal Revenue Service by the Secretary under section 330(c) of title 31, United States Code, at any time during the 3-year period ending on the date of the appraisal.’’. (2) REASONABLE CAUSE EXCEPTION.—Subparagraphs (B) and (C) of section 6664(c)(3) are amended to read as follows: ‘‘(B) QUALIFIED APPRAISAL.—The term ‘qualified appraisal’ has the meaning given such term by section 170(f)(11)(E)(i). ‘‘(C) QUALIFIED APPRAISER.—The term ‘qualified appraiser’ has the meaning given such term by section 170(f)(11)(E)(ii).’’. (d) DISCIPLINARY ACTIONS AGAINST APPRAISERS.—Section 330(c) of title 31, United States Code, is amended by striking ‘‘with respect to whom a penalty has been assessed under section 6701(a) of the Internal Revenue Code of 1986’’. (e) EFFECTIVE DATES.— (1) MISSTATEMENT PENALTIES.—Except as provided in paragraph (3), the amendments made by subsection (a) shall apply to returns filed after the date of the enactment of this Act. (2) APPRAISER PROVISIONS.—Except as provided in paragraph (3), the amendments made by subsections (b), (c), and
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26 USC 170.
Regulations.
Applicability. 26 USC 170 note.
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