•  INTERNAL REVENUE SERVICE

The IRS has specific guidelines for performing appraisals for tax purposes. The appraiser is expected to use these definable procedures and guidelines, so that even in the most doubtful situations, the client can be assured of a well-documented, researched judgment.

•  GIFT/CHARITABLE DONATIONS

Treasury Regulation 1.170 provides for a tax deduction of any charitable contribution payment which is made within a taxable year. If the donation is made in property, not money, the amount of the allowable contribution is the fair market value of the property at the time of the donation.

•  FAIR MARKET VALUE

To establish the fair market value, which is the price at which the property would change hands between a willing seller and a willing buyer, neither being under any compulsion to buy or sell, and both having reasonable knowledge of the relevant facts pertaining to the transaction.

•  RETROSPECTIVE APPRAISAL

Provides a value with an effective date that is prior to the report date. This is a "Looking Back" appraisal and can be used in the following situations:

•  Dissolutions/Divorce
•  Probate
•  Insurance
•  Donation

•  REPLACEMENT COST

An appraisal that determines the cost necessary to replace items in the event of theft, loss or damage, in order to establish proper insurance coverage. This type of appraisal will also prove irrefutable possession at the date of valuation.