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Journal Article
From Our Readers
2022
Overview
Ashley Kaneta Denver, Colorado Authors' Response We appreciate Ms. Kaneta's comments on our use of the term \"qualified appraiser\" in The Appraisal Journal article \"The Appraiser's Role in Calculating Casualty Loss Deductions from Natural Disasters.\" \"2 1RS regulations also state that taxpayers should use a \"competent appraiser\" to determine the decline in FMV caused by the casualty.3 In determining the competency of an appraiser, the 1RS lists several factors to consider, such as the appraiser's: (1) knowledge of conditions in the area, (2) familiarity with the property before and after the casualty, (3) knowledge of sales of comparable property In the area, and (4) method of appraisal.4 We point out in the article that \"it is important\" for an appraiser to be \"both qualified and competent.\" The language we use in the article that defines a \"qualified appraiser\" is taken directly from the Internal Revenue Code and 1RS Regulations, which are both considered to be primary sources of law (i.e., IRC 170(f)(ll) (E)(ii) and (iii) and Reg. 1.170A-17(b)(2) (iii)).
Publisher
Appraisal Institute
Subject
