HR4 The Pension Protection Act of 2006
Was signed into law as of August 17, 2006 and new Transitional Guidelines were released on October 19, 2006 In addition to changes in fractional gifts, related use, and penalties, two of the most sweeping changes have to do with “qualified appraisals” and “qualified appraisers.” “Qualified appraisal” means an appraisal that is conducted by a qualified appraiser in accordance with generally accepted appraisal standards. A “qualified appraiser” means an appraiser who has earned an appraisal designation from a recognized professional appraiser organization
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