Appraisers – Valuation Guidelines: Comprehensive additions to the Internal Revenue Manual, issued in July 2006, provide information for appraisers on how to value various types of property. This material is an indispensable guide for any appraiser submitting a valuation in connection with a federal tax return. Guidelines were added for four different types of property: Real property Tangible personal property Intangible personal property Businesses Notice 2006-96, Guidance Regarding Appraisal Requirements for Noncash Charitable Contributions: This notice provides transitional guidance relating to the new definitions of qualified appraisal and qualified appraiser in § 170(f)(11) of the Internal Revenue Code, and new § 6695A of the Code regarding substantial or gross valuation misstatements, as added by § 1219 of the Pension Protection Act of 2006, Pub. L. No. 109-280, 120 Stat. 780 (2006) (the “PPA”). The Service and the Treasury Department expect to issue regulations under § 170(f)(11). Until those regulations are effective, taxpayers may rely on this notice to comply with the new provisions added by § 1219 of the PPA. Notice 2004-7, Charitable Contributions of Patents and Other Intellectual Property: The Internal Revenue Service (IRS) is aware that some taxpayers that transfer patents or other intellectual property to charitable organizations are claiming charitable contribution deductions in excess of the amounts to which they are entitled under § 170 of the Internal Revenue Code. In particular, the IRS has become aware of purported charitable contributions of intellectual property in which one or more of the following issues are present: 1) transfer of a nondeductible partial interest in intellectual property; 2) the taxpayer’s expectation or receipt of a benefit in exchange for the transfer; 3) inadequate substantiation of the contribution; and 4) overvaluation of the intellectual property transferred. The purpose of this notice is to advise taxpayers that, in appropriate cases, the IRS intends to disallow all or part of these improper deductions and may impose penalties under § 6662. In addition, this notice advises promoters and appraisers that the IRS intends to review promotions of transactions involving these improper deductions, and that the promoters and appraisers of the intellectual property may be subject to penalties under §§ 6700, 6701, and 6694. Art Appraisal Services: The Art Advisory Panel assists IRS by reviewing and evaluation property appraisals submitted by taxpayers in support of the fair market value claimed in works of art involved in Federal income, estate and gift tax cases in accordance with the Internal Revenue Code. The Panel members, 25 renowned art experts, serve without compensation.