Page:United States Statutes at Large Volume 98 Part 1.djvu/740

 98 STAT. 692

PUBLIC LAW 98-369—JULY 18, 1984 (4) QUALIFIED APPRAISAL,—The term "qualified appraisal" means an appraisal prepared by a qualified appraiser which includes— (A) a description of the property appraised, (B) the fair market value of such property on the date of contribution and the specific basis for the valuation, (C) a statement that such appraisal was prepared for income tax purposes, (D) the qualifications of the qualified appraiser, (E) the signature and TIN of such appaiser, and (F) such additional information as the Secretary prescribes in such regulations. (5) QUALIFIED APPRAISER.—

(A) IN GENERAL.—For purposes of this subsection, the term "qualified appraiser" means an appraiser qualified to make appraisals of the type of property donated, who is • ^

^ >i - ••

not—

(i) the taxpayer, (ii) a party to the transaction in which the taxpayer acquired the property, (iii) the donee, (iv) any person employed by any of the foregoing persons or related to any of the foregoing persons under section 267(b) of the Internal Revenue Code of 1954, or (v) to the extent provided in such regulations, any person whose relationship to the taxpayer would cause a reasonable person to question the independence of such appraiser. (B) APPRAISAL FEES.—For purposes of this subsection, an appraisal shall not be treated as a qualified appraisal if all or part of the fee paid for such appraisal is based on a percentage of the appraised value of the property. The preceding sentence shall not apply to fees based on a sliding scale that are paid to a generally recognized association regulating appraisers. (6) OTHER DEFINITIONS.—For purposes of this subsection— (A) CLOSELY HELD CORPORATION.—The term "closely held corporation" means any corporation (other than an S corporation) with respect to which the stock ownership requirement of paragraph (2) of section 542(a) of such Code is met. (B) PERSONAL SERVICE CORPORATION.—The term "personal service corporation" means any corporation (other than an S corporation) which is a service organization (within the meaning of section 414(m)(3) of such Code). (C) PUBLICLY TRADED SECURITIES.—The term "publicly traded securities" means securities for which (as of the date of the contribution) market quotations are readily available on an established securities market. (D) NoNPUBLiCLY TRADED STOCK.—The term "nonpublicly traded stock" means any stock of a corporation which is not a publicly traded security. (E) THE SECRETARY.—The term "Secretary" means the Secretary of the Treasury or his delegate. (b) INFORMATION REPORT REQUIRED ON DISPOSITION BY DONEE.—

�