Recent Case of Tarpey v. U.S. Provides Important Reminder to Donors and Appraisers Alike to Ensure the Appraisals of Contributed Property Are Qualified Appraisals Performed by Qualified Appraisers
Fatima Hasan, an associate in the Firm’s Private Client Practice, co-authored this article with a fellow attorney, Richard Fox. The pair provide commentary on a recent case where the court determined that a taxpayer was subject to the substantial penalty regime under the promoting abusive tax shelters provision. According to the two attorneys, "the case is a strong reminder of the necessity of donors to confirm, with their independent tax advisors, that the appraisal they are provided is indeed a qualified appraisal prepared by a qualified appraiser.