If you value businesses, take heed. Last week, the IRS issued Notice 2006-96 (reprinted below) which provides guidance on the "qualified appraisal/appraiser" provisions of the Pension Protection Act of 2006.
"... a surprise: The interim guidelines specifically refer to USPAP (Uniform Standards of Professional Appraisal Practice) to define 'qualified appraisal' and related terms. In the past, 'the IRS has avoided blessing any particular association or standard,' said Brenda Woolbert, CPA, CVA, an IRS Engineering supervisor, but 'clearly, USPAP will set the benchmarks going forward.'"
For your reading pleasure, IRS Notice 2006-96 is reprinted here in its entirety: