The Pension Protection Act of 2006 (PPA)1 imposes new penalties on appraisers that are deemed to have made substantial or gross valuation misstatements. These stiff penalties are articulated in new Internal Revenue Code Section 6695A (see “Go to the Source,” p. 28) and apply not only to professional appraisers but also, as the PPA states, to “a[ny] person who prepares an appraisal.” Once imposed, the only way to avoid them is “if the person who prepared the appraisal can establish
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