Ao-34 Retro Data

[CANative]

USPAP screws the pooch on this one. The IRS clearly states that the data should be as close as possible to the date of value...it does not specify that it should ONLY occur before the date of value. The fact is for 99% of assignments, the value within a few months AFTER or a few months BEFORE are not going to be so significantly different as to impact the real value...which is a guess in the first place. Only if some dramatic event occurred just after the date of value would the value change enough to not fall inside the margin of error in our final value. So unless Walmart sold to Amazon tomorrow, Bentonville Arkansas, as busy as it is, isn't going to see some dramatic difference in values even a few months before and after a given date.

This is essentially the position taken by the various Assessment Appeals Boards in the 58 CA Counties. Tax appeals are retrospective (except USPAP does not apply when not working as an appraiser) and virtually all jurisdictions will allow data 3 months after the lien date.

But you still have to keep it somewhat credible.

 

[ZZGAMAZZ]

This is essentially the position taken by the various Assessment Appeals Boards in the 58 CA Counties. Tax appeals are retrospective (except USPAP does not apply when not working as an appraiser) and virtually all jurisdictions will allow data 3 months after the lien date.

But you still have to keep it somewhat credible.

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This is essentially the position taken by the various Assessment Appeals Boards in the 58 CA Counties. Tax appeals are retrospective (except USPAP does not apply when not working as an appraiser) and virtually all jurisdictions will allow data 3 months after the lien date.

But you still have to keep it somewhat credible.

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For AF members familiar with BK appraisals: Does any similar, formal, tangible body of appraisal knowledge that might be cited as precedent (presumably Federal) exist that pertains to appraisal assignments presented to the Court, in SoCal? (I'm rather sure that I've waded through every book, every guideline, everything written that includes the word "appraisal" in the Riverside, CA, Bankruptcy Library, without finding anything pertinent.) Regards.

 

[Terrel L. Shields]

as precedent (presumably Federal) exist that pertains to appraisal assignments presented to the Court, in SoCal?

Having some issue parsing that. Are you asking about a state court? Federal court? A Federal appeals court may defer to the state laws. Someone might file a fraud and RICO charge against someone. Fraud is generally state issue and RICO is a federal one. Filed in state court the action gets thrown out - states don't deal with federal statutes like RICO. Filed in Federal court, if a judge throws out the RICO charges as not a valid complaint, that federal judge may opt to go ahead and adjudicate the fraud charge but normally applies the state statute of limitations for instance. The judge could toss it back to the state but often simply settles the matter rather than cause the plaintiffs further machinations to go through.

 

[ZZGAMAZZ]

Having some issue parsing that. Are you asking about a state court? Federal court? A Federal appeals court may defer to the state laws. Someone might file a fraud and RICO charge against someone. Fraud is generally state issue and RICO is a federal one. Filed in state court the action gets thrown out - states don't deal with federal statutes like RICO. Filed in Federal court, if a judge throws out the RICO charges as not a valid complaint, that federal judge may opt to go ahead and adjudicate the fraud charge but normally applies the state statute of limitations for instance. The judge could toss it back to the state but often simply settles the matter rather than cause the plaintiffs further machinations to go through.[/QU=
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Asking about cases determined by the Federal Bankruptcy Court. I've gone through the "rules," "general orders," "BK Code," "'Federal' and 'Local'" BK Rules, as well as all reference books the Central District of CA Law Library physical location librarian could find that might address appraisal rules. Virtually nothing found.

 

[Tom4value]

For a retro appraisal, you can use a comp that closed after the effective date but not as your primary 3. However, you have to be able to support that it was relevant for the market at the time.

 

[ZZGAMAZZ]

For a retro appraisal, you can use a comp that closed after the effective date but not as your primary 3. However, you have to be able to support that it was relevant for the market at the time.

For a retro appraisal, you can use a comp that closed after the effective date but not as your primary 3. However, you have to be able to support that it was relevant for the market at the time.

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Well, other than that you as much as anybody represent "the body of my peers," would you be so kind as to cite the formal reference to your perspetive, just in case I'm asked.

 

[ZZGAMAZZ]

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Well, other than that you as much as anybody represent "the body of my peers," would you be so kind as to cite the formal reference to your perspetive, just in case I'm asked.

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Speakin' of which, tongue-in-check, it would be interesting if an appraiser incorporated an appraisal concept supported wholeheartedly by dozens of AFormumulites, which was demonstrated--by opposing counsel for example--to contradict UAPAP, which presumably trumps the collective perspective of peer appraisers nationalwide.

 

[Michigan CG]

For a retro appraisal, you can use a comp that closed after the effective date but not as your primary 3.

Says who?