IRS Casualty Loss and Common Errors

State CE Credit: This is a live stream/synchronous class and is only approved for Florida Real Estate Appraisal Board and Appraisal Institute continuing education credit.  For other states, you should determine current education approval and requirements.

View additional offerings sponsored by the South Florida Chapter

Seminar Description: This three-hour panel discussion covers IRS casualty loss requirements and common appraisal errors encountered in federal tax matters. The course is organized in three parts. Part A addresses IRS Publication 547, including the definitions of casualty, disaster, and theft losses, the documentation required to support claims, safe harbor methods for determining post-casualty value, and the role of adjusted basis and fair market value in calculating deductible losses. 

Part B is a panel discussion on common errors observed in appraisals submitted to the IRS, covering topics such as fair market value standards, discounted cash flow analysis, sales comparison, highest and best use, extraordinary assumptions, independence and ethics, and the use of comparable sales data.

Part C examines recent U.S. Tax Court cases involving conservation easement valuations, including judicial critiques of valuation methodologies and penalties for gross valuation misstatements. 

The IRS panelists are Lead Appraiser Ray Krasinski, MBA, MAI, AI-GRS, ASA, IFA, RAA, GAA, and Frank R. Molinari, SRA, CVA, Manager of Engineering & Valuation within the IRS Large Business & International (LB&I) Division. Nicholas D. Pilz, MAI, SRA, AI-RRS of Edge Realty Advisors will serve as moderator. The seminar is jointly sponsored by the East Florida, Gulf Coast Florida, South Florida, and Northeast Florida Chapters of the Appraisal Institute and will be offered in person and live stream/synchronously.

Class Schedule:

Login and Roll Call:  Noon – 12:30 PM ET

Class Instruction:  12:30 – 3:30 PM ET

Please note: This class will be held by live stream synchronous interactive classroom technology.  Students are required to have a computer, webcam and microphone.  It is the student’s responsibility to have the required equipment to participate and receive continuing education credit. 

Live stream/Synchronous Classroom Guidelines:

• Students must have a computer, webcam and microphone capabilities to participate and receive continuing education credit
• The instructor must be able to physically see and interact with all students and students must be able to interact with the instructor
• A copy of your driver’s license must be emailed to the Chapter Office as verification after you have registered and prior to the start date
• You will receive a separate email from the chapter office with log-in access information.  Please contact the chapter office if you have any questions regarding the participation guidelines at debra.mcclave@appraisalinstitute.org
• Class materials will be emailed to you prior to the class