The rapid run-up in farm and ranch land values in recent years1 has focused attention on land appraisal for purposes of developing an investment strategy, evaluating offers to buy or to sell and supporting deductions claimed for charitable gifts of property. Land value increases have also boosted the stakes for valuations of property for federal estate purposes,2 generation-skipping transfer tax purposes3 and for gifts to non-charitable donees.4 The importance of accurate and supportable appraisals has never been greater than at present. Wherever tax considerations are involved, “qualified appraisers” and “qualified appraisals” have become matters of significant concern.5



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