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RECEIPT, RECORDKEEPING, AND REPORTING REQUIREMENTS(b) Qualified AppraisalA qualified appraisal is an appraisal document that:• Relates to an appraisal made not earlier than 60 days prior to the date ofcontribution of the appraised property• Is prepared, signed, and dated by a qualified appraiser (or appraisers)• Contains the requisite information• Does not involve a prohibited type of appraisal fee 84Certain information must be included in a qualified appraisal:• A description of the property in sufficient detail for a person who is notgenerally familiar with the type of property to ascertain that the propertythat was appraised is the property being contributed• The physical condition of the property (in the case of tangible property)• The date of contribution of the property• The terms of any agreement between the parties relating to any subsequentdisposition of the property, including restrictions on the charity’suse of the gift property• The name, address, and tax identification number of the appraiser• The qualifications of the qualified appraiser (or appraisers)• A statement that the appraisal was prepared for income tax purposes• The date or dates on which the property was appraised• The appraised fair market value of the property on the date of contribution• The method of valuation used to determine the fair market value of theproperty• The specific basis for the valuation 85The qualified appraisal must be received by the donor before the due date(including extensions) of the return on which the deduction for the contributedproperty is first claimed; or, in the case of a deduction first claimed on anamended return, the date on which the return is filed. 86A separate qualified appraisal is required for each item of property that isnot included in a group of similar items of property. 87 Only one qualified84 Reg. § 1.170A-13(c)(3)(i).85 Reg. § 1.170A-13(c)(3)(ii). In one instance, a court found an appraisal to be a qualified one, notwithstandingthe fact that the appraisal did not conform to all the requirements in the tax regulations. Herman v. UnitedStates, 99-2 U.S.T.C. 50,899 (E.D. Tenn. 2000). Moreover, the failure of the appraisal to meet all the technicalrequirements of a qualified appraisal, wrote the court, “helps, rather than hurts” the donors in the case.Id. at 89,985. The appraiser did not know his report was to be used for tax purposes and he was not paid forhis services. He thought he was determining what the new hospital’s equipment needs would be so that hiscompany could fill those needs; thus, this individual lacked any incentive to overvalue the contributed equipment.86 Reg. § 1.170A-13(c)(3)(iv)(B).87 Reg. § 1.170A-13(c)(3)(iv)(A). 596