Qualified Appraiser, Qualified Appraisals
Juanita E. Addeo FGA GG ASA
Master Gemologist Appraiser ®
- Graduate Gemologist, Gemological Institute of America, Carlsbad, Ca. 7/’80 GIA
- American Society of Appraisers, achieved Master Gemologist Appraiser® designation, Accredited Senior Appraiser, June 1991 (47 International designations to date).
- GIA Jewelry Design, May ’78
- University of Central Fl., Commercial Art, ‘82
- Fellowship Gemological Association of Great Britain (Gem-A) August 2016
- Addeo Jewelers, Heathrow, Fl., established 1989 through present. Appraisals, and custom order work.
- Continuation of third generation family business. By appointment only.
- President, Addeo Jewelers Inc, Casselberry, Fl.
- Established 1973 to 1987. Full retail fine jewelry business employing 5 people.
- President, j. Eugenia Addeo Company, Park Avenue Winter Park, Fl. Upper end fine jewelry salon 12/’77- 3/’80.
- Owner, Bambini’s, manufacturer of precious metal line of baby bracelets. ’96 through present.
- Owner, Melee Enterprises, manufacturer of multiple metal dog tags. ’76 through ’02.
- Addeo Jewelers, Inc., N.Y., N.Y., established 1949. Diamond Exchange family business. (Relocated in 1972).
- Addeo Appraisers – Engaged as an independent Appraiser of gems and jewelry for Individual insurance policy needs, financial institutions, Banks, DEA, State of Florida, insurance firms, IRS, negotiation, hypothetical cases, Fair Market Value, comparison shopping, dissolution of property, Estate/Probate, Liquidation, Gem identification, and loss. Edwardian collections, and post loss hypothetical.
- Consulted for clients in consumer affair issues on WFTV Orlando, Todd Ulrich on two occasions
- Consultant for negotiating and/or appraising large diamonds/gemstones:
– 30.08ct D, Flawless
– 18.13cts natural fancy intense yellow diamond
– 21.46cts natural fancy intense yellow diamond
– 4.98 carat fancy brownish orange pink
– 5.02 L-M/SI-1 Forevermark
– 8.33 heart shape W-Z
– 2600cts rough corundum ruby crystal
- Winner, ’84 De Beers Diamonds Today Competition
- Gem-A Project: What kind of Diamond is Forever? Understanding the challenge of Synthetic Diamond to Natural Mined in the Marketplace
- ’17-19 ASA Board Member International Marketing Committee for Gems/Jewelry Discipline
- ’18-19 Gems & Jewelry & Jewelry Marketing Committee
- ’18-19 ASA Jerry F. Larkins Volunteer Service Award
- Winner, ’84 De Beers Diamonds Today Competition
- A.S.A. Principles of Value, PP 201 6/’95
- Gems and Jewelry Appraisal Techniques and Standards GJ 206 2/’90
- Appraisal Theory, Methods and Application, GJ 205 2/’05, GJ 205 6/’’12
- Insurance Documentation by the Retail Jeweler 2/’94, A.S.A.
- Advanced Updates Estate Appraising, 6/’99
- Advanced Diamond Grading, ASA invite to GIA Laboratory Carlsbad 7/’13
- Recognizing Treated Gems and Origin Issues, Chicago, 5/’15 GJ 209/b
- Synthetic Diamonds: The Products, Perceptions and Retailers 5/’15
- Synthetic Diamond Detection screening with standard lab instruments, Deljanin 7/’18
- GJ203: Appraising Gems & Jewelry for Advanced Assignments 7/’19
- Smart Shopping when Traveling Abroad, June ’10 ASA Library
- Co Authored with Barry Block ASA MGA®
- 18th Annual Antique & Period Jewelry and Gemstone Conf, 7/’97, Univ. of Maine, Orono
- 19th Annual Antique and Period conference 7/’98, University of R.I., Providence
- 9/’14 Rapaport International Diamond Symposium, Ft. Lauderdale
- 11/’15 Gemological Assn. Great Britain/Fed. European Ed. Gemologists Conf., London UK
- 11/’16 Gemological Assn. Great Britain, London UK
- 6/’15 Accredited Gemologists Assoc. Las Vegas NV
- 2/’17 Accredited Gemologists Assoc Tucson AZ
- 2/’18 Accredited Gemologists Assoc Tucson AZ and 6/’18 Las Vegas NV
- 2/’19 Accredited Gemologists Assoc Tucson AZ and 6/’19 Las Vegas NV
- 1986 GIA Symposium, Santa Monica, CA
- 2018 GIA Symposium, Carlsbad CA
- Completed Harvard Business School GIA Global Leadership Program at GIA Symposium
A.S.A. International Conferences:
Chair, Gem/Jewelry Conference Committee for:
Boca Raton 2016, Houston 2018, Manhattan 2019
- ’16 Boca Raton FL
- ’15 Las Vegas NV
- ’14 Savannah GA
- ’11 Phoenix AZ
- ’10 Las Vegas NV
- ’09 Orlando FL
- ’06 Brooklyn NY
- ’05 Austin TX
- ’04 Kansas City MO
- ’01 Pittsburgh PA
- ’99 Boston MA
- This appraiser has completed the Farnsworth-Munsell 100 hue discrimination Test and was found to have average or better hue discrimination. Date of last test 11/13/18
- Currently USPAP compliant to Feb. 21, 2021
- Completed recertification of Master Gemologist Appraiser® status 2005, 2010, & 2015
- American Society of Appraisers (served as Chapter Pres, VP, and Sec/Treas.)
- Jewelers Vigilance Committee, Accredited Gemologist Association, GIA Alumni, Jewelry Appraisers of the World, American Society of Jewelry Historians
Example of a laser-drilled diamond
On October 20, 2006, the IRS unveiled transitional guidance that it will use to determine if an appraisal can be considered a “qualified appraisal” for purposes of substantiating the value of a non-cash charitable contribution.
The recently-passed Pension Protection Act of 2006 (Pub. L. No. 109-280, 120 Stat.780 (2006)) establishes new substantiation requirements for the allowance of deductions for non-cash charitable contributions of greater than $5,000. These include new statutory definitions of “qualified appraisal” and “qualified appraiser” for appraisals prepared with respect to returns filed after August 17, 2006.
The new law contemplates that the Secretary of the Treasury will issue regulations establishing the requirements for a “qualified appraisal” and a “qualified appraiser.” In the interim, the IRS has released transitional guidance (Notice 2006-96) which taxpayers may rely on to comply with the new provisions until the new regulations are issued. See note (1)
New Requirements – Qualified Appraisal
Under the transitional guidance, a “qualified appraisal” means an appraisal that is conducted by a “qualified appraiser” in accordance with generally accepted appraisal standards. An appraisal will be treated as having been conducted in accordance with generally accepted appraisal standards if, for example, the appraisal is consistent with the substance and principles of the Uniform Standards of Professional Appraisal Practice (USPAP), as developed by the Appraisal Standards Board of the Appraisal Foundation. Additional information on USPAP is available at www.appraisalfoundation.org.
New Requirements – Qualified Appraiser
A “qualified appraiser” is an individual who has earned an appraisal designation from a recognized professional appraiser organization, if the designation is awarded on the basis of demonstrated competency in valuing the type of property for which the appraisal is performed, or has otherwise met minimum education and experience requirements set forth by the Secretary. An appraiser will be treated as having demonstrated verifiable education and experience in valuing the type of property subject to the appraisal if the appraiser makes a declaration in the appraisal that, because of the appraiser’s background, experience, education, and membership in professional associations, the appraiser is qualified to make appraisals of the type of property being valued.
An appraiser of real property will be treated as having met minimum education and experience requirements if she is licensed or certified in the state in which the appraised real property is located.
For property other than real property, the appraiser will be treated as having met minimum education and experience requirements, for returns filed after February 16, 2007, if she has (A) successfully completed college or professional-level coursework that is relevant to the property being valued, (B) obtained at least two years of experience in the trade or business of buying, selling, or valuing the type of property being valued, and (C) fully described in the appraisal the appraiser’s education and experience that qualify the appraiser to value the type of property being valued.
An additional requirement to being a qualified appraiser is that the individual regularly performs appraisals for which she receives compensation. Furthermore, the individual will not be treated as qualified if she has been prohibited from practicing before the IRS at any time during the three year period ending on the date of the appraisal. The determination of whether an appraiser is qualified must be based on the appraiser’s qualifications as of the date the appraisal is made.
Additional Appraiser Declaration
For returns filed after February 16, 2007, the appraiser must include in her declaration an additional statement that the appraiser understands that a substantial or gross valuation misstatement resulting from an appraisal of the value of property that the appraiser knows, or reasonably should have known, would be used in connection with a return or claim for refund, may subject the appraiser to a civil penalty under Sec. 6695A.
The Bottom Line
The IRS is getting more serious about the quality and reliability of appraisals submitted with tax returns. It behooves taxpayers and tax practitioners to also pay attention to the quality and reliability of the appraisers selected to prepare these appraisals.
Qualified appraisal. An appraisal will be treated as qualified appraisal within the meaning of § 170(f)(11)(E) if the appraisal complies with all of the requirements of § 1.170A-13(c) of the existing regulations (except to the extent the regulations are inconsistent with § 170(f)(11), and is conducted by a qualified appraiser in accordance with generally accepted appraisal standards. See sections 3.02(2) and 3.03 of this notice.