Property in an IRA

[doombuggy]

Here is a question a client has posed to me:

i know buying the property in my 401(k) requires an annual appraisal be done, is that also true if land is purchased in an ira?

I deal with 401(k)s, profit sharing plans and money purchase plans, but not IRAs. While I have one myself, it is made up of stocks and mutual funds. Does anyone know the answer to this question? Many thanks!

[saabraa]

As far as I know, the IRA custodian/trustee must show fair market value of the account on the annual Form 5498.