Property valuation requirements for one participant plan

[kwalified]

A one part plan owns a farm. The plan, which used to be 2 participants, now is just one and the plan files a shortened 5500SF. I'm trying to find up the code pertaining to annual valuations. Are they required in a 1 part plan?

[mbozek]

An annual valuation is required on a specific date using a consistent method uniformly followed. See Rev rule 80-155. Many small plans ignore the annual valuation and use the purchase price. RE is supposed to have an appraisal.