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Charitable Contribution Deduction
Section 170(a) provides that a taxpayer is entitled to a
deduction for any charitable contribution as defined in section
170(c) that is made during the taxable year. If a charitable
contribution is made in property other than money, the amount of
the contribution is generally the fair market value of the
property at the time of the contribution. Sec. 1.170A-1(c)(1),
Income Tax Regs. The fair market value of property is the price
at which the property would change hands between a willing buyer
and a willing seller, neither being under any compulsion to buy
or sell and both having reasonable knowledge of relevant facts.
Sec. 1.170A-1(c)(2), Income Tax Regs.
The parties do not dispute that petitioner contributed the
5(...continued)
scope of testimony of Dr. Jamieson and Mr. Gilliam are unfounded.
Respondent's amendment to trial memorandum stated that Dr.
Jamieson and Mr. Gilliam would testify with respect to the re-
spective telephone conversations that they had had with peti-
tioner concerning the Mark IV helmet at issue. Dr. Jamieson and
Mr. Gilliam testified about what transpired during those respec-
tive telephone conversations, including their respective views as
to the fair market value of the Mark IV helmet at issue and the
basis for those views. Much of the testimony about which peti-
tioner appears to complain was elicited by him as a result of
questions he asked on cross-examination and recross-examination
of those witnesses.
Even assuming arguendo that we were to exclude from the record
the testimony of respondent's witnesses, Dr. Jamieson and Mr.
Gilliam, that record would contain no reliable evidence from
which we would have been able to find that petitioner satisfied
his burden of showing error in respondent's determination that he
did not substantiate the fair market value of the Mark IV helmet
at issue that he claimed in his 1991 return.
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Last modified: May 25, 2011