Harry T. Cavalaris - Page 9

                                        - 9 -                                         

          dispute involves only (1) the valuation of clothing donated to              
          Crossnore School, and (2) unreimbursed travel expenses claimed by           
          petitioner.  Respondent does not dispute the tax exempt status of           
          any of the organizations involved.                                          
          1.  Crossnore School Deduction                                              
               Section 170(a) allows a deduction for charitable                       
          contributions.  If the contribution is made in property other               
          than money, the amount of the contribution is the fair market               
          value of the property.  Sec. 1.170A-1(c)(1), Income Tax Regs.               
               On his 1990 Federal income tax return petitioner claimed a             
          charitable contribution deduction in the amount of $1,000 for               
          clothing donated to Crossnore School.  A handwritten list of the            
          items donated filled the majority of a sheet of looseleaf paper.            
          The items of greatest value on the list include eight three-piece           
          suits, four sport coats, one tuxedo, two overcoats, four pairs of           
          shoes (one new), one leather coat, and two pairs of lizard skin             
          boots.  Respondent determined that the fair market value of the             
          property was $353.                                                          
               Petitioner's testimony focused on the cost of some of the              
          items but, with the exception of the new shoes, no evidence was             
          introduced to show the condition or the fair market value of the            
          property.  Accordingly, we conclude petitioner has failed to meet           
          his burden of proving that the fair market value of the donated             
          items was $1,000.  On the other hand, we conclude that the value            





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  Next

Last modified: May 25, 2011