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There shall be allowed as a deduction any charitable
contribution (as defined in subsection (c)) payment of
which is made within the taxable year. A charitable
contribution shall be allowable as a deduction only if
verified under regulations prescribed by the Secretary.
Section 1.170A-1(c)(1), Income Tax Regs., provides in
pertinent part: “If a charitable contribution is made in
property other than money, the amount of the contribution is the
fair market value of the property at the time of the
contribution”. Fair market value, as defined by the regulations,
“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.
Section 1.170A-7(c), Income Tax Regs., provides that, except
as provided in section 1.170A-14, Income Tax Regs., the amount of
the deduction under section 170 in the case of a partial interest
in property is the fair market value of the partial interest at
the time of the contribution.
Section 1.170A-14(h)(3)(i), Income Tax Regs., in part,
provides as follows:
The value of the contribution under section 170 in the
case of a charitable contribution of a perpetual
conservation restriction is the fair market value of
the perpetual conservation restriction at the time of
the contribution. See �1.170A-7(c). If there is a
substantial record of sales of easements comparable to
the donated easement (such as purchases pursuant to a
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