Allen M. Glick - Page 7

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          entitled to a charitable contribution deduction equal to the                
          difference between the fair market value of the property and the            
          amount realized from the sale.  Sec. 170(a)(1); Stark v.                    
          Commissioner, 86 T.C. 243, 255-256 (1986); Knott v. Commissioner,           
          67 T.C. 681 (1977); Waller v. Commissioner, 39 T.C. 665, 677                
          (1963).  Section 1.170A-1(c)(2), Income Tax Regs., defines fair             
          market value as "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 a reasonable            
          knowledge of relevant facts."                                               
               The parties have stipulated that charitable contributions to           
          the Commonwealth qualify for a charitable contribution deduction            
          pursuant to section 170(c)(1).  Respondent further concedes that            
          petitioner intended to make a gift to the Commonwealth of any               
          excess value of the Property over the selling price.  However, it           
          is respondent's position that $6 million, together with the                 
          Special Use Permit, properly reflects the fair market value of              
          the Property, and therefore, petitioner is not entitled to the              
          charitable deductions claimed.                                              
               The fair market value of donated property as of a given date           
          is a question of fact to be determined from the entire record.              
          Symington v. Commissioner, 87 T.C. 892, 896 (1986); Zmuda v.                
          Commissioner, 79 T.C. 714, 726 (1982), affd. 731 F.2d 1417 (9th             
          Cir. 1984).  Fair market value reflects the highest and best use            
          of the property on the date of valuation.  Stanley Works v.                 




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