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It incorporated many of the provisions of the Senate version but
left the details of implementation to regulations to be issued by
the Secretary of the Treasury. The provisions relevant to this
case state:
Sec. 155. Substantiation of Charitable Contributions;
Modifications of Incorrect Valuation Penalty.
(a) Substantiation of Contributions of
Property.--
(1) In general.--Not later than December 31,
1984, the Secretary shall prescribe regulations
under section 170(a)(1) of the Internal Revenue
Code of 1954, which require any individual,
closely held corporation, or personal service
corporation claiming a deduction under section 170
of such Code for a contribution described in
paragraph (2)--
(A) to obtain a qualified appraisal for
the property contributed,
(B) to attach an appraisal summary to
the return on which such deduction is first
claimed for such contribution, and
(C) to include on such return such
additional information (including the cost
basis and acquisition date of the contributed
property) as the Secretary may prescribe in
such regulations.
Such regulations shall require the taxpayer to
retain any qualified appraisal.
(2) Contributions to which paragraph (1)
applies.--For purposes of paragraph (1), a
contribution is described in this paragraph--
(A) if such contribution is of property
(other than publicly traded securities), and
(B) if the claimed value of such
property (plus the claimed value of all
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