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requirements of section 1.170A-13, Income Tax Regs., and relieved
them of any obligation to obtain a qualified appraisal.
It is clear that petitioners did not obtain any qualified
appraisal, and no summary of any such appraisal was submitted
with the returns. The returns only reflected gifts of stock
without identifying the gifts as Jackson Hewitt stock, without
any indication of the number of shares, and setting forth only
the cost and claimed values. The question is whether petitioners
satisfied the appraisal requirements of the statute and the
regulations.
Petitioners rely on Bond v. Commissioner, 100 T.C. 32
(1993), to sustain their position that a qualified appraisal is
not a requirement under the circumstances herein. In that case,
respondent challenged a charitable deduction for failure to
obtain a qualified appraisal prior to filing the return. The
parties stipulated there was no valuation overstatement. We
found that the taxpayers had had the subject property, two
blimps, appraised by a qualified appraiser within the specified
time frame, and that substantially all of the information
required by respondent's regulations, section 1.170A-13(c)(3)(i),
Income Tax Regs., was contained in an appraisal summary, signed
by a qualified appraiser,9 set forth in the Form 8283 attached to
9 The only omitted item of required information was the
qualifications of the appraiser, which were promptly furnished to
respondent at the beginning of the audit of the return. See Bond
(continued...)
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