- 12 -
return. Respondent allowed $14,224 of the charitable
contributions other than by cash or check. If a taxpayer claims
a deduction for a charitable contribution of property other than
money, the amount of the contribution is the fair market value of
the property at the time of the contribution reduced as provided
in section 170 and the regulations promulgated thereunder. Sec.
1.170A-1(c)(1), Income Tax Regs. The fair market value 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.
In light of some confusion at trial and on brief, and to
remedy certain computational errors in the stipulation of facts,
we set forth the allowable contributions other than by cash or
check below. Respondent allowed the following amounts for
noncash charitable contributions:
Claimed Allowed
Morse Geriatric1 $1,342 $413
New Eyes for the Needy 585 100
Hadassah Bargain Spot 1,426 507
Animal Rescue League 1,526 -0-
Science Museum 250 -0-
Lions SightFirst 90 -0-
Municipal Library 450 64
Jewish Federation 12,581 12,581
JCC Thrift Store 1,783 507
Brandeis University 105 52
$20,138 $14,224
1We note that the full name of this institution is the
Nearly New Thrift Shop of the Morse Geriatric Center and is
therefore represented twice in the stipulation of facts.
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