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OPINION
Fair Market Value
Section 170(a)(1) allows a deduction for charitable
contributions made to an organization described in section
170(c). In general, the amount of a charitable contribution made
in property other than money is the fair market value of the
property at the time of the contribution. See sec. 1.170A-
1(c)(1), Income Tax Regs. Fair market value is defined as “on
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; United
States v. Cartwright, 411 U.S. 546 (1973). Fair market value is
a question of fact to be determined from the entire record. See
Skripak v. Commissioner, 84 T.C. 285, 320 (1985).
Petitioner argues that the cumulative fair market value of
the contributed property in 1993 was $949,030. Petitioner bears
the burden of proving a higher value than that determined by
respondent. See Rule 142(a); Welch v. Helvering, 290 U.S. 111
(1933). Petitioner was unable to produce canceled checks, sales
receipts, or other documents that substantiated the price that he
paid or the date that he purchased the Kesslers. Petitioner was
unable to provide records substantiating the price that he paid
or the date that he purchased the religious articles. At trial,
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Last modified: May 25, 2011