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property expenses and the noncash charitable contributions.
Petitioners provided no credible evidence for the claimed St.
John rental property deductions. Further, neither petitioners
nor their accountant provided an explanation why timely qualified
appraisals were not conducted for the noncash charitable
contributions and why the appraisal summaries on Form 8283 were
not fully completed. We, therefore, sustain respondent’s
imposition of the accuracy-related penalties with regard to the
underpayment associated with the deductions of the St. John
rental property expenses and the noncash charitable
contributions.
In reaching our holdings herein, we have considered all
arguments made by the parties, and to the extent not mentioned
above, we find them to be irrelevant or without merit.
To reflect the foregoing,
Decision will be entered
under Rule 155.
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