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newspapers and obtained a 50-percent ownership interest in the
newspapers. The Montana newspapers were stored in Mr. Fagliano’s
garage at his home in Bozeman, Montana. Mr. Fagliano did not
take out separate insurance on the Montana newspapers, nor did he
increase his homeowner’s insurance beyond its then current
$125,000 coverage. At the time the Montana newspapers were
purchased, neither petitioner nor Mr. Fagliano was a dealer in
rare or early newspapers.
In 1990, a decision was made to donate the newspapers to the
San Francisco Academy of Comic Art (SFACA). The SFACA was
founded by Bill Blackbeard (Mr. Blackbeard) in 1969 as a research
center and library devoted to the American comic strip. The
SFACA is a qualified section 170(c) organization. Mr.
Blackbeard, the director of the SFACA, was not interested in the
Montana newspapers and provided the name of Chris Berglas (Mr.
Berglas) to facilitate an exchange of newspapers in order to
provide the SFACA with newspapers it preferred.
On July 5, 1990, Mr. Berglas, proprietor of The Authentic
Journal, a business involved in the retail of newspapers, agreed
to evenly exchange certain Los Angeles and Chicago newspapers for
the Montana newspapers. The agreement required the Montana
newspapers to be shipped to Mr. Berglas, who would then deliver
the Los Angeles and Chicago newspapers to the SFACA. On August
9, 1990, the Montana newspapers were shipped from Bozeman,
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