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OPINION
The issue for decision is the fair market value of the
donated Los Angeles and Chicago newspapers for purposes of
determining the proper amount of petitioners’ charitable
contribution deductions. The parties agree that petitioners are
entitled to a charitable contribution deduction for one-half the
value of the newspapers; however, the parties disagree as to the
appropriate market to be used and the fair market value of the
newspapers.
Section 170 allows an individual to deduct charitable
contributions, subject to certain percentage limitations, with a
carryover of any excess contributions. See sec. 170(a), (b),
(d). If a charitable contribution is made in property other than
money, the amount of the taxpayer’s contribution is the fair
market value of the property at the time of the contribution.
See sec. 1.170A-1(c), Income Tax Regs. Section 1.170A-1(c)(2),
Income Tax Regs., defines fair market value as “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 a reasonable knowledge of relevant facts.”
The fair market value of donated property as of a given date is a
question of fact to be determined from the entire record. See
Goldstein v. Commissioner, 89 T.C. 535, 544 (1987); Skripak v.
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Last modified: May 25, 2011