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concerning their need for funds for retirement savings and other
purposes, and their complete failure of substantiation by check
or receipt or corroborating testimony, we decline to believe
petitioners’ self-serving testimony as to their cash
contributions. We hold that petitioners are not entitled to
deductions for cash contributions beyond the amounts allowed by
respondent.
For charitable contributions of property other than money,
taxpayers generally must maintain for each contribution a receipt
from the donee showing the following information: (1) The name
of the donee; (2) the date and location of the contribution; and
(3) a description of the property in detail reasonably sufficient
under the circumstances. Sec. 1.170A-13(b)(1), Income Tax Regs.
The amount of the contribution is the fair market value of the
property at the time of the contribution. Sec. 1.170A-1(c)(1),
Income Tax Regs.
Petitioners’ contributions of property other than money
consisted of used clothing and household appliances. To
substantiate their values, petitioners offered documents
consisting of preprinted forms issued by charitable organizations
that petitioners filled in with the type and number of items
allegedly donated and the estimated value of the donation.
Petitioners testified that they determined the values by
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