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states the Committee on Ways and Means’ belief: “[T]hat
deductibility at full fair market value for gifts of appreciated
stock to private nonoperating foundations should be permitted in
certain situations in which the potential for abuse, including
overvaluations, is minimized.” Id. at 1464.
The rebuttable presumption of formal consistency is a
presumption applicable in the interpretation of statutes. The
presumption is that, when the drafter of a legal document uses
the same language in more than one portion of the same document,
a court may presume a consistency of meaning. See Dickerson, The
Interpretation and Application of Statutes 224 (1975). Congress
used the same language to express the market quotations
requirement in TRA sections 155 and 301. Nothing here leads us
to believe that Congress intended inconsistent meanings, and the
commonality of legislative purpose leads us to believe that a
consistent meaning was intended. We conclude that the market
quotations requirement has the same meaning for the purpose of
defining qualified appreciated stock and in determining when
securities are publicly traded (so as to exempt a donor from the
substantiation requirements).
2. Market Quotations Requirement
In general, if a charitable contribution is made in property
other than money, the amount of the contribution is the fair
market value of the property at the time of the contribution.
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