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to pay for a life insurance policy under which the taxpayers
would receive part of the death benefits. We held that the
taxpayers did not comply with the substantiation requirement of
section 170(f)(8)2 and section 1.170A-13(f)(6), Income Tax
Regs.,3 because NHF incorrectly stated in the receipts that the
taxpayers received no consideration for their payments. We reach
2 Sec. 170(f)(8) provides in part:
(A) General rule.--No deduction shall be allowed
under subsection (a) for any contribution of $250 or
more unless the taxpayer substantiates the contribution
by a contemporaneous written acknowledgment of the
contribution by the donee organization that meets the
requirements of subparagraph (B).
(B) Content of acknowledgment.--An acknowledgment
meets the requirements of this subparagraph if it
includes the following information:
(i) The amount of cash and a description
(but not value) of any property other than
cash contributed.
(ii) Whether the donee organization
provided any goods or services in
consideration, in whole or in part, for any
property described in clause (i).
(iii) A description and good faith
estimate of the value of any goods or
services referred to in clause (ii) * * *.
3 Sec. 1.170A-13(f)(6), Income Tax Regs., provides:
(6) In consideration for.--A donee organization
provides goods or services in consideration for a
taxpayer’s payment if, at the time the taxpayer makes
the payment to the donee organization, the taxpayer
receives or expects to receive goods or services in
exchange for that payment. * * *
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Last modified: May 25, 2011