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in excess of $500 for a noncash contribution, the taxpayer must
maintain written records that also indicate how the property was
acquired, and the cost or adjusted basis of the property. Sec.
1.170A-13(b)(3), Income Tax Regs. The taxpayer must establish
the reliability of the written records. Sec. 1.170A-13(a)(2)(i),
(b)(2)(i), Income Tax Regs.
If the taxpayer claims a deduction in excess of $5,000 for
noncash contributions (other than certain publicly traded
securities), he must: (1) Obtain a qualified appraisal for such
property;10 (2) attach a fully completed appraisal summary to the
tax return on which the deduction is first claimed; and (3)
maintain records containing the information required in section
1.170A-13(b)(2)(ii), Income Tax Regs. Sec. 1.170A-13(c)(2),
Income Tax Regs.
If the taxpayer makes a charitable contribution of money,
the taxpayer must maintain for each contribution either a
10A qualified appraisal must be made within the proper time
in relation to the date of the contribution, must include the
information required by sec. 1.170A-13(c)(3)(ii), Income Tax
Regs., must not involve a prohibited appraisal fee, and must be
prepared, signed, and dated by a qualified appraiser. Sec.
1.170A-13(c)(3), Income Tax Regs. In general, a qualified
appraiser is an individual who either holds himself out to the
public as an appraiser or performs appraisals on a regular basis,
is qualified to make appraisals of the type of property being
valued, and is not a disqualified individual. Sec. 1.170A-
13(c)(5), Income Tax Regs. Disqualified individuals include the
donor or taxpayer claiming the deduction for the contributed
property, the donee of the property, and any person employed by
any of the foregoing persons. Sec. 1.170A-13(c)(5)(iv), Income
Tax Regs.
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