-11- Commissioner’s reasonable requests. Sec. 7491(a)(2)(A) and (B).7 Here, both parties have presented evidence and introduced expert witness reports. We therefore decide the case based on the preponderance of evidence without regard to the burden of proof. See Blodgett v. Commissioner, 394 F.3d 1030 (8th Cir. 2005), affg. T.C. Memo. 2003-212; Polack v. Commissioner, 366 F.3d 608, 613 (8th Cir. 2004), affg. T.C. Memo. 2002-145. II. Rules on Valuation We next address the value of the subject property at the date of contribution to the charitable organization to determine the charitable contribution deduction amount. Section 170 generally permits a deduction for contributions made to charitable institutions, subject to restrictions not at issue here. With respect to a contribution of property other than money, the amount of the contribution is the fair market value of the property at the time of contribution. Sec. 1.170A-1(c)(1), Income Tax Regs. Fair market value is 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 reasonable knowledge of relevant facts. Sec. 1.170A- 1(c)(2), Income Tax Regs. 7Sec. 7491 is effective with respect to court proceedings arising in connection with examinations by the Commissioner commencing after July 22, 1998, the date of enactment of the Internal Revenue Service Restructuring and Reform Act of 1998, Pub. L. 105-206, sec. 3001(a), 112 Stat. 726.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011