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money is to be the “fair market value of the property at the time
of the contribution”. Sec. 1.170A-1(c)(1), Income Tax Regs.
Generally, a taxpayer must maintain certain records in order to
claim a deduction for a charitable contribution. The taxpayer
must have a receipt (or letter) from the donee showing the name
of the donee, the date and location of the contribution, and a
description of the property. Sec. 1.170A-13(b)(1) and (2),
Income Tax Regs. Additionally, the regulations require that a
taxpayer taking a deduction in excess of $500 must maintain
records that show the fair market value of the property at the
time of the contribution and the method utilized in determining
the fair market value; the manner and date of acquisition of the
property; and the cost or other basis of the property, adjusted
as provided by section 1016. See sec. 1.170A-13(b)(2)(ii) and
(3)(i), Income Tax Regs.
The only information in evidence is the letter from NKF
confirming receipt of the truck with a description. There is no
reliable evidence of the fair market value of the truck at the
time that it was contributed. The printout from CarPrices.com
gives no indication as to how adjustments are made or how, sight
unseen, the fair market value of the vehicle is determined.
There is no evidence that CarPrices.com is a reliable source of
market information. Additionally, there is no evidence proving
petitioner’s original cost or other basis in the truck.
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Last modified: May 25, 2011