- 5 - Petitioners filed their joint 2001 Federal income tax return on April 15, 2002, reporting a noncash charitable contribution of $210,306.4 Attached to their return was a Form 8283, Noncash Charitable Contributions. Form 8283 instructs the taxpayer to provide, inter alia, a description of the donated property, the date of its acquisition, and, if the property was sold in a “bargain sale”, the amount the taxpayer received from the donee. Petitioners’ Form 8283 describes the donated property as “Farmland” and lists the date of acquisition as “Various”. It does not identify the contribution as a bargain sale or indicate that petitioners received payment from DALPF. Form 8283 includes a section titled “Donee Acknowledgment”. This section instructs the donee to acknowledge that it is a qualified organization under section 170(c) and that it received the property in question. Petitioners’ Form 8283 was not signed by a representative of DALPF. Form 8283 also includes a section titled “Declaration of Appraiser”. This section instructs the appraiser of the donated property to sign the following statement: I declare that I am not the donor, the donee, a party to the transaction in which the donor acquired the property, employed by, or related to any of the foregoing persons * * *. And, if regularly used by the donor, donee, or party to the transaction, I performed 4 Because petitioners reported adjusted gross income of $19,561, their claimed deduction was limited to $9,781.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