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I. Substantiation Requirements
Pursuant to DEFRA section 155, the Secretary has prescribed
regulations for taxpayers claiming deductions in excess of $5,000
for certain charitable contributions of property. See generally
sec. 1.170A-13(c), Income Tax Regs. The regulations require the
taxpayer, inter alia, to obtain a qualified appraisal and attach
a fully completed appraisal summary to the tax return. Sec.
1.170A-13(c)(2)(i), Income Tax Regs. The regulations provide
detailed definitions for the terms “qualified appraisal” and
“appraisal summary”, as well as for other pertinent terms. We
discuss only those portions of the definitions that are relevant
to the parties’ motions.
A. Qualified Appraisal
A qualified appraisal is an appraisal document that: (1)
Relates to an appraisal that is made not earlier than 60 days
before the date of contribution of the appraised property nor
later than the due date of the return on which a deduction is
first claimed; (2) is prepared, signed, and dated by a qualified
appraiser; (3) includes a statement that the appraisal was
prepared for income tax purposes; and (4) includes the appraised
fair market value of the property on the date (or expected date)
of contribution. Sec. 1.170A-13(c)(3)(i)(A), (B), (ii)(G), (I),
(iv)(B), Income Tax Regs.
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Last modified: May 25, 2011