- 13 - contribution; they do not state that they were prepared for income tax purposes; and they do not appraise Procko Farm and Webber Farm on the date of contribution. See sec. 1.170A- 13(c)(3)(i)(A), (G), (I), Income Tax Regs. In addition, petitioners concede that RPC was not a qualified appraiser because RPC was employed by DALPF. See sec. 1.170A-13(c)(5)(iv), Income Tax Regs. With respect to the 2005 appraisals by DCS, the appraisal documents state that they were prepared “for tax purposes” and that they are valuing the properties as of the date of contribution. However, the appraisals were made more than 3 years after the due date of petitioners’ tax return and therefore were not timely. See sec. 1.170A-13(c)(3)(i)(A), Income Tax Regs. In addition to these defects, the Form 8283 attached to petitioners’ tax return was not signed by an appraiser or by the donee; it does not list the date of acquisition for either property; and it does not state whether either contribution was made by means of a bargain sale or indicate that petitioners received payments from DALPF.6 See sec. 1.170A-13(c)(4)(i) and (ii), Income Tax Regs. 6 In their motion for partial summary judgment, petitioners assert that the sale of development rights to DALPF was a bargain sale. Petitioners have not explained why they failed to describe it as such on the Form 8283, Noncash Charitable Contributions.Page: Previous 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 Next
Last modified: May 25, 2011