Bruce K. and Marina V. Ney - Page 20

                                       - 19 -                                         
          thus relates to “the substance or essence of whether or not a               
          charitable contribution was actually made.”  See Bond v.                    
          Commissioner, supra at 41.                                                  
               Petitioners argue that the regulations provide relief for              
          failure to comply with the substantiation requirements.  For                
          example, the regulations provide that if it is impossible for the           
          taxpayer to obtain the donee’s signature on the appraisal                   
          summary, the taxpayer’s deduction will not be disallowed provided           
          the taxpayer attaches a statement to the appraisal summary                  
          explaining why it was not possible to obtain the donee’s                    
          signature.  Sec. 1.170A-13(c)(4)(iv)(C)(2), Income Tax Regs.                
          Petitioners have not asserted that it was impossible to obtain              
          the donee’s signature, however, nor did they attach an                      
          explanatory statement to the Form 8283.                                     
               The regulations also provide that if the taxpayer fails to             
          attach the appraisal summary to the tax return, the Internal                
          Revenue Service may request that the taxpayer submit the                    
          appraisal summary within 90 days of the request.  Sec. 1.170A-              
          13(c)(4)(iv)(H), Income Tax Regs.  If such a request is made and            
          the donor complies, a deduction will not be disallowed provided             
          that, inter alia, the donor’s failure to attach the appraisal               
          summary was a good faith omission and a qualified appraisal was             
          completed within the specified period.  Id.  Because petitioners            







Page:  Previous  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  Next

Last modified: May 25, 2011