- 20 -
did not obtain a qualified appraisal within the specified period,
however, this exception does not apply.
We conclude that petitioners did not substantially comply
with section 1.170A-13(c), Income Tax Regs. Accordingly,
petitioners are not entitled to a noncash charitable contribution
deduction.
III. Petitioners’ Remaining Arguments
Petitioners raise a number of additional arguments regarding
the issue of substantial compliance, as well as other issues in
their case. We address these arguments below.
A. Curing a Failure To Comply With the Regulations
Petitioners argue that, “taken as a whole”, the documents
they provided to respondent--including the 2005 appraisals--
satisfy the requirements of the regulations. Although
petitioners did not obtain or provide all of the documents within
the prescribed period, petitioners contend they should be allowed
to cure any defects in the original appraisals and the appraisal
summary. We disagree.
DEFRA section 155 provides that the appraisal summary must
be attached to the taxpayer’s tax return and signed by the
qualified appraiser. See DEFRA sec. 155(a)(1)(B). Thus, the
qualified appraisal and the appraisal summary must be completed
no later than the due date of the tax return. As discussed
supra, while the regulations provide limited relief from certain
Page: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 NextLast modified: May 25, 2011