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of property to ascertain that the property that was appraised is
the property that was contributed;
(6) include the terms of any agreement of understanding
entered into or expected to be entered into by or on behalf of
the donor or donee that relates to the use, sale, or other
disposition of the property, including an agreement that
restricts temporarily or permanently a donee’s right to dispose
of the property;
(7) show the date on which the property was contributed;
(8) show the fair market value of the property on the date
of contribution;
(9) show the method of valuation and the specific bases for
the valuation; and
(10) show the date on which the appraisal was made.
The Secretary promulgated the above-referenced regulations
in response to the Deficit Reduction Act of 1984 (DEFRA), Pub. L.
98-369, sec. 155(a), 98 Stat. 691. DEFRA section 155 instructs
the Secretary to provide heightened substantiation reporting
requirements for certain noncash charitable contributions. DEFRA
section 155 provides:
(3) Appraisal summary.--For purposes of this
subsection, the appraisal summary shall be in such form and
include such information as the Secretary prescribes by
regulations. Such summary shall be signed by the qualified
appraiser preparing the qualified appraisal and shall
contain the TIN of such appraiser. Such summary shall be
acknowledged by the donee of the property appraised in such
manner as the Secretary prescribes in such regulations.
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Last modified: March 27, 2008