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(4) Qualified appraisal.--The term “qualified
appraisal” means an appraisal prepared by a qualified
appraiser which includes—
(A) a description of the property appraised,
(B) the fair market value of such property on
the date of contribution and the specific basis for the
valuation,
(C) a statement that such appraisal was
prepared for income tax purposes,
(D) the qualifications of the qualified
appraiser,
(E) the signature and TIN of such appraiser,
and
(F) such additional information as the
Secretary prescribes in such regulations.
See Bond v. Commissioner, 100 T.C. 32, 37 (1993). In Bond
this Court considered whether certain aspects of the above-
referenced regulations were mandatory or directory and whether
the taxpayer in that case had substantially complied so as to be
entitled to a charitable contribution deduction. In reaching the
conclusion that the requirements were directory, the Court
expressed the following rationale:
Under the above test we must examine section 170 to
determine whether the requirements of the regulations
are mandatory or directory with respect to its
statutory purpose. At the outset, it is apparent that
the essence of section 170 is to allow certain
taxpayers a charitable deduction for contributions made
to certain organizations. It is equally apparent that
the reporting requirements of section 1.170A-13, Income
Tax Regs., are helpful to respondent in the processing
and auditing of returns on which charitable deductions
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Last modified: March 27, 2008