Rhett Rance Smith and Alice Avila Smith, et al. - Page 34




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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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