Rhett Rance Smith and Alice Avila Smith, et al. - Page 35




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               are claimed.  However, the reporting requirements do                   
               not relate to the substance or essence of whether or                   
               not a charitable contribution was actually made.  We                   
               conclude, therefore, that the reporting requirements                   
               are directory and not mandatory.  [Id. at 41; citation                 
               omitted.]                                                              
               Bond involved the contribution of two blimps to a qualified            
          charity.  The parties agreed upon the value, the fact that the              
          appraiser was qualified, and all other regulatory requirements              
          except whether the taxpayers’ failure to obtain and attach to               
          their return a separate written appraisal containing the                    
          information specified in the regulations would result in the                
          disallowance of a charitable contribution deduction.  The Court             
          noted that substantially all of the information specified in the            
          regulations had been provided, except the qualifications of the             
          appraiser on the Form 8283 attached to the return.  The Court               
          concluded that the taxpayers in Bond had substantially complied             
          and that disallowance of the deduction under those circumstances            
          would be too harsh a sanction (essentially that the purposes of             
          the statute had been substantially achieved).                               
               Subsequently, in Hewitt v. Commissioner, 109 T.C. 258                  
          (1997), the Court again considered these regulations in a                   
          situation where taxpayers donated to a charitable organization              
          their shares of stock of a corporation that was not publicly                
          traded.  They claimed deductions in amounts that the parties                
          agreed represented the fair market value of the stock.  However,            








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