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Unlike the taxpayers in Bond, the taxpayers in Hewitt did
not provide information on the Form 8283 that satisfied most of
the requirements of the regulation. In holding that the
taxpayers were not entitled to a deduction in excess of their
basis (for the full fair market value), the Court provided the
following rationale:
Petitioners herein furnished practically none of
the information required by either the statute or the
regulations. Given the statutory language and the
thrust of the concerns about the need of respondent to
be provided with appropriate information in order to
alert respondent to potential overvaluations, * * *
petitioners simply do not fall within the permissible
boundaries of Bond v. Commissioner, supra, where an
appraisal summary, which was completed by a qualified
appraiser, contained most of the required information
and could therefore be treated as a written appraisal,
was attached to the return. Cf. D’Arcangelo v.
Commissioner, T.C. Memo. 1994-572 (respondent prevailed
where no qualified appraisal was obtained).
* * * * * * *
Moreover, it is clear that the principal objective
of DEFRA section 155 was to provide a mechanism whereby
respondent would obtain sufficient return information
in support of the claimed valuation of charitable
contributions of property to enable respondent to deal
more effectively with the prevalent use of
overvaluations. See S. Comm. on Finance, Deficit
Reduction Act of 1984, Explanation of Provisions
Approved by the Committee on March 21, 1984, S. Prt.
98-169 (Vol. 1), at 444-445 (S. Comm. Print 1984);
Staff of Joint Comm. on Taxation, General Explanation
of the Revenue Provisions of the Deficit Reduction Act
of 1984 (J. Comm. Print 1985); cf. Atlantic Veneer
Corp. v. Commissioner, 85 T.C. 1075, 1084 (1985), affd.
812 F.2d 158 (4th Cir. 1987). Such need exists even
though in a particular case, such as this, it turns out
that the taxpayer’s deduction was in fact based on the
fair market value of the property. This happenstance is
insufficient to constitute substantial compliance with
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