- 5 - Housing Works provides the donors with a “Donation Inventory List” form that is completed by the donor (the inventory list). The inventory list invites the donor to make entries showing: (1) The item(s) donated, whether specifically or by generic category (e.g., clothing, furniture, housewares, etc.); (2) the number of items donated; and (3) the value(s) of the donated item(s). Property descriptions and values are provided by the donor, and Housing Works does not verify the accuracy of the information reported on the inventory list. In the notice of deficiency, respondent disallowed, for lack of substantiation and other reasons, the entire charitable contribution deduction (i.e., $55,764) claimed on petitioner’s 2002 return and imposed a $2,930 accuracy-related penalty. According to respondent, the underpayment of tax required to be shown on petitioner’s 2002 return is due to negligence or intentional disregard of rules or regulations. Discussion Respondent now agrees that petitioner in entitled to a charitable contribution deduction totaling $4,652.8 Petitioner now concedes that the charitable contribution deduction claimed 8 This amount consists of $1,053 in cash contributions and $3,599 in property contributions.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011