Christiana Stamoulis - Page 6

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          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.                              
               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.                                           

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Last modified: May 25, 2011