- 8 - the relevant facts and circumstances. See sec. 1.170A-13(a)(2), Income Tax Regs. If the donation is a small amount, any written or other evidence from the donee charitable organization acknowledging receipt is generally sufficient. See sec. 1.170A-13(a)(2)(i)(C), Income Tax Regs. On the other hand, with respect to a deduction exceeding $500 for a charitable contribution of property, additional information is required to support such a deduction. Specifically, the taxpayer must also maintain written records establishing: (1) The item’s manner of acquisition as well as either the item’s approximate date of acquisition or the approximate date the property was substantially completed and (2) the cost or other basis, adjusted as provided by section 1016, of property donated by the taxpayer during the taxable year. Sec. 1.170A-13(b)(3)(i)(A) and (B), Income Tax Regs. Set against these standards, we first consider petitioner’s claim with regard to cash donations. As noted above, respondent now agrees that, during the year in issue, petitioner made cash donations totaling $1,053. Petitioner has failed to produce substantiating evidence that would allow for a greater amount. Consequently, the portion of petitioner’s allowable charitable contribution deduction for 2002 that is attributable to cash donations is limited to the amount allowed by respondent.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Next
Last modified: May 25, 2011