TITLE

Tax Court rules appraisal required for FMV charitable contribution deductions

PUB. DATE
May 1998
SOURCE
CPA Journal;May98, Vol. 68 Issue 5, p11
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
Reports that the Tax Court, in `Hewitt v. Commissioner,' has ruled that taxpayers contributing nonpublicly traded stock to charitable organizations could deduct only their basis, not the fair market value (FMV), where they did not obtain a qualified appraisal even though the FMV used was correct. Highlights of the case; Provisions of the IRC section 170(a)(1); Guidelines under Regulations section 1.170A-13(c).
ACCESSION #
605656

 

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