Christine and others:
Christine Crawford-Oppenheimer asked:
"We've had many discussions on the list about the fact the archivists,
etc., are not allowed to put a value on gifts to their institution for
tax purposes. Can someone please give me a citation to the law or ruling
that states this (preferably to an Internet site)?"
I am currently sharing office space with an IRS detailee working in our
office and I passed this question to him. This is his suggestion, from
the Code of Federal Regulations (CFR).
The full citation is 26 CFR 1.170A-13(c)(5). Sorry I don't have a web
address for this. Sorry this is so dense, but I hope you can find what
is needed within this. As for interpretation, I'd suggest a lawyer--or
a white wizard with the wisdom of Gandalf.
Alan Haeberle
Alan H. Haeberle
Archivist, Office of Senator Orrin Hatch
104 Hart Senate Office Building
Washington, DC 20510
202-224-3743, 202-224-5251
fax: 202-224-6331
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-----Original Message-----
Below is Income Tax Regulation 1.170A-13(c)(5).
I think this should answer her question.
If not, let me know and I'll investigate further.
~Phil
5) Qualified appraiser-
(i) In general.
The term "qualified appraiser" means an individual (other than a person
described in paragraph (c)(5)(iv) of this section) who includes on the
appraisal summary (described in paragraph (c)(4) of this section), a
declaration that-
(A) The individual either holds himself or herself out to the public as
an appraiser or performs appraisals on a regular basis;
(B) Because of the appraiser's qualifications as described in the
appraisal (pursuant to paragraph (c)(3)(ii)(F) of this section), the
appraiser is qualified to make appraisals of the type of property being
valued;
(C) The appraiser is not one of the persons described in paragraph
(c)(5)(iv) of this section; and
(D) The appraiser understands that an intentionally false or fraudulent
overstatement of the value of the property described in the qualified
appraisal or appraisal summary may subject the appraiser to a civil
penalty under section 6701 for aiding and abetting an understatement of
tax liability, and, moreover, the appraiser may have appraisals
disregarded pursuant to 31 U.S.C. 330(c) (see paragraph (c)(3)(iii) of
this section).
(ii) Exception.
An individual is not a qualified appraiser with respect to a particular
donation, even if the declaration specified in paragraph (c)(5)(i) of
this section is provided in the appraisal summary, if the donor had
knowledge of facts that would cause a reasonable person to expect the
appraiser falsely to overstate the value of the donated property (e.g.,
the donor and the appraiser make an agreement concerning the amount at
which the property will be valued and the donor knows that such amount
exceeds the fair market value of the property).
(iii) Numbers of appraisers.
More than one appraiser may appraise the donated property. If more than
one appraiser appraises the property, the donor does not have to use
each appraiser's appraisal for purposes of substantiating the charitable
contribution deduction pursuant to this paragraph (c). If the donor uses
the appraisal of more than one appraiser, or if two or more appraisers
contribute to a single appraisal, each appraiser shall comply with the
requirements of this paragraph (c), including signing the qualified
appraisal and appraisal summary as required by paragraphs (c)(3)(i)(B)
and (c)(4)(i)(C) of this section, respectively.
(iv) Qualified appraiser exclusions.
The following persons cannot be qualified appraisers with respect to
particular property:
(A) The donor or the taxpayer who claims or reports a deductions under
section 170 for the contribution of the property that is being
appraised.
(B) A party to the transaction in which the donor acquired the property
being appraised (i.e., the person who sold, exchanged, or gave the
property to the donor, or any person who acted as an agent for the
transferor or for the donor with respect to such sale, exchange, or
gift), unless the property is donated within 2 months of the date of
acquisition and its appraised value does not exceed its acquisition
price.
(C) The donee of the property.
(D) Any person employed by any of the foregoing persons (e.g., if the
donor acquired a painting from an art dealer, neither the art dealer nor
persons employed by the dealer can be qualified appraisers with respect
to that painting).
(E) Any person related to any of the foregoing persons under section
267(b), or, with respect to appraisals made after June 6, 1988, married
to a person who is in a relationship described in section 267(b) with
any of the foregoing persons.
(F) An appraiser who is regularly used by any person described in
paragraph (c)(5)(iv) (A), (B), or (C) of this section and who does not
perform a majority of his or her appraisals made during his or her
taxable year for other persons.
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