Valuation

This podcast reviews the requirements for qualified appraisals and why, just because an appraisal exists, that won't necessarily save the taxpayers' deduction unless have specifically contracted for a tax appraisal and are sure to have the proper parties sign off on their return.The documentation rules for charitable contributions can create situations where taxpayers lose the right to claim a deduction even though they made it and, by the time they get to Tax Court, can even show the value of what was contributed.  This was a lesson learned by the taxpayers in Ney v. Commisssioner, TC Summary 2006-154.Be sure to check out the important LISI Charitable Planning Newsletters # 104 and 105 at http://www.leimbergservices.com on this topic.  They discuss the changes made by the Pension Protection Act of 2006 to substantiation requirements for cash gifts.The materials for this week's podcast are located at http://edzollars.com/2006-09-23_Charity_Appraisals.pdf . This Podcast is sponsored by Leim