"Guidelines for an Art Object Appraisal Used to Substantiate a Charitab" by Corinne Louise Richardson

Guidelines for an Art Object Appraisal Used to Substantiate a Charitable Contribution Income Tax Deduction

Date of Award

1987

Document Type

Thesis

Degree Name

Master of Art

First Advisor

Richard Rickert

Second Advisor

Patricia Soucy

Third Advisor

David Shaller

Abstract

This thesis examines the legal and valuation principles associated with art object appraisals used to substantiate charitable contribution income tax deductions. It focuses on the requirements outlined in IRS Form 8283 and Treasury Regulations, emphasizing the concept of "qualified appraisals" conducted by "qualified appraisers." The author analyzes forty court cases to identify twenty-two factors used in judicial determinations of fair market value and the acceptability of appraisal testimony. The study highlights the inconsistencies in court rulings and the challenges appraisers face in meeting IRS standards. Additionally, it explores the appeals process, the burden of proof in tax disputes, and the scrutiny appraisers undergo when serving as expert witnesses. The thesis provides a structured breakdown of key appraisal components, including interest conveyed, property description, valuation methodology, and legal compliance. By outlining the intersection of tax law and art appraisal, this research offers guidance for appraisers navigating the complexities of tax-related valuations while addressing the risks of penalties for inaccurate appraisals. It underscores the importance of precise documentation and adherence to IRS guidelines to support taxpayer deductions successfully. This work serves as a resource for appraisers, legal professionals, and tax experts dealing with the appraisal of donated art objects for tax deduction purposes.

Comments

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