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ASA Asks IRS to Reconsider Its Position on “Similar Items” in Noncash Charitable Contributions

Jun 18, 2019

On June 12, ASA sent a letter to the Internal Revenue Service (IRS) asking the service to reconsider its interpretation of the phrase “similar items” and its impact on taxpayers and appraisers who must comport with current IRS guidance. Specifically, ASA contends that the current interpretation too narrowly focuses on the medium of the non-cash items, and that the need for multiple appraisals to comply with the IRS interpretation is both inefficient and creates a potential avenue for fraud and abuse by unscrupulous parties. Instead, ASA asks the IRS to defer to the professional judgment of a knowledgeable appraiser as to whether and when items are sufficiently “similar” to be credibly contained within one appraisal report.

 To read ASA’s letter to the IRS, click here.