PP139-WEB - Advanced Topics for Charitable Contributions: Bargain Sales, Fractional Interests, Cost Basis, and IRS Form 8283
Category: Personal Property
Continuing Education: 1
Registration
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Webinar Course Description
This webinar is a follow-up to the spring 2018 session
on "Valuation and Legal Aspects of Charitable Contributions." The presentation
will address advanced topics of appraising personal property and the relevant
law, regulations, and revenue procedure. The webinar will address questions such
as how an appraiser can know if a gift is a Bargain Sale or not, and what
procedures should be followed. Gifts of Fractional Interests will be explained
from an appraiser’s and lawyer’s point of view, and how to handle a contribution
made before the date of enactment of the 2006 Pension Protection Act. Other
questions for discussion will include: Is it necessary to question your
client about whether the donated property is Long-Term Capital Gain or Ordinary
Income Property? What areas on IRS Form 8283 are most important for an
appraiser, and what parts are required to be filled out by the appraiser?
Recommended Pre-Readings
• 1.170A-17 Qualified
appraisal and qualified appraiser (http://www.appraisers.org/docs/default-source/discipline_pp/1170a17-qualified-appraisal-and-qualified-appraiser.pdf?sfvrsn=2)
• Final
Regulations for Noncash Charitable Contributions: ( https://www.federalregister.gov/documents/2018/07/30/2018-15734/substantiation-and-reporting-requirements-for-cash-and-noncash-charitable-contribution-deductions)
• Rev. Proc. 96-15 (https://www.irs.gov/pub/irs-drop/rp96-15.pdf
)
• Publication 561 (https://www.irs.gov/pub/irs-pdf/p561.pdf
)
• Publication 526 (https://www.irs.gov/pub/irs-pdf/p526.pdf
)
• IRS Form 8283 (https://www.irs.gov/pub/irs-pdf/f8283.pdf
)
• IRS Form 8283 instructions (https://www.irs.gov/pub/irs-pdf/i8283.pdf)
Course Audience
Accredited appraisers or candidate members who have
completed or intend to write appraisals for charitable contributions
Moderator Information
Analee McClellan,
ASA | Personal Property Discipline Committee Vice Chair | Acanthus Appraisals
& Consultation Services
Instructor(s) Information
Lela Hersh
, ASA | Museum and Fine Arts Consulting, LLC
Lela Hersh, ASA is the President of Museum and Fine
Arts Consulting, LLC, and an accredited senior appraiser with a specialty in
Fine Arts and Fine Arts Photography. Ms Hersh has been involved in the arts for
over 35 years and worked as a curator, art advisor, collection manager, and
museum consultant. She is a Senior Lecturer at the School of the Art Institute,
Chicago in the graduate department of Arts Administration & Policy. Ms.
Hersh is a twenty-year veteran of the Museum of Contemporary Art Chicago where
she served as their Director of Collections & Exhibitions. She is a past
board member of the American Alliance of Museums, was on the City of Chicago’s
Conservation Committee, and is currently on the Board of Trustees at the
Highland Park Public Library. Within the ASA, she is on the Board of Examiners,
Nominating Committee, and is the Chair of the International Personal Property
Discipline Committee. Her curatorial projects include co-curator for the
Evanston + Vicinity Art Biennial and curator for Chicago Sculpture International
exhibition in Chicago.
Karin Gross |
Special Counsel | Office of the Chief Counsel, IRS
Karin Gross is a Special Counsel in the
IRS’s Office of Chief Counsel in Washington, DC, where she focuses on the
federal charitable contribution deduction. A member of the DC Bar, she is a graduate
of the University of Wisconsin Law School and also holds
a tax law degree from Georgetown University Law School.
No prerequisites for this course.
Agenda
The following topics are covered in this course:
- Introduction
- Review of Title 26 and Rev. Proc. 2006-96
- Bargain Sales
- Fractional Interests
- Cost Basis
- IRS Form 8283
Learning Outcomes
Upon completion of this course,students will be able to:
- Recognize Bargain Sales and how appraisers should address them;
- Understand when and how to report contributions of Fractional
Interests on IRS Form 8283;
- Be familiar with the most relevant court cases, IRS Code sections, and
other official authorities that apply to your situation; and
- Discuss Cost Basis and the degree of involvement for
appraisers.