PP139-WEB - Advanced Topics for Charitable Contributions: Bargain Sales, Fractional Interests, Cost Basis, and IRS Form 8283

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.

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.