Taxpayer gifted a large collection of Native American jewelry and artifacts in 2014 to the Wheelwright Museum of American Indian Museum with a "Deed of Gift ("deed")." But, the deed did not include a "contemporaneous written acknowledgment"("CWA") that MUST include how much value, if any, the Taxpayer received in exchange for the gift. The Tax Court stated, "[w]e appreciate what appears to have been a good faith attempt by [the Taxpayer] to substantially comply with the Code...[ but], unfortunately [that] does not satisfy the strict requirement..." to obtain a CWA; deduction lost! See Albrecht v. Comm'r. 2022 TC Memo 53 - Tax Court (2022).
Kenneth D. Eichner, P.C.
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