Appeals Court affirms denial of $33 million gift deduction

The District of Columbia Circuit Court of Appeals has affirmed a Tax Court decision denying a charitable contribution deduction of $33 million because the taxpayer didn’t include the cost basis and date of acquisition of the donated property on the Form 8283 claiming the deduction.  (See Nonprofit Issues^®, May 2017)  The Court of Appeals said it “should be very reluctant to set to naught [the information requirement] that Congress deemed essential.”