The Tax Court has rejected an IRS claim that a taxpayer had no donative intent when he sold property to a charity for less than half its appraised value and has affirmed the right to deduct the gift portion of a bargain sale. Bob Davis, a resident and philanthropist in Waco Texas, tried to negotiate a sale of a portion of a large parcel of land to the Sears Methodist Foundation which was interested in building a second retirement community in the Waco area. While Davis wanted between $3 and $4 million for the property, the Foundation offered only $1.6 million. Davis rejected that offer and the System said it could not pay more than $2 million but suggested the possibility of a bargain sale...