MEMBERS OF CONGRESS URGE SERVICE TO RECONSIDER APPRAISAL REQUIREMENT; CHAFEE SAYS APPRAISAL RULE SHOULD NOT APPLY TO ALL CORPORATIONS.
MEMBERS OF CONGRESS URGE SERVICE TO RECONSIDER APPRAISAL REQUIREMENT; CHAFEE SAYS APPRAISAL RULE SHOULD NOT APPLY TO ALL CORPORATIONS.
- AuthorsChafee, Sen. John H.
- Institutional AuthorsU.S. Senate
- Code Sections
- Index Termsqualified appraisalqualified appraisercharitable contribution
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 88-7458
- Tax Analysts Electronic Citation88 TNT 184-22
=============== SUMMARY ===============
The Service has received 38 letters from members of Congress urging it to reconsider the proposed regulations under section 170, which require qualified appraisals of noncash charitable contributions in excess of $5,000.
Senate Finance Committee member John H. Chafee, R-R.I., has written that the section 170 regulations exceed their congressional authority. He says that qualifed appraisals and appraisal summaries were intended to apply to individuals, closely held corporations, personal service corporations, partnerships, and S corporations, not to all corporations generally. By applying the appraisal requirement to all corporations, says Chafee, the IRS regulations distort the law. He suggests withdrawal of the regulations that apply to corporations that Congress did not intend to cover. Doc 88-7458
The following members of Congress have urged the Service to reconsider the appraisal regulations and to allow food banks to continue their operations:
o Finance Committee member Dave Durenberger, R-Minn. Doc 88-7459
o Finance Committee member John C. Danforth, R-Mo. Documents 88-7460 and 7461.
o Sen. Albert Gore, Jr., D-Tenn. Doc 88-7462
o Sen. Daniel K. Inouye, D-Hawaii. Doc 88-7463
o Sen. Richard G. Lugar, R-Ind. Doc 88-7464
o Sen. Mitch McConnell, R-KY. Doc 88-7465
o Sen. Paul Simon, D-Ill. Doc 88-7466
o Sen. Richard C. Shelby, D-Ala. Doc 88-7467
o Rep. Terry L. Bruce, D-Ill. Doc 88-7468
o Rep. Larry Combest, R-Tex. Doc 88-7469
o Ways and Means Committee member Bill Frenzel, R-Minn. Doc 88-7470
o Ways and Means Committee member Judd Gregg, R-N.H. Doc 88-7471
o Rep. Andy Ireland, R-Fla. Doc 88-7472
o Rep. William Lehman, D-Fla. Doc 88-7473
o Rep. Marilyn Lloyd, D-Tenn. Doc 88-7474
o Ways and Means Committee members Robert T. Matsui, D-Calif and Henry A. Waxman, D-Calif. Doc 88-7475
o Rep. John Miller, R-Wash. Doc 88-7476
o Ways and Means Committee member Jim Moody, D-Wis. Doc 88-7477
o Rep. Austin J. Murphy, D-Pa. Doc 88-7478
o Rep. Bill Nichols, D-Ala. Doc 88-7479
o Rep. Claude Pepper, D-Fla. Doc 88-7480
o Rep. Louise McIntosh Slaughter, D-N.Y. Doc 88-7481
o Rep. Arlan Stangeland, R-Minn. Doc 88-7482
o Rep. Don Sundquist, R-Tenn. Doc 88-7483
o Rep. Mike Synar, D-Okla. Doc 88-7484
o Rep. Gene Taylor, R-Mo. Doc 88-7485
o Rep. Frank R. Wolf, R-Va. Doc 88-7486
o Rep. Chalmers P. Wylie, R-Ohio. Doc 88-7487
The following members of Congress have forwarded to Treasury and endorsed the contents of letters from constituents who oppose the appraisal regulations:
o Rep. E. Thomas Coleman, R-Mo. Doc 88-7488
o Ways and Means Committee member Sam Gibbons, D-Fla. Doc 88-7489
o Ways and Means Committee member Andrew Jacobs, Jr., D-Ind. Doc 88-7490
o Rep. Robert W. Kastenmeier, D-Wis. Doc 88-7491
o Rep. Robert J. Lagomarsino, R-Calif. Doc 88-7492
o Rep. Alfred A. McCandless, R-Calif. Doc 88-7493
o Rep. Timothy J. Penny, D-Minn. Doc 88-7494
o Rep. Barbara F. Vucanovich, R-Nev. Doc 88-7495
- AuthorsChafee, Sen. John H.
- Institutional AuthorsU.S. Senate
- Code Sections
- Index Termsqualified appraisalqualified appraisercharitable contribution
- Jurisdictions
- LanguageEnglish
- Tax Analysts Document NumberDoc 88-7458
- Tax Analysts Electronic Citation88 TNT 184-22
