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OTHER GIFTS OF REMAINDER INTERESTSIndeed, there are only three of these situations:1. Qualified conservation contributions 62. Contributions of remainder interests in a personal residence or farm 73. Contributions of an undivided portion of the donor’s entire interest in theproperty 8§ 15.2 CONTRIBUTIONS OF REMAINDER INTERESTSIN PERSONAL RESIDENCE OR FARMA federal income tax charitable contribution deduction may arise from a gift of aremainder interest in a personal residence or farm, even though the gift is notmade in trust and is irrevocable. 9 This deduction is based on the value of theremainder interest. 10 In determining this value, depreciation (computed on thestraight-line method) and depletion of the property may be taken into account. 11If the property is contributed subject to a mortgage, the transfer must be treatedas a bargain sale. 12(a) Personal ResidenceA personal residence is a property that is used by its owner as a personal residence;it does not have to be the owner’s principal residence. 13 For example, avacation home would likely qualify under this definition. 14 Indeed, there is norestriction on the form a personal residence may take. All that is required forsomething to qualify as a personal residence is that it contain facilities for cooking,sleeping, and sanitation. 15The term personal residence also includes stock owned by a donor as a tenantstockholderin a cooperative housing corporation, 16 if the dwelling that thedonor is entitled to occupy as a stockholder is used by the donor as his or herpersonal residence. 17In general, a personal residence does not include household furnishings thatare not fixtures. 18 Thus, there is no charitable deduction for a contribution of aremainder interest in household furnishings contained in a decedent’s personalresidence at the time of death. 196 IRC § 170(f)(3)(B)(iii). See § 9.7.7 IRC § 170(f)(3)(B)(i). See § 15.2.8 IRC § 170(f)(3)(B)(ii). See § 15.3.9 IRC § 170(f)(3)(B)(i); Reg. § 1.170A-7(b)(3), (4).10 IRC § 170(f)(3)(B)(i); Reg. § 1.170A-7(b)(3), (4).11 IRC § 170(f)(4); Reg. § 1.170A-12(b)(2).12 See, e.g., Priv. Ltr. Rul. 9329017. The bargain sale rules are the subject of § 9.19.13 Reg. § 1.170A-7(b)(3).14 Id.15 Rev. Rul. 74-241, 1974-1 C.B. 68. The IRS held that a yacht which “contains all of the amenities found in ahouse” qualified as a personal residence. Priv. Ltr. Rul. 8015017.16 IRC § 216(b)(1), (2).17 Reg. § 1.170A-7(b)(3).18 See, e.g., Reg. § 1.1034-1(c)(3).19 Rev. Rul. 76-165, 1976-1 C.B. 279. 506