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§ 21.2 APPRAISAL REQUIREMENTS§ 21.2 APPRAISAL REQUIREMENTSAdditional requirements apply to the substantiation of deductions claimed byan individual, a closely held corporation, a personal service corporation, a partnership,or an S corporation for charitable contributions of certain property. 76Property to which these rules apply is termed charitable deduction property. If thecontributed property is a partial interest in an item of property, the appraisalmust be of the partial interest. 77 These substantiation requirements must be compliedwith if the charitable deduction is to be allowed. 78Congress created these charitable deduction substantiation schemes in 1984,directing the IRS to promulgate regulations requiring that, in order to take anincome tax charitable deduction, an individual must obtain a qualified appraisalof the gift property, attach an appraisal summary to the tax return involved, andinclude in the return certain additional information. 79 The statute defines theterms appraisal summary and qualified appraisal. These requirements apply to contributionsof property (other than money and publicly traded securities) if theaggregate claimed or reported value of the property (and all similar items ofproperty for which deductions for charitable contributions are claimed orreported by the same donor for the same tax year, whether or not donated to thesame charitable donee) is in excess of $5,000. 80(a) Similar Items of PropertyThe phrase similar items of property means “property of the same generic categoryor type,” including stamp collections, coin collections, lithographs, paintings,photographs, books, non-publicly traded stock, other non-publicly traded securities,land, buildings, clothing, jewelry, furniture, electronic equipment, householdappliances, toys, everyday kitchenware, china, crystal, or silver. 81 Forexample, if a donor claimed for a year deductions of $2,000 for books given toCollege A, $2,500 for books given to College B, and $900 for books given to CollegeC, the $5,000 threshold would be exceeded. Therefore, this donor wouldhave to obtain a qualified appraisal for the books and attach to the appropriateincome tax return three appraisal summaries for the books donated to the threecolleges.For this type of gift, the donor must obtain a qualified appraisal and attach anappraisal summary to the return on which the deduction is claimed. 82 In the caseof non-publicly traded stock, however, the claimed value of which does notexceed $10,000 but is greater than $5,000, the donor does not have to obtain aqualified appraisal, but must attach a partially completed appraisal summaryform to the tax or information return on which the deduction is claimed. 8376 Reg. § 1.170A-13(c).77 Reg. § 1.170A-13(c)(1)(ii).78 Reg. § 1.170A-13(c)(2).79 Deficit Reduction Act of 1984, § 155.80 Reg. § 1.170A-13(c)(1)(i).81 Reg. § 1.170A-13(c)(7)(iii).82 Reg. § 1.170A-13(c)(2)(i)(A), (B).83 Reg. § 1.170A-13(c)(2)(ii). 595