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RECEIPT, RECORDKEEPING, AND REPORTING REQUIREMENTSdisposes of gift property within two years after the date of the donor’s contributionof the property must file an information return (Form 8282) 124 with the IRS.A copy of the donee information return must be provided to the donor andretained by the donee.This information return must contain the following:• The name, address, and taxpayer identification number of the donor andthe donee• A sufficient description of the property• The date of the contribution• The amount received on the disposition• The date of the dispositionThis reporting obligation is not required with respect to an item of charitablededuction property disposed of by sale if the appraisal summary signed by thedonee with respect to the item contains, at the time of the donee’s signature, astatement signed by the donor that the appraised value of the item does notexceed $500. For these purposes, items that form a set (for example, a collectionof books written by the same author, components of a stereo system, or a groupof place settings of a pattern of silverware) are considered one item. Also, allnon-publicly traded stock is considered one item, as are all non-publicly tradedsecurities other than non-publicly traded stock.This exception is designed to embrace the situation in which a donor contributesitems of property to a charity that altogether are worth more than $5,000(thereby triggering the appraisal and appraisal summary requirements) and thecharity (within the two-year period) sells one of these items which, at the timethe charity signed the appraisal summary, had a value of no more than $500. Forexample, if an individual donated the entire contents of a house to a charity, anappraisal summary may be done with respect to all of the items as a group; thecharity may thereafter sell some of the items individually. To the extent that eachitem had a value of less than $500, the charity would not have to file the informationreturn with respect to the sale(s).One of the vague aspects of this rule is the underlying assumption of applicationof the aggregation rule. For example, to build on the previous illustration,the contents of the house consisted of furniture valued at $5,000, jewelry valuedat $5,000, clothing valued at $5,000, and art work valued at $5,000. While the safeapproach may be to secure an appraisal for all $20,000 worth of property, anappraisal (and an appraisal summary) may not be required in the first instancebecause the properties are not similar. If that is the case, the property is not charitablededuction property to begin with.This reporting obligation also does not apply to when the charitable doneeconsumes or distributes, without consideration, the property in the course ofperforming an exempt function.This donee information return must be filed within 125 days of the dispositionof the charitable deduction property.124 A copy of this form appears as Appendix D. 602