Cooley v. Commissioner
United States Tax Court
In 1952, petitioner purchased certain automobiles from General Motors subject to the specific condition that he donate them to the United Jewish Appeal. Held, that inasmuch as these automobiles were never available for resale by petitioner, his charitable deduction should be limited to the amount he paid for them. Sec. 23(o), I.R.C. 1939.
1Opinion of the Court
OPINION.
Raum, Judge:
It is generally true, as petitioner contends, that a taxpayer is entitled to deduct the fair market value of property (other than money) contributed to a charity. Begs. 118, sec. 39.23 (o)-1(g). But “fair market value” is not to be determined in a vacuum. To the contrary, it must be determined with respect to the particular property in question at the time of contribution, subject to any conditions or restrictions on marketability. In the present case it is clear that petitioner did not at any time have a right to resell the automobiles in question. He never intended to…
2Cases cited3 opinions
- Helvering v. SalvageSupreme Court of the United States · 1936
- Delone v. CommissionerUnited States Tax Court · 1946
- Heckscher v. CommissionerUnited States Board of Tax Appeals · 1937
3Cited by5 opinions
- Rolfs v. Comm'rUnited States Tax Court · 2010
- Alli v. Comm'rUnited States Tax Court · 2014
- Cooley v. CommissionerUnited States Tax Court · 1959
- Rolfs v. Comm'rUnited States Tax Court · 2010
- Theodore R. Rolfs and Julia A. Gallagher v. CommissionerUnited States Tax Court · 2010