Surprise the IRS is looking for filers who claim large charitable deductions.
In the case of the big-game hunter, who found out after he took a $1.45 million write-off for animal hides, skulls, horns and other hunting specimens he donated to charity.
His stance was that the items he gave were of museum quality, with no market comparables, and so should be valued at their estimated replacement cost.
The Tax Court disagreed, stating the specimens were commodities, not collectibles, and that fair market value should be based on market prices of similar items.
The Court allowed a $163,000 deduction, the figure determined by the Service’s appraiser.
Gardner, TC Memo. 2017-165