The U.S. Tax Court denied deductions for non-cash charitable contributions and business expenses claimed by three related couples. The court found that the couples failed to obtain a contemporaneous written acknowledgment from the charitable donee and a qualified appraisal for the donated property. Additionally, the court disallowed business expense deductions for activities such as horse and dog breeding, as the couples failed to prove a profit motive. The court also addressed penalties under Code Sec. 6662, finding that the taxpayers reasonably relied on the advice of a qualified tax professional.
documents/EFTA00598102.pdf
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