Page:United States Statutes at Large Volume 120.djvu/1111

 120 STAT. 1080

26 USC 170 note.

PUBLIC LAW 109–280—AUG. 17, 2006

clothing or a household item which has minimal monetary value. ‘‘(C) EXCEPTION FOR CERTAIN PROPERTY.—Subparagraphs (A) and (B) shall not apply to any contribution of a single item of clothing or a household item for which a deduction of more than $500 is claimed if the taxpayer includes with the taxpayer’s return a qualified appraisal with respect to the property. ‘‘(D) HOUSEHOLD ITEMS.—For purposes of this paragraph— ‘‘(i) IN GENERAL.—The term ‘household items’ includes furniture, furnishings, electronics, appliances, linens, and other similar items. ‘‘(ii) EXCLUDED ITEMS.—Such term does not include— ‘‘(I) food, ‘‘(II) paintings, antiques, and other objects of art, ‘‘(III) jewelry and gems, and ‘‘(IV) collections. ‘‘(E) SPECIAL RULE FOR PASS-THRU ENTITIES.—In the case of a partnership or S corporation, this paragraph shall be applied at the entity level, except that the deduction shall be denied at the partner or shareholder level.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions made after the date of enactment of this Act. SEC. 1217. MODIFICATION OF RECORDKEEPING REQUIREMENTS FOR CERTAIN CHARITABLE CONTRIBUTIONS.

26 USC 170.

26 USC 170 note.

(a) RECORDKEEPING REQUIREMENT.—Subsection (f) of section 170, as amended by this Act, is amended by adding at the end the following new paragraph: ‘‘(17) RECORDKEEPING.—No deduction shall be allowed under subsection (a) for any contribution of a cash, check, or other monetary gift unless the donor maintains as a record of such contribution a bank record or a written communication from the donee showing the name of the donee organization, the date of the contribution, and the amount of the contribution.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions made in taxable years beginning after the date of the enactment of this Act. SEC. 1218. CONTRIBUTIONS OF FRACTIONAL INTERESTS IN TANGIBLE PERSONAL PROPERTY.

(a) INCOME TAX.—Section 170 (relating to charitable, etc., contributions and gifts) is amended by redesignating subsection (o) as subsection (p) and by inserting after subsection (n) the following new subsection: ‘‘(o) SPECIAL RULES FOR FRACTIONAL GIFTS.— ‘‘(1) DENIAL OF DEDUCTION IN CERTAIN CASES.— ‘‘(A) IN GENERAL.—No deduction shall be allowed for a contribution of an undivided portion of a taxpayer’s entire interest in tangible personal property unless all interest in the property is held immediately before such contribution by— ‘‘(i) the taxpayer, or

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