Page:United States Statutes at Large Volume 98 Part 1.djvu/739

 PUBLIC LAW 98-369—JULY 18, 1984

98 STAT. 691

(b) EFFECTIVE DATE.—The amendment made by subsection (a) 26 USC 6050E shall apply to payments of refunds, and credits and offsets made, note. after December 31, 1982. SEC. 152. FURNISHING OF TIN UNDER BACKUP WITHHOLDING.

(a) IN GENERAL.—Section 3406(e)(1) (relating to backup withhold- 97 Stat. 371. ing) is amended by inserting at the end thereof the following new 26 USC 3406. sentence: "The Secretary may require that a TIN required to be furnished under subsection (a)(1)(A) be provided under penalties of perjury only with respect to interest, dividends, patronage dividends, and amounts subject to broker reporting." (b) EFFECTIVE DATE.—The amendment made by this section shall 26 USC 3406 note. take effect on the date of the enactment of this Act. PART III—OTHER COMPLIANCE PROVISIONS SEC. 155. SUBSTANTIATION OF CHARITABLE CONTRIBUTIONS; MODIFICATIONS OF INCORRECT VALUATION PENALTY.

26 USC 170 note.

(a) SUBSTANTIATION OF CONTRIBUTIONS OF PROPERTY.—

(1) IN GENERAL.—Not later than December 31, 1984, the Secre- Regulations. tary shall prescribe regulations under section 170(a)(1) of the Corporations. Internal Revenue Code of 1954, which require any individual, closely held corporation, or personal service corporation claiming a deduction under section 170 of such Code for a contribution described in paragraph (2)— (A) to obtain a qualified appraisal for the property contributed, ix^ (B) to attach an appraisal summary to the return on which such deduction is first claimed for such contribution, and (C) to include on such return such additional information (including the cost basis and acquisition date of the contributed property) as the Secretary may prescribe in such regulations. Such regulations shall require the taxpayer to retain any qualified appraisal. (2) CONTRIBUTIONS TO WHICH PARAGRAPH (i) APPLIES.—For

purposes of paragraph (1), a contribution is described in this paragraph— (A) if such contribution is of property (other than publicly traded securities), and (B) if the claimed value of such property (plus the claimed value of all similar items of property donated to 1 or more donees) exceeds $5,000. In the case of any property which is nonpublicly traded stock, subparagraph (B) shall be applied by substituting "$10,000" for "$5,000". (3) APPRAISAL SUMMARY.—For purposes of this subsection, the appraisal summary shall be in such form and include such information as the Secretary prescribes by regulations. Such summary shall be signed by the qualified appraiser preparing the qualified appraisal and shall contain the TIN of such appraiser. Such summary shall be acknowledged by the donee of the property appraised in such manner as the Secretary prescribes in such regulations.

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