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Deduction denied for lack of proper acknowledgment

Deduction denied for lack of proper acknowledgment

Deduction denied for lack of proper acknowledgment

A claim for a $338,000 charitable contribution deduction for the gift of a 50% interest in an airplane has been denied by the Tax Court because it was not accompanied by a statutorily compliant contemporaneous written acknowledgment. Joe Alfred Izen, Jr. first claimed the deduction on an amended tax return for the year 2010 which he filed in 2014 during proceedings in which the IRS had claimed deficiencies of $93,123 and $18,643 and accuracy-related penalties of $27,612 and $5,522 on his 2009 and 2010 returns. His amended return claimed the deduction for a gift to the Houston Aeronautical Heritage Society. Izen had bought the half interest in December 2007 for $21,000 along with an...

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