118 STAT. 1632 PUBLIC LAW 108–357—OCT. 22, 2004 a description of such property and such other information as the Secretary may require. The requirements of this subparagraph shall not apply to a C corporation which is not a personal service corporation or a closely held C corporation. ‘‘(C) QUALIFIED APPRAISAL FOR CONTRIBUTIONS OF MORE THAN $5,000.—In the case of contributions of property for which a deduction of more than $5,000 is claimed, the requirements of this subparagraph are met if the indi vidual, partnership, or corporation obtains a qualified appraisal of such property and attaches to the return for the taxable year in which such contribution is made such information regarding such property and such appraisal as the Secretary may require. ‘‘(D) SUBSTANTIATION FOR CONTRIBUTIONS OF MORE THAN $500,000.—In the case of contributions of property for which a deduction of more than $500,000 is claimed, the requirements of this subparagraph are met if the indi vidual, partnership, or corporation attaches to the return for the taxable year a qualified appraisal of such property. ‘‘(E) QUALIFIED APPRAISAL.—For purposes of this para graph, the term ‘qualified appraisal’ means, with respect to any property, an appraisal of such property which is treated for purposes of this paragraph as a qualified appraisal under regulations or other guidance prescribed by the Secretary. ‘‘(F) AGGREGATION OF SIMILAR ITEMS OF PROPERTY.— For purposes of determining thresholds under this para graph, property and all similar items of property donated to 1 or more donees shall be treated as 1 property. ‘‘(G) 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 deduc tion shall be denied at the partner or shareholder level. ‘‘(H) REGULATIONS.—The Secretary may prescribe such regulations as may be necessary or appropriate to carry out the purposes of this paragraph, including regulations that may provide that some or all of the requirements of this paragraph do not apply in appropriate cases.’’. (b) EFFECTIVE DATE.—The amendment made by this section shall apply to contributions made after June 3, 2004. SEC. 884. DONATIONS OF MOTOR VEHICLES, BOATS, AND AIRPLANES. (a) IN GENERAL.—Subsection (f) of section 170 (relating to dis allowance of deduction in certain cases and special rules), as amended by this Act, is amended by inserting after paragraph (11) the following new paragraph: ‘‘(12) CONTRIBUTIONS OF USED MOTOR VEHICLES, BOATS, AND AIRPLANES.— ‘‘(A) IN GENERAL.—In the case of a contribution of a qualified vehicle the claimed value of which exceeds $500— ‘‘(i) paragraph (8) shall not apply and no deduction shall be allowed under subsection (a) for such contribu tion unless the taxpayer substantiates the contribution by a contemporaneous written acknowledgement of the contribution by the donee organization that meets the 26 USC 170 note. Applicability.
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