C.4. Form 8282 (Donee Information Return)
     Spring 1992

Development Policy and Administration Manual 
Chapter IV. Gift Administration Procedures 
Section C. General Information About Noncash Gifts   
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FORM 8282 (DONEE INFORMATION RETURN)


A charity that has signed an appraisal summary (Form 8283; see
Section IV: C.2) must file a Donee Information Return (Form 8282;
see sample at the end of this section) if it sells, exchanges, or
otherwise transfers the gift within a two-year period after the
contribution.  The information return must be filed on or before
the 125th day after the disposition of the gift, and a copy must
be supplied to the donor.  To assist the donee in complying,
donors are required to provide a copy of the completed Form 8283.

The regulations provide two exceptions to the reporting require-
ment.  First, there will be cases when individual items are
disposed of that were included in an appraisal as part of a
collection of items whose aggregate value exceeded $5,000.  If
the declared value of the individual item on Form 8283 was less
than $500, it is not necessary to report its disposition.

Second, reporting is not required if the property is "consumed or
distributed without consideration" (i.e., without receiving
something in return) for a purpose that furthers the University's
tax-exempt functions.  For example, the University would not be
required to report on the disposition of a gift if it was used in
a class.  It would, however, have to report its disposition if it
was sold at an auction.


Successor Donees

The IRS has established regulations governing "successor donees",
i.e., charities that receive property for less than fair market
value, either from the original donee or another successor donee,
which apply to certain transfers from Campus Foundations to the
University. 

A donee that transfers charitable deduction property to another
charity must furnish the successor donee with its own name,
address, and taxpayer identification number, as well as a copy of
Form 8283 as originally submitted by the donor, within 15 days
after the latest of three actions:  the transfer; the date it
signs Form 8283; or the date it receives Form 8283 from a preced-
ing donee, if any.  It must also report the transfer within 125
days to the IRS using Form 8282 and must furnish the successor
donee, and the donor, with a copy of Form 8282 within 15 days of
filing with the IRS.

Effective July 6, 1988, when a successor donee receives the
property, it also inherits the reporting requirements that go
along with the property.  Thus, for example, if a gift of real
property is given to a Campus Foundation and title is subse-
quently transferred to The Regents, who in turn sell the
property, the Campus Foundation would use Form 8282 to report the
transfer, and The Regents would be required to file Form 8282
with the IRS if the property were sold within two years of the
date of the original gift.  


Penalties

[The penalty for failure by a recipient institution to furnish
the required information report to the IRS is $50 per failure
plus 5% of the value of the items that should have been reported;
failure to furnish a copy to the donor is subject to a penalty of
$50.

Failure to include all of the correct information required by
Form 8282 (e.g., the donor's taxpayer identification number) is
subject to a penalty of $5 for each failure.]

The IRS's ability to waive penalties is more limited than under
previous IRS regulations.