118 STAT. 1633 PUBLIC LAW 108–357—OCT. 22, 2004 requirements of subparagraph (B) and includes the acknowledgement with the taxpayer’s return of tax which includes the deduction, and ‘‘(ii) if the organization sells the vehicle without any significant intervening use or material improve ment of such vehicle by the organization, the amount of the deduction allowed under subsection (a) shall not exceed the gross proceeds received from such sale. ‘‘(B) CONTENT OF ACKNOWLEDGEMENT.—An acknowl edgement meets the requirements of this subparagraph if it includes the following information: ‘‘(i) The name and taxpayer identification number of the donor. ‘‘(ii) The vehicle identification number or similar number. ‘‘(iii) In the case of a qualified vehicle to which subparagraph (A)(ii) applies— ‘‘(I) a certification that the vehicle was sold in an arm’s length transaction between unrelated parties, ‘‘(II) the gross proceeds from the sale, and ‘‘(III) a statement that the deductible amount may not exceed the amount of such gross proceeds. ‘‘(iv) In the case of a qualified vehicle to which subparagraph (A)(ii) does not apply— ‘‘(I) a certification of the intended use or mate rial improvement of the vehicle and the intended duration of such use, and ‘‘(II) a certification that the vehicle would not be transferred in exchange for money, other prop erty, or services before completion of such use or improvement. ‘‘(C) CONTEMPORANEOUS.—For purposes of subpara graph (A), an acknowledgement shall be considered to be contemporaneous if the donee organization provides it within 30 days of— ‘‘(i) the sale of the qualified vehicle, or ‘‘(ii) in the case of an acknowledgement including a certification described in subparagraph (B)(iv), the contribution of the qualified vehicle. ‘‘(D) INFORMATION TO SECRETARY.—A donee organiza tion required to provide an acknowledgement under this paragraph shall provide to the Secretary the information contained in the acknowledgement. Such information shall be provided at such time and in such manner as the Sec retary may prescribe. ‘‘(E) QUALIFIED VEHICLE.—For purposes of this para graph, the term ‘qualified vehicle’ means any— ‘‘(i) motor vehicle manufactured primarily for use on public streets, roads, and highways, ‘‘(ii) boat, or ‘‘(iii) airplane. Such term shall not include any property which is described in section 1221(a)(1). ‘‘(F) REGULATIONS OR OTHER GUIDANCE.—The Secretary shall prescribe such regulations or other guidance as may be necessary to carry out the purposes of this paragraph.
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