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Abstract: 

New warnings from the IRS should prompt planners to pay close attention to valuation of non-marketable gifts when making gifts. While non-marketable assets—a category that includes closely-held stock, tangible personal property, intellectual property, and real estate—are rarely used to fund private foundations since the charitable deduction for such gifts is limited to the donor's basis at the date of gift rather than the asset's market value, they may be a part of a donor's larger charitable giving strategy.

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