SECTION 3. SCOPE

.01 Except as provided in section 3.02, this revenue procedure applies to an item of art that has been appraised at $50,000 or more, and has been transferred (1) as a ‘‘charitable contribution’’ within the meaning of § 170(c), (2) by reason of a decedent’s death, or (3) by intervivos gift.

.02 The Service may issue a Statement of Value for items appraised at less than $50,000 if (1) the request for the Statement of Value includes a request for appraisal review for at least one item appraised at $50,000 or more, and (2) the Service determines that issuance of such a Statement would be in the best interest of efficient tax administration.

.03 The Service may decline to issue a Statement of Value when appropriate

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in the interest of efficient tax administration. If the Service declines to issue a Statement of Value under this section 3.03, the Service will refund the user fee.