TOPIC 71: CHARITABLE CONTRIBUTIONS AND DEDUCTIONS in .NET

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TOPIC 71: CHARITABLE CONTRIBUTIONS AND DEDUCTIONS
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1 Quali ed entities A Public charities (1) Churches (2) Educational organizations (3) Hospitals and medical research organizations (4) Government entities (5) Publicly supported organizations that receive a substantial amount of support from the general public or governmental units (a) Red Cross and Salvation Army (b) Boys & Girls Clubs of America B Private charities (1) Veterans organizations (2) Fraternal orders (3) Certain private nonoperating foundations 2 Deduction limitations A Public versus private charities (1) Contributions to public charities cannot exceed 50 percent of the taxpayer s AGI A 30 percent ceiling generally applies to long-term capital gain (LTCG) property Exception: The 30 percent limit does not apply if election is made to reduce the FMV of the property by the amount of the long-term capital gain if the property had been sold
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Topic 71: Charitable Contributions and Deductions - 227 (2) Contributions to private charities cannot exceed 30 percent of the taxpayer s AGI A 20 percent ceiling applies to all LTCG property B Capital gain property, for purposes of charitable contributions, is property that has been held for more than 12 months There are two types of capital gain property: (1) Real and intangible personal property (a) A gift of stock is considered intangible personal property, and appreciated land is an example of real property (b) For contributions made to public charities, the deduction cannot exceed 30 percent of AGI if the full market value of the gift is deducted The 30 percent limit can be increased to 50 percent of AGI for public charities if the donor is willing to decrease the value of the gifts by 100 percent of the potential gain This means reducing the fair market value to the property s cost basis (c) Example: i Mark donates stock worth $45,000 to the Red Cross (public charity) The stock cost $25,000 when it was purchased ve years ago Mark has AGI of $50,000 Therefore, his maximum deduction for the year is $15,000 ($50,000 30%) The remaining $30,000 ($45,000 FMV $15,000 current deduction) can be carried forward for ve years and applied against future income ii Exception: If Mark excludes 100 percent of the potential gain, the deductible value is decreased to $25,000 (cost basis) Mark could deduct the entire $25,000, because 50 percent of his AGI is $25,000 The current year deduction is increased with this election (d) For contributions to private charities, the deduction cannot exceed 20 percent of AGI There is a full deduction for fair market value only (2) Tangible personal property (a) A car or jewelry is tangible personal property (b) A distinction is made between gifts that are used by the charity and gifts that are not used i Use related Such property would include a painting given to a museum that is shown in public galleries For contributions to public charities, the deduction cannot exceed 30 percent of AGI if the full market value of the gift is deducted The 30 percent limit can be increased to 50 percent of AGI if the donor is willing to reduce the value of the gift by 100 percent of the potential gain For contributions to private charities, the deduction is 20 percent of the donor s cost basis ii Use unrelated The painting mentioned earlier would be use unrelated if it was sold by the museum or if it was given to the Boy Scouts For contributions made to public and private charities, the fair market value of the gift must be reduced by 100 percent of the potential gain This means that the amount of deduction is the donor s cost basis For contributions to public charities, the deduction cannot exceed 50 percent of AGI For donations to private charities, the deduction cannot exceed 20 percent of AGI
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228 - Income Tax Planning C Ordinary income property (1) Ordinary income property is an asset that would have resulted in ordinary income (rather than capital gains) on the date of contribution if it were sold (2) Ordinary income property includes (a) Capital assets held 12 months or less at time of contribution (b) Art, books, and jewelry, but only if given by the person who created them (c) Businessperson s stock in trade and inventory (3) The deduction is limited to the donor s cost basis D The following table summarizes charitable contribution deduction limitations
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