Charitable Contribution Deduction Limitation in Visual Studio .NET

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Type of Property (A) Cash (B) Capital gain property: (1) Real and intangible personal property (2) Tangible personal property: Use related
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Donee Public Private Public Private Public Private Public Private Public Private
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Limitations of AGI 50% 30% 30%, or 50% on election 20% 30%, or 50% on election 20% 50% 20% 50% 30%
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Amount Deductible Full deduction Full deduction Full deduction for FMV Donor s cost basis Full deduction for FMV Full deduction for FMV Donor s cost basis Donor s cost basis Donor s cost basis Donor s cost basis Donor s cost basis Donor s cost basis
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Use unrelated (C) Ordinary income property
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Chart revised from James Ivers III, Fundamentals of Income Taxation, 3rd ed, Huebner School Series (Bryn Mawr, PA: The American College, 2002)
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3 Carryover periods A Contributions that exceed the AGI limit for the current tax year can be carried over to each of the next ve years B Carryover contributions are subject to the original percentage limits in the carryover years and are deducted after deducting allowable contributions for the current year C Use the earlier year carryover if there are carryovers from two or more years 4 Partial interest gifts to charity Contributions that are less than the entire interest in a property are generally not deductible Exceptions: A A gift of a partial interest in property if that is the donor s entire interest B Property held in a charitable lead trust or a charitable remained trust
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Topic 71: Charitable Contributions and Deductions - 229 5 Nondeductible contributions A Note: Gifts to some organizations may not be deductible as charitable contributions, but may be deductible as ordinary and necessary business expenses B There are certain nondeductible contributions (1) Money or property given to (a) Civic leagues, social and sports clubs, labor unions, and chambers of commerce (b) Foreign organizations (c) Groups that are run for personal pro t (d) Groups whose purpose is to lobby for law changes (e) Homeowners associations (f) Individuals (g) Political groups or candidates for public of ce (2) Cost of lotto and bingo tickets (3) Dues and fees to country clubs (4) Tuition (5) Value of blood given to a blood bank (6) Contributions consisting of the right to use property (such as a rent-free lease to the Boy Scouts) C Payments made to a college or university in exchange for the right to buy tickets to a sporting event qualify for a charitable deduction of 80 percent of the amount paid Any amount actually paid for tickets is not deductible Example: Steve graduated from ABC University and donated $3,000 to the athletic department to guarantee priority to purchase two premium season tickets to home football games Steve then purchased two season tickets at a regular price of $200 each The charitable contribution for the current year is $2,400 (80 percent of $3,000) The $400 expenditure for the tickets cannot be claimed 6 Appraisals A Appraisals are generally required if a contribution is more than $5,000 Fees paid for the appraisal are not deductible as contributions They can be claimed as a miscellaneous itemized deduction on Schedule A, subject to the 2 percent of AGI limit B A quali ed appraisal is not required for publicly traded securities if quotations are published on a daily basis or readily available, even if the amount exceeds $5,000 7 Substantiation requirements A Donations of less than $250 (1) Cash donations need receipts or other reliable written records with date, amount, and name of organization (2) Noncash donations do not require receipts where it is impractical to get them B Donations of $250 or more (1) Cash donations of $250 or more in any one day to any one organization must have written substantiation from the organization (2) Noncash donations require a written acknowledgement from the charitable organization For contributions if more than $500, the taxpayer must show the means of acquisition of the property, the date acquired, and the adjusted basis Most contributions of more than $5,000 require a written appraisal Form 8283 must be led for noncash contributions over $500
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230 - Income Tax Planning C Do not combine separate contributions For example, donations of $25 each week to a church are considered separate payments that should not be combined 8 Charitable contributions by business entities A Corporations can deduct up to 10 percent of taxable income after adding back any deduction for NOL or capital loss carrybacks or carryforwards and dividends received B Excess contributions are carried forward ve years C Contributions from pass-through entities are re ected on the returns of the owners
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