The Tax Law of Charitable Giving. Bruce R. Hopkins

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Название The Tax Law of Charitable Giving
Автор произведения Bruce R. Hopkins
Жанр Личностный рост
Серия
Издательство Личностный рост
Год выпуска 0
isbn 9781119756026



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target="_blank" rel="nofollow" href="#ulink_8346ca5c-0df2-59b6-a11e-aadd7eafcb8e">626 IRC § 679.

        § 3.1 Contributions of Money

        § 3.2 Contributions of Property in General

        § 3.3 Contributions of Long-Term Capital Gain Property in General

        § 3.4 Contributions of Ordinary Income Property (a) Definition of Ordinary Income Property (b) Deduction Reduction Rules (c) Special Rules of Inapplicability

        § 3.5 Certain Contributions of Capital Gain Property (a) General Deduction Reduction Rule (b) Qualified Appreciated Stock

        § 3.6 Contributions of Property for Unrelated Use (a) Special Rule (b) Definition of Unrelated Use (c) Recapture of Deduction

        § 3.7 Step Transaction Doctrine

        § 3.8 Charitable Pledges

      A U.S. individual or corporation may make a contribution of money—usually U.S. currency—to a charitable organization. The income tax deduction for this donation is based on the amount of funds being transferred.

      The law of charitable giving becomes more complex in the case of a donor who makes a contribution of property, rather than a contribution of money.

      Likewise, a loss is not recognized when an item of property is contributed to a charity. In this circumstance, the donor should sell the property, experience the loss, and contribute the sales proceeds to charity. (By contrast, the donor of appreciated property is usually best advised to contribute the property to a charitable organization, rather than sell the property and donate the after-tax proceeds to the charity.)

      The donor's ability to take a charitable deduction for a contribution of property, based on the fair market value of the property, depends on several factors. Chief among these factors are the nature of the property contributed, the tax classification of the charitable donee, and the use to which the charitable donee puts the property.

      As to the first of these factors, the federal tax law categorizes items of property as long-term capital gain property, short-term capital gain property, and ordinary income property.