Transcription of Charitable Contributions Deductions* - nyu.edu
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Charitable Contributions Deductions* - nyu.edu
Charitable Contributions Deductions* In general. The has allowed an income tax deduction to individual and corpo-rate donors1 to Charitable organizations since 1917,2 four years after the enactment of the federal income tax. In the typical case a donation of cash or property to a public char-ity the donor may deduct the amount of cash or the fair market value of property do-nated. The amount of the deduction, however, generally may not exceed (1) in the case of an individual, 50 percent of the individual s contribution base, 3 or (2) in the case of a corporation, 10 percent of its taxable Even slight deviations from the plain vanilla situation, however, may call into play a variety of complex rules with the potential to change the amount of, or even wholly to deny, the Charitable Contributions deduction. These rules depend on the form of the gift, the type of property donated, and the nature of the donee organization . A succinct sum-mary of some of these rules follows, Furthermore, certain sophisticated transac-tions involving split-interest gifts ( , Charitable remainder or Charitable lead trusts), Charitable gift annuities, pooled income funds, and the like are subject to other detailed requirements that are generally beyond the scope of this chapter to Because of the substantial aggregate size of Charitable remainder trusts, however, a brief description of the basic fiscal rules affecting them is set out
Charitable Contributions Deductions* In general.The U.S. has allowed an income tax deduction to individual and corpo-rate donors1 to charitable organizations since 1917,2 four years after the enactment of the
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