Bargain Sale

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Bargain Sale

The sale of an asset for less than fair market value with the intent of making a charitable contribution. For example, a grocery store may make a bargain sale if it sells food to a homeless shelter for $5,000 when it is worth $15,000. In this case, the grocery store may take a tax deduction for $10,000 (the difference between the sale price and the market value).
References in periodicals archive ?
Therefore, a rent-free use of real or personal property does not augment the bargain sales transaction any more than a contribution of personal services by the taxpayer.
1011 rule applied to bargain sales to charity (under which the basis of bargain-sale property is allocated ratably between the gift portion and the sale portion, based on the FMV on the date of transfer and the consideration paid).
But the bargain sales have left thousands of new and existing customers hanging on the telephone.
My husband's salary has been cut little by little for some time, so I buy things in bargain sales.
Such SOE bargain sales are a clear sign of the triumph of harsh market reality over the planned economy.
Hilley's is holding bargain sales on inventory items that Eckerd does not want, while Eckerd is reportedly leasing the real estate the stores sit on from Hilley's.
In between, you'll always find one floor for special events like bargain sales and trade fair, and one or two floors of restaurants--from noodle parlors and sushi bars to French pastry shops.
Gift vehicles covered include outright gifts, bequests, charitable gift annuities, charitable remainder trusts, bargain sales, charitable lead trusts, beneficiary designations and retained life estates.
Planned giving techniques and vehicles topics include bargain sales, life estate agreements, and charitable gift annuities.
On past losses incurred because Seven-Eleven Japan refused to allow bargain sales, some have sought advice from legal experts like Masanori Nakamura, who said five people have consulted him and at least one is sure to sue the company.
If that makes me feel better, I may go all the way and get myself a set of blinders to wear to bargain sales in discount stores.
A Sunday Mercury investigation has revealed the total cost of some of the bargain sales available at the moment.