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charitable contribution deduction

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charitable contribution deduction
An itemized income-tax deduction for donations of assets to Internal Revenue Service-designated organizations. Certain qualifications on this deduction apply, such as a contribution limit of 50% of a taxpayer's adjusted gross income. Of particular interest to investors is the option to donate appreciated property (that is, securities that have increased in value since acquisition) and to deduct the entire market value of the donated assets without being obligated to pay taxes on the capital gains. Donations of appreciated property may subject the taxpayer to the alternative minimum tax.


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The donor will not include the IRA withdrawal in taxable income, and will not receive a charitable contribution deduction.
Pension Protection Act: new federal rules will impact your ... by Romano, Dan / The Non-profit Times
Under that provision, if an NOL from a different tax year is brought into the current one (for purposes of calculating the charitable contribution deduction in that year), the excess charitable contribution carryover that will be carried to the next year will be calculated without consideration of the NOL, resulting in a reduction of the carryforward; see Regs.
A primer on individual NOLs by Kirk, David H. / The Tax Adviser
Under IRC section 170(e), C corporations are entitled to a charitable contribution deduction not available to other taxpayers.
Surviving Katrina: tax breaks for victims of the costliest ... by Rothman, Jason A. / Journal of Accountancy
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