Talk:Charitable contribution
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in case someone gets to it before i figure out how to, please feel free to create one of those cute "table of contents" boxes. it may make navigation less tedious, especially since i still have a bit more to add -- User:beefalo (14 april 04)
Took care of it :) -- User:Pgunn (15 April 2004)
Danke, mon amie :P~ xoxoixoxox (15 April 04)
Just for reference at this time, the following is the relevant statutory definition:
170(c) CHARITABLE CONTRIBUTION DEFINED. --For purposes of this section, the term "charitable contribution" means a contribution or gift to or for the use of --
- (1) A State, a possession of the United States, or any political subdivision of any of the foregoing, or the United States or the District of Columbia, but only if the contribution or gift is made for exclusively public purposes.
- (2) A corporation, trust, or community chest, fund, or foundation --
- (A) created or organized in the United States or in any possession thereof, or under the law of the United States, any State, the District of Columbia, or any possession of the United States;
- (B) organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or to foster national or international amateur sports competition (but only if no part of its activities involve the provision of athletic facilities or equipment), or for the prevention of cruelty to children or animals;
- (C) no part of the net earnings of which inures to the benefit of any private shareholder or individual; and
- (D) which is not disqualified for tax exemption under section 501(c)(3) by reason of attempting to influence legislation, and which does not participate in, or intervene in (including the publishing or distributing of statements), any political campaign on behalf of (or in opposition to) any candidate for public office.
- A contribution or gift by a corporation to a trust, chest, fund, or foundation shall be deductible by reason of this paragraph only if it is to be used within the United States or any of its possessions exclusively for purposes specified in subparagraph (B). Rules similar to the rules of section 501(j) shall apply for purposes of this paragraph.
- (3) A post or organization of war veterans, or an auxiliary unit or society of, or trust or foundation for, any such post or organization --
- (A) organized in the United States or any of its possessions, and
- (B) no part of the net earnings of which inures to the benefit of any private shareholder or individual.
- (4) In the case of a contribution or gift by an individual, a domestic fraternal society, order, or association, operating under the lodge system, but only if such contribution or gift is to be used exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals.
- (5) A cemetery company owned and operated exclusively for the benefit of its members, or any corporation chartered solely for burial purposes as a cemetery corporation and not permitted by its charter to engage in any business not necessarily incident to that purpose, if such company or corporation is not operated for profit and no part of the net earnings of such company or corporation inures to the benefit of any private shareholder or individual.
For purposes of this section, the term "charitable contribution" also means an amount treated under subsection (g) as paid for the use of an organization described in paragraph (2), (3), or (4).
See 26 U.S.C. ยง 170(c). Famspear 15:11, 13 January 2006 (UTC)
I'm assuming by ordinary gain we're refering to ordinary income, so I included the link. If this is correct, do we need a Redirect? Have Gun, Will Travel 02:21, 6 February 2007 (UTC)