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Cash face value face value ordinary income property ab

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Unformatted text preview: ty Contributed GROUP 1 Public Charities GROUP 2 Private, Non-operating Foundation, etc. Cash Face Value Face Value Ordinary Income Property <A/B or FMV <A/B or FMV Sec. 1221 & 1231 Property FMV A/B Prop that is Sec. 1221 or 1231property that is not used according to donee’s exempt purpose <A/B or FMV <A/B or FMV L/T Apprec. stock FMV FMV Exceptions: 35 Charitable Contributions Charitable VALUATION OF CONTRIBUTIONS BASIC RULES x Deductions must be Cash or Property x Contributions to individuals generally do not qualify x Donated Services are not deductible. However, “out Donated of pocket” expenses do qualify of x Contribution to Charity must be in excess of value Contribution excess received (i.e., the “premium” is deductible) received x Raffles, Bingo Nights, and Tuition do not qualify Raffles, 36 Charitable Contributions VALUATION OF CONTRIBUTIONS OTHER RULES x The value of all Sec. 1221 & 1231 property The contributed is reduced by any depreciation recapture recapture x There are several other special options & There technical rules involving valuation technical x Pension Protection Act of 2006 37 Charitable Contributions LIMITATIONS ON CONTRIBUTIONS Two levels of limitations on amounts that individuals can deduct for charitable contributions— both based on AGI both x Overall Limitation: Individuals can deduct a maximum of 50% of AGI for charitable contributions contributions x Sub-Limitations exist for deductible contributions depen...
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