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Summary Tax 670 Milestone Two Charitable Giving.docx TAX670 Charitable Contributions Southern New Hampshire University RESEARCH MEMORANDUM Facts: Client, Nora, the owner of C-C Bakery, needs additional advice concerning charitable giving. She would like to c$7.49
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Summary Tax 670 Milestone Two Charitable Giving.docx TAX670 Charitable Contributions Southern New Hampshire University RESEARCH MEMORANDUM Facts: Client, Nora, the owner of C-C Bakery, needs additional advice concerning charitable giving. She would like to c
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Tax 670 Milestone Two Charitable G TAX670 Charitable Contributions Southern New Hampshire University RESEARCH MEMORANDUM Facts: Client, Nora, the owner of C-C Bakery, needs additional advice concerning charitable giving. She would like to contribute $70,000 in December of this year to the Boys...
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TAX670
Charitable Contributions
Southern New Hampshire University
RESEARCH MEMORANDUM
Facts: Client, Nora, the owner of C-C Bakery, needs additional advice concerning charitable
giving. She would like to contribute $70,000 in December of this year to the Boys and Girls
Club. Thus, the client would like advice on whether she should contribute the funds from her
business account (a C-corporation) or her 1040 individual return.
Authorities:
IRC § 170 Charitable, etc., Contributions and Gifts
IR 2020-264
The CARES Act of 2020/P.L. 116 -136
Research:
Taxpayers are allowed to reduce their income by taking deductions for contributions to specific
organizations, including charities. IRC § 170 (a) (1) General rule states there shall be allowed as
a deduction any charitable contribution (as defined in subsection (c)) payment made within the
taxable year. A charitable contribution shall be allowable as a deduction only if verified under
regulations prescribed by the Secretary.
A qualified charitable contribution is made to a qualified organization. IRC § 170 (c) provides
details of entity types considered eligible organizations, which include:
, A state or United States possession (or political subdivision thereof), or the United
States or the District of Columbia, if made exclusively for public purposes.
A community chest, corporation, trust, fund, or foundation organized or created in the
United States or its possessions, or under the laws of the United States, any state, the
District of Columbia, or any possession of the United States, and organized and
operated exclusively for charitable, religious, educational, scientific, or literary
purposes, or the prevention of cruelty to children or animals.
A church, synagogue, or other religious organization.
A war veterans' organization or its post, auxiliary, trust, or foundation organized in the
United States or its possessions.
A non-profit volunteer fire company.
A civil defense organization created under federal, state, or local law (this includes
unreimbursed expenses of civil defense volunteers directly connected with and solely
attributable to their volunteer services).
A domestic fraternal society, operating under the lodge system, but only if the
contribution is to be used exclusively for charitable purposes.
A non-profit cemetery company if the funds are irrevocably dedicated to the
cemetery's perpetual care as a whole and not a particular lot or mausoleum crypt.
For individual charitable contributions, IRC § 170 (b)(1) percentage for individuals states, a
personal contribution is limited by the organization type listed in the preceding subsections
paragraphs in IRC 170(b)(1) (A) and (B). The percentage limitation on the contribution made
shall be allowed to the extent that such contributions' aggregate does not exceed 50 percent of the
taxpayer's contribution base for the taxable year.
IRC 170 (1)(G) Increased limitation for cash contributions. (i) In general. In the case of any
contribution of cash to an organization described in subparagraph (A), the total amount of such
contributions for any taxable year beginning after December 31, 2017, and before January 1,
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