- 10 - 2. Charitable Contribution Deduction Petitioners claimed a charitable contribution deduction in the amount of $2,024 on their 1994 tax return. Section 170(a) allows as a deduction any charitable contribution which is made within the taxable year. A charitable contribution is a contribution or gift to or for the use of an organization described in section 170(c). Charitable contributions are deductible pursuant to section 170 only if verified under regulations prescribed by the Secretary. See sec. 170(a)(1). If a charitable deduction is made in property other than money, the amount of the contribution is, generally, the fair market value of the property at the time of the contribution. See sec. 1.170A-1(c)(1), Income Tax Regs. Further, any taxpayer who makes a charitable contribution of property other than money shall maintain for each contribution written records from the donee showing the name and address of the donee, the date and location of the contribution, and a description of the property in detail reasonably sufficient under the circumstances. See sec. 1.170A-13(b), Income Tax Regs. The fair market value of the property is one of the circumstances to be taken into account in determining the amount of detail to be included on the receipt. See id.; Thorpe v. Commissioner, T.C. Memo. 1998-123. Petitioner testified that petitioners normally make noncash contributions to Goodwill. Petitioner provided no specificPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011