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SEC. 170. CHARITABLE, ETC., CONTRIBUTIONS AND GIFTS.
(a) Allowance of Deduction.--
(1) General rule.–-There shall be allowed as a
deduction any charitable contribution * * *
payment of which is made within the taxable year.
A charitable contribution shall be allowable as a
deduction only if verified under regulations
prescribed by the Secretary.
In pertinent part, section 170(e) provides:
SEC. 170(e). Certain Contributions of Ordinary
Income and Capital Gain Property.--
(1) General rule.–-The amount of any
charitable contribution of property otherwise
taken into account under this section shall be
reduced by the sum of–-
* * * * * * *
(B) in the case of a charitable contribution--
* * * * * * *
(ii) to or for the use of a private
foundation (as defined in section 509(a)),
other than a private foundation described
in subsection (b)(1)(E),
the amount of gain which would been long-term
capital gain if the property contributed had
been sold by the taxpayer at its fair market
value (determined at the time of such
contribution).
* * * * * * *
(5) Special rule for contributions of stock
for which market quotations are readily
available.--
(A) In general.–-Subparagraph (B)(ii)
of paragraph (1) shall not apply to any
ontribution of qualified appreciated stock.
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Last modified: May 25, 2011