- 11 -
under regulations prescribed by the Secretary.” Pursuant to
section 170(c), a “charitable contribution” is “a contribution or
gift to or for the use of” an organization described in that
subsection.
In pertinent part, section 170(f)(8)(A) disallows a
deduction, under section 170(a), “for any contribution of $250 or
more unless * * * [substantiated] by a contemporaneous written
acknowledgment of the contribution by the donee organization that
meets the requirements of subparagraph (B).” Under section
170(f)(8)(B), the acknowledgment must state the amount of cash
and describe (but not value) any property other than cash
contributed, state “whether the donee organization provided any
goods and services in consideration, in whole or in part” for the
contribution, and provide “[a] description and good faith
estimate of the value of any goods and services” provided by the
donee organization “or, if such goods or services consist solely
of intangible religious benefits, a statement to that effect.”
The term “intangible religious benefit” is defined to mean “any
intangible religious benefit which is provided by an organization
organized exclusively for religious purposes and which generally
is not sold in a commercial transaction outside the donative
context.” Sec. 170(f)(8)(B)(iii).
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011