- 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