Robert and Cheryl McKeown - Page 17
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We finally consider petitioners’ charitable contributions.
Petitioners claimed they contributed property worth $3,014 to
charitable organizations in 2003.
Charitable contributions are generally deductible under
section 170(a). No deduction is allowed, however, for any
contribution of $250 or more unless the taxpayer substantiates
the contribution by a contemporaneous written acknowledgment of
the contribution by a qualified donee organization.5 Sec.
170(f)(8)(A). The deduction for a contribution of property
equals its fair market value on the date contributed. Sec.
1.170A-1(c)(1), Income Tax Regs.
Petitioners provided no documentation, substantiation, or
testimony concerning their contributions of property for 2003.
Petitioners are therefore not entitled to deduct any amount for
charitable contributions of property.
5There are now stricter requirements for contributions of
money. Sec. 170(f)(17). No deduction for a contribution of
money in any amount is allowed unless the donor maintains a bank
record or written communication from the donee showing the name
of the donee organization, the date of the contribution, and the
amount of the contribution. Id. This new provision is effective
for contributions made in tax years beginning after Aug. 17,
2006. Pension Protection Act of 2006, Pub. L. 109-280, sec.
1217, 120 Stat. 1080.
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Last modified: November 10, 2007