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canceled checks. Petitioners also claimed they contributed
property worth $3,492 to charitable organizations in 2003, and
respondent allowed $89.
Charitable contributions a taxpayer makes 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 the qualified donee
organization.4 Sec. 170(f)(8)(A). The deduction for
contributions of property equals the fair market value of the
property on the date contributed. Sec. 1.170A-1(c)(1), Income
Tax Regs.
A taxpayer claiming a charitable contribution is generally
required to maintain for each contribution a canceled check, some
communication from the donee organization acknowledging receipt
of a contribution and showing the date and amount of the
contribution, or other reliable written records showing the name
of the donee, along with the date and amount of the contribution.
Sec. 1.170A-13(a)(1)(i) to (iii), Income Tax Regs.
4There 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 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