criteria for tax deductibility

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Posted by RaiderKarl on March 22, 2001 at 09:37:02:

In Reply to: A personal plea posted by MHK on March 21, 2001 at 16:51:38:

The U.S. Code at Title 29 (The Internal Revenue Title) Section 170 states the criteria for deductibility.

To paraphrase it, a deductible charitable contribution means a contribution or gift to (1) a State, Possession, or any political subdivision of a State or Possession, or to the U.S. or D.C., if the contribution is made for exclusively public purposes; or (2) a corporation, trust, community chest, fund, or foundation, created/organized in the U.S.A., and organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, or to foster national or international sports competition, or for the prevention of cruelty to children or animals; and not influencing political campaigns or for candidates for public office.

You can go to your county law library and look the law up yourself. Look for the "Internal Revenue Code." Look for "Section 170." Read, read on, read carefully. Thats what we teach lawyers and CPAs in tax practice.

So, who runs the chamber down there? Deductibility would turn on that issue.

/s/ RaiderKarl

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