Asked by Shibuya Daemon on Jul 14, 2024
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If donated appreciated capital gain property is put to a use that is unrelated to the purpose or function of a charity's tax-exempt status,the contribution must be reduced by the amount of any long-term capital gain that would have been realized if the property had been sold at its fair market value at the time of the contribution.
Appreciated Capital Gain Property
Property that has increased in value over time, where the capital gain realized from its sale is taxed at a possibly reduced rate depending on the duration of ownership.
Tax-Exempt Status
A designation that allows an organization or entity to be exempt from federal income tax under certain sections of the Internal Revenue Code.
- Ascertain the prerequisites for charitable donation deductions.
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Learning Objectives
- Ascertain the prerequisites for charitable donation deductions.
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