Tax Basics of Foundation Giving
Author: Staff Editors.
Source: Volume 03, Number 01, November/December 2003 , pp.7-8(2)
< previous article |next article > |return to table of contents
Abstract:
The income tax rules regarding deductions for charitable gifts can be overwhelming for a nonprofessional. The complexities of the rules applicable to private foundation gifts are a case in point. Broadly stated, the income tax charitable deduction rules applicable to private foundations are less generous than those applicable to public charities (see Table 1 on p. 8 for a comparison). Understanding the basics—and consulting an accountant prior to the transaction—are critical if contributors want to make the most tax effective gifts.Keywords:
Affiliations:
.