Code Section 170
| Code Section | Effective Date | Name of Act | Name of Provision | 10yr Revenue Estimate ($millions) |
|---|---|---|---|---|
| 170 | 12/31/2011 | The American Taxpayer Relief Act of 2012 | Enhanced charitable deduction for contributions of food inventory | -314 |
| 170 | 12/31/2011 | The American Taxpayer Relief Act of 2012 | Contributions of capital gain real property made for conservation purposes | -254 |
| 170 | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Contributions of capital gain real property made for conservation purposes | -111 |
| 170 | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Enhanced charitable deduction for contributions of food inventory | -134 |
| 170 | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Enhanced charitable deduction for contributions of book inventories to public schools | -53 |
| 170 | 12/31/2009 | The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 | Enhanced charitable deduction for corporate contributions of computer inventory for educational purposes | -350 |
Enhanced charitable deduction for contributions of food inventory
Explanation of Provision
The provision extends the expansion of, and modifications to, the enhanced deduction for charitable contributions of food inventory to contributions made before January 1, 2014.
Contributions of capital gain real property made for conservation purposes
Explanation of Provision
The provision extends the temporary rules regarding contributions of capital gain real property for conservation purposes for two years for contributions made in taxable years beginning before January 1, 2014.
Contributions of capital gain real property made for conservation purposes
Explanation of Provision
The Act extends the special rule regarding contributions of capital gain real property for conservation purposes for two years for contributions made in taxable years beginning before January 1, 2012.
Enhanced charitable deduction for contributions of food inventory
Explanation of Provision
The provision extends the expansion of, and modifications to, the enhanced deduction for charitable contributions of food inventory to contributions made before January 1, 2012.
Enhanced charitable deduction for contributions of book inventories to public schools
Explanation of Provision
The provision extends the expansion of, and modifications to, the enhanced deduction for contributions of book inventory to contributions made before January 1, 2012.
Enhanced charitable deduction for corporate contributions of computer inventory for educational purposes
Explanation of Provision
A taxpayer’s deduction for charitable contributions of computer technology and equipment generally is limited to the taxpayer’s basis (typically, cost) in the property. Under a special, temporary provision, certain corporations may claim a deduction in excess of basis for a ‘‘qualified computer contribution.’’ 1744 This enhanced deduction is equal to the lesser of (1) basis plus one-half of the item’s appreciation (i.e., basis plus one half of fair market value in excess of basis) or (2) two times basis. The enhanced deduction for qualified computer contributions expires for any contribution made during any taxable year beginning after December 31, 2009.1745
A qualified computer contribution means a charitable contribution of any computer technology or equipment, which meets several requirements. The contribution must meet standards of functionality and suitability as established by the Secretary of the Treasury. The contribution must be to certain educational organizations or public libraries and made not later than three years after the taxpayer acquired the property (or, if the taxpayer constructed or assembled the property, the date construction or assembly of the property is substantially completed).1746 The original use of the property must be by the donor or the donee,1747 and substantially all of the donee’s use of the property must be within the United States for educational purposes related to the function or purpose of the donee. The property must fit productively into the donee’s education plan. The donee may not transfer the property in exchange for money, other property, or services, except for shipping, installation, and transfer costs. To determine whether property is constructed or assembled by the taxpayer, the rules applicable to qualified research contributions apply. Contributions may be made to private foundations under certain conditions.1748
The provision extends the enhanced deduction for computer technology and equipment to contributions made before January 1, 2012.
1744- Sec. 170(e)(6).
-Return to Explanation of Provision
1745- Sec. 170(e)(6)(G).
-Return to Explanation of Provision
1746- If the taxpayer constructed the property and reacquired such property, the contribution must be within three years of the date the original construction was substantially completed. Sec. 170(e)(6)(D)(i).
-Return to Explanation of Provision
1747- This requirement does not apply if the property was reacquired by the manufacturer and contributed. Sec. 170(e)(6)(D)(ii).
-Return to Explanation of Provision
1748- Sec. 170(e)(6)(C).
-Return to Explanation of Provision
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