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Abby, our taxpayer, owns a sporting goods store. Her business is doing well so she decides to donate some of last season's inventory to The Women's Sports Foundation, a certified charitable organization. Abby's adjusted gross income this year is $700,000. The fair market value of Abby's donated inventory is $600,000.
Corporate donations to PACs and Super PACs are a First Amendment issue and subject to intense political debate in the US. Proponents of tighter regulations of political donations by corporations argue [8] that corporate donations corrupt democracy. Other research suggests that post-election lobbying and access to politicians, rather than ...
Donations made to 501(c)(3) organizations are typically tax-deductible for the donors, meaning individuals and businesses can claim those donations as deductions on their tax returns, subject to certain limitations. This tax benefit encourages charitable giving. In contrast, donations made to 501(c)(4) organizations are not generally tax ...
Non-monetary donations may include clothing and household items donated to thrift/resale stores like Goodwill, Salvation Army and in Springfield, stores like Red Racks DAV Thrift Store. These ...
A business's membership dues paid to a 501(c)(6) organization are generally an ordinary and necessary business expense. [75] The membership dues are tax-deductible in full unless a substantial part of the 501(c)(6) organization's activities consists of political activity, in which case a tax deduction is allowed only for the portion of ...
If the organization purpose is one of those described in §501(c)(3) of the Internal Revenue Code, [3] it may apply for a ruling that donations to it are tax deductible to the persons or business entities who make them. The organization itself will be exempt from taxation as long as it does not engage in unrelated business activities.
The FEC lists various expenses that are automatically considered personal use, such as household items, clothing, and tuition payment, to name a few. But not all expenses are as clear-cut.
Buoyed by promised pardons of their brethren for their Jan. 6 crimes and by Trump’s embrace of popular extremist far-right figures, those groups will likely see a resurgence after January ...