The following is an excerpt from the article “IRS Gets Less Charitable“, by Sam Braunstein and Carol F. Burger. It was published in the ABA Journal, December 2007.
Generosity is a noble trait shared by many Americans. Just ask the Internal Revenue Service. Traditionally, this generosity has been rewarded with favorable tax treatment by the Internal Revenue Code and IRS regulations, primarily in the form of deductions pegged to qualifying charitable contributions of cash or property.
In 2004, the most recent tax year for which IRS statistics are complete, some $122.9 billion in cash gifts to charitable organizations were claimed on 38.5 million individual returns that itemized deductions (out of more than 132 million total returns). Some $43.4 billion in deductions for non-cash charitable contributions were reported on some 25.3 million individual returns.The following is an excerpt of ”
Generosity is a noble trait shared by many Americans. Just ask the Internal Revenue Service. Traditionally, this generosity has been rewarded with favorable tax treatment by the Internal Revenue Code and IRS regulations, primarily in the form of deductions pegged to qualifying charitable contributions of cash or property.
In 2004, the most recent tax year for which IRS statistics are complete, some $122.9 billion in cash gifts to charitable organizations were claimed on 38.5 million individual returns that itemized deductions (out of more than 132 million total returns). Some $43.4 billion in deductions for non-cash charitable contributions were reported on some 25.3 million individual returns.