Charity Tax Law
Charitable Donation Tax Law
Each of these groups of individuals requires a separate answer. For those who purchased tickets to the event, though receipts may be provided (and might be mandated by law), there was no gift made — there was a material quid pro quo received by the purchaser, and therefore the cost of the ticket is not considered a charitable gift nor is it tax deductible (Hopkins 2005, pp. 58). The same can basically be said of those who purchased art through the auction process, though there are complicating factors. If a purchaser paid more than fair market value for a particular piece, the difference may be tax deductible (Hopkins 2005; pp. 126). Due to the auction process, however, fair market value would most likely be established as the purchase price, rendering this exception moot.
This applies to the artist as well; assuming that the money for the sale went to the charitable organization, the donor of the art is entitled to a write-off of the fair market value of the donation, regardless of its value at the time it was acquired/created by the donor (Hopkins 2005, pp. 126). They, and not the purchaser of the art, are actually out the value of the artwork, and thus the deduction applies to the artist/gallery, and not to the purchaser or doubly to both.
Case Study 2
Morgan should definitely consider making a donation in the form of stock to the charitable organization. This could result both in money saved and a greater donation.
Morgan’s interest in Mega Bank Corporation has a long enough standing to become a long-term capital gain asset (Hopkins 2005, pp. 130). Morgan would have to pay capital gains taxes on the dividends and increased value of the stock for any shares still held by the end of the tax year. A charitable contribution of the stock, meanwhile, could be deducted at the fair market value of the stock, because the capital gain is not sort term (Hopkins 2005, pp. 126; 130).
This means that every one-hundred dollars worth of stock donated (i.e. one share) could be considered a full one-hundred dollar gift, despite the fact that Morgan’s cost basis in the stock is only one cent, or one ten-thousandth of the stock’s value. A donation worth twenty-five thousand dollars to the organization would actually cost Morgan twenty-five dollars’ worth of stock; though they would be losing the value of the stock, they would only be spending a penny per share. This has the advantage of avoiding capital gains taxes and providing a charitable tax write-off, and Morgan might consider a bigger donation due to the wonderful thinking of the intelligent head of this charitable organization.
Case Study 3
This case is somewhat more complex than the two preceding, in that a great deal of variation in the tax implications exists depending on the type/purpose of the charitable organization and its plans for the property. If a house on Cape Cod somehow suited the tex-exmpt purpose of the charitable organization (e.g. It was used as a hospice for sick children that the organization cared for), then the amount of the deduction Mr. Kennedy could claim would be equal to the fair market value of the house, less the mortgage, or $700,000 (Hopkins 2005, pp. 136).
If, as is more likely, the donation cannot be used by the organization directly for its charitable purposes, there must be a long-term capital gains deduction for the amount of appreciation of the cottage. Mr. Kennedy’s deduction would therefore be $350,000, or the amount he had actually paid for the house ($400,000 less the $50,000 still remaining on the mortgage). This is true whether the charitable organization uses the property to generate long-term income or sells it soon after receiving the donation (Hopins 2005; pp. 136). The proper response in this situation would be to advise Mr. Kennedy to consult his accountant/tax attorney; he might be far better off selling the property and making a cash donation to the organization.
Case Study 4
Unfortunately, Dr. Nicely will have to be informed that under Section 526, the value of volunteer hours is expressly ineligible for a deduction. Certain expenses related to the volunteerism can be deducted however; the doctor is entitled to fourteen cents per mile (as of 2007) for actual costs of gas driving to and from work, or the actual cost of transportation provided receipts are furnished at the time of filing (Teitell 207). If the doctor used any of his own consumable equipment or resources — cotton swabs, tongue depressors, syringes, etc. — these can also be deducted, and receipts will only be necessary if the deduction amount is $250 or greater (Teitell 2007). Only actual expenses related to the volunteer work may be recovered however, and not the estimated or real value of the time volunteered itself.
References
Hopkins, B. (2005). The tax law of charitable giving. Hoboken, NJ: Wiley.
Teitell, C. (2007). “Tax Deductions for Volunteers.” The Grantsmanship Center. Accessed 15 October 2009. http://docs.google.com/gview?a=v&q=cache:qTmnQFy3Lw0J:www.tgci.com/magazine/Tax%2520Deductions%2520for%2520Volunteers.pdf+deduction+for+volunteer&hl=en&gl=us&sig=AFQjCNESzXN7zd7Kz2TvwfaNlFU_hAiV7w
Get Professional Assignment Help Cheaply
Are you busy and do not have time to handle your assignment? Are you scared that your paper will not make the grade? Do you have responsibilities that may hinder you from turning in your assignment on time? Are you tired and can barely handle your assignment? Are your grades inconsistent?
Whichever your reason is, it is valid! You can get professional academic help from our service at affordable rates. We have a team of professional academic writers who can handle all your assignments.
Why Choose Our Academic Writing Service?
- Plagiarism free papers
- Timely delivery
- Any deadline
- Skilled, Experienced Native English Writers
- Subject-relevant academic writer
- Adherence to paper instructions
- Ability to tackle bulk assignments
- Reasonable prices
- 24/7 Customer Support
- Get superb grades consistently
Online Academic Help With Different Subjects
Literature
Students barely have time to read. We got you! Have your literature essay or book review written without having the hassle of reading the book. You can get your literature paper custom-written for you by our literature specialists.
Finance
Do you struggle with finance? No need to torture yourself if finance is not your cup of tea. You can order your finance paper from our academic writing service and get 100% original work from competent finance experts.
Computer science
Computer science is a tough subject. Fortunately, our computer science experts are up to the match. No need to stress and have sleepless nights. Our academic writers will tackle all your computer science assignments and deliver them on time. Let us handle all your python, java, ruby, JavaScript, php , C+ assignments!
Psychology
While psychology may be an interesting subject, you may lack sufficient time to handle your assignments. Don’t despair; by using our academic writing service, you can be assured of perfect grades. Moreover, your grades will be consistent.
Engineering
Engineering is quite a demanding subject. Students face a lot of pressure and barely have enough time to do what they love to do. Our academic writing service got you covered! Our engineering specialists follow the paper instructions and ensure timely delivery of the paper.
Nursing
In the nursing course, you may have difficulties with literature reviews, annotated bibliographies, critical essays, and other assignments. Our nursing assignment writers will offer you professional nursing paper help at low prices.
Sociology
Truth be told, sociology papers can be quite exhausting. Our academic writing service relieves you of fatigue, pressure, and stress. You can relax and have peace of mind as our academic writers handle your sociology assignment.
Business
We take pride in having some of the best business writers in the industry. Our business writers have a lot of experience in the field. They are reliable, and you can be assured of a high-grade paper. They are able to handle business papers of any subject, length, deadline, and difficulty!
Statistics
We boast of having some of the most experienced statistics experts in the industry. Our statistics experts have diverse skills, expertise, and knowledge to handle any kind of assignment. They have access to all kinds of software to get your assignment done.
Law
Writing a law essay may prove to be an insurmountable obstacle, especially when you need to know the peculiarities of the legislative framework. Take advantage of our top-notch law specialists and get superb grades and 100% satisfaction.
What discipline/subjects do you deal in?
We have highlighted some of the most popular subjects we handle above. Those are just a tip of the iceberg. We deal in all academic disciplines since our writers are as diverse. They have been drawn from across all disciplines, and orders are assigned to those writers believed to be the best in the field. In a nutshell, there is no task we cannot handle; all you need to do is place your order with us. As long as your instructions are clear, just trust we shall deliver irrespective of the discipline.
Are your writers competent enough to handle my paper?
Our essay writers are graduates with bachelor's, masters, Ph.D., and doctorate degrees in various subjects. The minimum requirement to be an essay writer with our essay writing service is to have a college degree. All our academic writers have a minimum of two years of academic writing. We have a stringent recruitment process to ensure that we get only the most competent essay writers in the industry. We also ensure that the writers are handsomely compensated for their value. The majority of our writers are native English speakers. As such, the fluency of language and grammar is impeccable.
What if I don’t like the paper?
There is a very low likelihood that you won’t like the paper.
Reasons being:
- When assigning your order, we match the paper’s discipline with the writer’s field/specialization. Since all our writers are graduates, we match the paper’s subject with the field the writer studied. For instance, if it’s a nursing paper, only a nursing graduate and writer will handle it. Furthermore, all our writers have academic writing experience and top-notch research skills.
- We have a quality assurance that reviews the paper before it gets to you. As such, we ensure that you get a paper that meets the required standard and will most definitely make the grade.
In the event that you don’t like your paper:
- The writer will revise the paper up to your pleasing. You have unlimited revisions. You simply need to highlight what specifically you don’t like about the paper, and the writer will make the amendments. The paper will be revised until you are satisfied. Revisions are free of charge
- We will have a different writer write the paper from scratch.
- Last resort, if the above does not work, we will refund your money.
Will the professor find out I didn’t write the paper myself?
Not at all. All papers are written from scratch. There is no way your tutor or instructor will realize that you did not write the paper yourself. In fact, we recommend using our assignment help services for consistent results.
What if the paper is plagiarized?
We check all papers for plagiarism before we submit them. We use powerful plagiarism checking software such as SafeAssign, LopesWrite, and Turnitin. We also upload the plagiarism report so that you can review it. We understand that plagiarism is academic suicide. We would not take the risk of submitting plagiarized work and jeopardize your academic journey. Furthermore, we do not sell or use prewritten papers, and each paper is written from scratch.
When will I get my paper?
You determine when you get the paper by setting the deadline when placing the order. All papers are delivered within the deadline. We are well aware that we operate in a time-sensitive industry. As such, we have laid out strategies to ensure that the client receives the paper on time and they never miss the deadline. We understand that papers that are submitted late have some points deducted. We do not want you to miss any points due to late submission. We work on beating deadlines by huge margins in order to ensure that you have ample time to review the paper before you submit it.
Will anyone find out that I used your services?
We have a privacy and confidentiality policy that guides our work. We NEVER share any customer information with third parties. Noone will ever know that you used our assignment help services. It’s only between you and us. We are bound by our policies to protect the customer’s identity and information. All your information, such as your names, phone number, email, order information, and so on, are protected. We have robust security systems that ensure that your data is protected. Hacking our systems is close to impossible, and it has never happened.
How our Assignment Help Service Works
1. Place an order
You fill all the paper instructions in the order form. Make sure you include all the helpful materials so that our academic writers can deliver the perfect paper. It will also help to eliminate unnecessary revisions.
2. Pay for the order
Proceed to pay for the paper so that it can be assigned to one of our expert academic writers. The paper subject is matched with the writer’s area of specialization.
3. Track the progress
You communicate with the writer and know about the progress of the paper. The client can ask the writer for drafts of the paper. The client can upload extra material and include additional instructions from the lecturer. Receive a paper.
4. Download the paper
The paper is sent to your email and uploaded to your personal account. You also get a plagiarism report attached to your paper.
PLACE THIS ORDER OR A SIMILAR ORDER WITH US TODAY AND GET A PERFECT SCORE!!!
