Thursday, October 23, 2014

New CRS Report On Expired Charitable Tax Provisions

On Oct. 17, the Congressional Research Service released a Report titled Recently Expired Charitable Tax Provisions (“Tax Extenders”): In Brief. The report discusses (1) the enhanced charitable deduction for contributions of food inventory; (2) tax-free distributions from IRA's for charitable purposes; (3) basis adjustment to stock of S corporations making charitable property contributions; and (4) special rules for contributions of capital gain real property for conservation purposes.  It also projects the cost of extending the expired provisions.