ENHANCED CHARITABLE DEDUCTION FOR FOOD INVENTORY

摘要

Deductions for the fair market value (FMV) of contributions made to qualified charities are limited by the taxpayer, type of property donated, and the charitable organization. In the case of an individual taxpayer, the deduction is limited by various percentages based on the type of property contributed and the organization receiving the property. Likewise, the donation of ordinary income property, such as inventory by a business, is limited to the adjusted basis (usually cost) of the donated property.