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Tax benefits are a notable side effect of philanthropy (in addition to the satisfaction of leaving the world a better place). Subject to various limits not discussed here, a deduction is allowed that can reduce a donor's income tax. Indeed, that generous tax deduction is one of the benefits of being a U.S. taxpayer. However, what the Code giveth, the Code can take away as well. Recent case law and

Tax benefits are a notable “side effect” of philanthropy (in addition to the satisfaction of leaving the world a better place). Subject to various limits not discussed here, a deduction is allowed that can reduce a donor's income tax. Indeed, that generous tax deduction is one of the benefits of being a U.S. taxpayer.

However, what the Code giveth, the Code can take away as well. Recent case law and Internal Revenue Service audit activity has reminded us that there are specific condit

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TAGS: Philanthropy
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