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Donate cash: You could sell the one share for $150 — minus the 15% federal capital gains tax — and make the donation in cash. The $127.50 in proceeds would be tax deductible, of course.
Abby, our taxpayer, owns a sporting goods store. Her business is doing well so she decides to donate some of last season's inventory to The Women's Sports Foundation, a certified charitable organization. Abby's adjusted gross income this year is $700,000. The fair market value of Abby's donated inventory is $600,000.
The organization is subject to unrelated business income tax for the revenue derived from nonmember use of its facilities and services, less allowable deductions. [104] If the organization sells assets that were previously used for recreational or social purposes, the proceeds are considered related business income as long as the proceeds are ...
Sweetwater contributes to more than 600 nonprofit organizations annually, [47] [48] including charitable donations to Fort Wayne Community Schools, [49] Arts United of Fort Wayne, [50] the Fort Wayne Philharmonic Orchestra, [51] Easter Seals ARC of Northeast Indiana, [52] and the Voices of Unity Youth Choir.
Investors who chafe at having to take required minimum distributions (RMDs) each year have a new tool to help them reduce the tax bite of these withdrawals – and provide retirement income for life.
Two major kinds of such donations deserve specific consideration, charitable as well as political donations. According to a 2020 study of large United States–based corporations, "6.3 percent of corporate charitable giving may be politically motivated, an amount 2.5 times larger than annual PAC contributions and 35 percent of federal lobbying.
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