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An in-kind contribution is a non-cash contribution of goods or a service. Those are either offered free or at less than usual charge for them. [2] Similarly, when a person or entity pays for services on the committee’s behalf, the payment is also considered as an in-kind contribution.
Gifts in kind, also referred to as in-kind donations, is a kind of charitable giving in which, instead of giving money to buy needed goods and services, the goods and services themselves are given. Gifts in kind are distinguished from gifts of cash or stock. Some types of gifts in kind are appropriate, but others are not. [1]
Payment in kind may refer to: Barter , exchange of goods or services for other goods or services Payment in kind loan , a type of loan which typically does not provide for any cash flows from borrower to lender between the drawdown date and the maturity or refinancing date
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A contribution to a charitable organization need not be fully a "gift" in the statutory sense of the word to be deductible to the donor. The donor's allowable deduction will be reduced, however, by the amount of the "substantial benefit" conferred upon them as a result of their contribution. [1]
Some notable examples of tax in kind include: corvee, a tax paid in manual labour, such as on a public works project. fisc, in the Frankish kingdoms of the Medieval period; food render, a feorm or tax-in-kind provided through royal vills in Anglo-Saxon England [1] kharaj, instituted during the period of the Islamic Empire
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A comfort letter is a document prepared by an accounting firm assuring the financial soundness or backing of a company. [1] The comfort letter can be issued by a Certified Public Accountant declaring no indication of false or misleading information in the financial statements and that the company's prospectus follows the prevailing accounting standards.