Charitable Contributions

Author: Mary Ann Shimko
Publisher
WiseGuides, Inc.
2796 Greenspire Ln
Akron, Oh 44333
Copyright © 2010

Field of Study: Taxes
Level: Basic
Recommended CPE Credit 4 hours
Prerequisites: None
Advanced Preparation: None
Type of Delivery: Self-Study
Expiration: Course expires 1 year after purchase
Course Update: January 2010
Accreditation: QAS, NASBA, IRS, CTEC, OTPB
Guarantee/Complaint Resolution

Course Outline


Lesson 1 - Tax Changes
Learning Objectives 1
Tax Changes Effecting Charitable Contributions


Lesson 2 - Charitable Organizations
Learning Objectives 2
Contributions To Qualified Organizations
Contributions to Nonqualified Organizations
Categorizing charities


Lesson 3 - Types of Contributions
Learning Objectives 3
Types of Contributions
Ordinary Income and Short-Term Capital Gain Property
Capital Gain Property (Long-Term)
Contributed amounts are subject to AGI limitation


Lesson 4 - Capital Gain Property Election
Learning Objectives 4
Limits on Charitable Contribution Deductions
The 50% Limitation
The 30% Limitation
Special 30% Limitation
The 20% Limitation
Capital Gain Property Election


Lesson 5 - Applying the Limitations for "Ordering Rules"
Learning Objectives 5
How to Apply the Limitations
Comprehensive Example
Capital Gain Election


Lesson 6 - Carryover of Charitable Contributions
Learning Objectives 6
Carryover of Charitable Contributions
Contribution Carryovers. Comprehensive Examples
Carryover Capital Gain


Lesson 7 - When to Deduct Contributions
Learning Objectives 7
When To Deduct Contributions


Lesson 8 - Treatment of Miscellaneous Types of Contributions
Learning Objectives 8
Contributions From Which a Gift or Benefit is Received
Athletic Events
Charity Benefit Events
Membership Fees or Dues
Value of Time or Services
Appraisal Fees
Inventory Items
Property Used In Trade or Business
Business Vehicle
Fully-Depreciated Tangible Asset
Bargain Sale
Bargain Sale Resulting in Ordinary Income Example
Bargain Sale Resulting in Long-Term Capital Gain Example
Property Subject to Debt
Partial Interest in Property
Future Interest in Tangible Personal Property
Used Clothing
Household Goods
Paintings, Antiques, and Other Objects of Art
Cars, Boats, and Aircraft
Distributions From IRAs


Lesson 9 - Recordkeeping & Reporting
Learning Objectives 9
Recordkeeping For Cash Contributions
Recordkeeping for Noncash Contributions
Reporting Contributions

Course Objectives

Lesson - 1
After completing Lesson 1, you will be able to:
  • Identify recent expired provisions regarding charitable contributions
    • How to get a "quick-study" overview of the course material:
  • Pay particular attention to paragraphs marked by the Wiseguy. He'll guide you to key issues.

Lesson - 2
After completing Lesson 2, you will be able to:
  • Identify the qualified and nonqualified organizations for purposes of taking a charitable contribution deduction
Lesson - 3
After completing Lesson 3, you will be able to:
  • Identify types of contributions subject to ordinary and capital-gain treatment for charitable contributions purposes
  • Figure the contribution amount for long-term capital gain property
Lesson - 4
After completing Lesson 4, you will be able to:
  • Identify the charitable contribution limits that apply to specific organizations
Lesson - 5
After completing Lesson 5, you will be able to:
  • Figure the allowable charitable contribution by applying the limitations
Lesson - 6
After completing Lesson 6, you will be able to:
  • Figure the charitable contributions carryover amount
Lesson - 7
After completing Lesson 7, you will be able to:
  • Determine when to deduct various charitable contributions
Lesson - 8
After completing Lesson 8, you will be able to:
  • Figure the allowable deduction of a contribution from which the taxpayer receives a gift or benefit
  • Figure the allowable out-of-pocket and car expenses with regard to volunteer work
Lesson - 9
After completing Lesson 9, you will be able to:
  • Identify the records to keep for cash contributions
  • Identify the records to keep for noncash contributions