TITLE

Charitable Donations Boost Bottom Line, Image

AUTHOR(S)
Prysock, Mark
PUB. DATE
November 2002
SOURCE
Financial Executive;Nov2002, Vol. 18 Issue 8, p61
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article mentions charitable donations, product philanthropy, and a tax deduction in the United States. Section 170(e)(3) of the Internal Revenue Code allows a generous tax deduction when corporations donate excess inventory to charities that provide services for the sick, needy, or minor children. This deduction is often more valuable in terms of enhancing profitability on financial statements than writing off or destroying the unwanted products. This type of charitable donation is called product philanthropy. Four types of property are eligible under this tax rule including depreciable property and real estate. The Web site for Gifts In Kind International is www.giftsinkind.org.
ACCESSION #
7739138

 

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