Section 170 C

A private foundation cannot make a grantfor a purpose not described in section 170 c 2 b of the internal revenue code.

Section 170 c. Internal revenue code section 170 c 2 charitable etc contributions and gifts. Providing for the determination of an amount to be treated as net income of the donee which is properly allocable to qualified intellectual property in the case of a donee who uses such property to further a purpose or function constituting the basis of the donee s exemption under section 501 or in the case of a governmental unit any purpose described in section 170 c and does not possess a right to receive any payment from a third party with respect to such property. Section 170 provides that contributions to certain types of organizations primarily 501 c 3 s and a few others are deductible by the donor as itemized deductions.

A charitable contribution shall be allowable as a deduction only if verified under regulations prescribed by the secretary. Irs publication 78 is a document published by the internal revenue service irs that lists organizations that qualify to receive tax deductible contributions as described in section 170 c of. 170 c 2 a corporation trust or community chest fund or foundation.

170 c 1 a state a possession of the united states or any political subdivision of any of the foregoing or the united states or the district of columbia but only if the contribution or gift is made for exclusively public purposes. Section 501 c 3 governs tax exemption of organizations while section 170 governs deductibility of contributions by individuals. For purposes of this section the term charitable contribution means a contribution or gift to or for the use of.

For purposes of this notice a qualified real property interest is referred to as a conservation easement. Permitted purposes are religious charitable scientific literary or educational fostering national or international amateur sports competition but only if no part of the activities involve providing athletic facilities or equipment and preventing cruelty to children or animals. There shall be allowed as a deduction any charitable contribution as defined in subsection c payment of which is made within the taxable year.

1 a state a possession of the united states or any political subdivision of any of the foregoing or the united states or the district of columbia but only if the contribution or gift is made for exclusively public purposes. 2 to claim a charitable contribution deduction a taxpayer must establish that he or she made a gift to a qualified entity organized and operated exclusively for an exempt purpose no part of the net earnings of which inures to the benefit of any private shareholder or individual.