The Intricacices of Charitable Contributions

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This article was co-authored by Richard Lee.

Generally, charitable contributions of “ordinary-income” property also known as tangible property held less than one year are limited to the cost of the property.

In certain instances, there are exceptions to this “cost” rule, allowing for a higher or enhanced charitable contribution where the value of the property exceeds its cost.

For example, a contribution of inventory by a regular corporation that is not an S corporation, to a public charity or private operating foundation can result in an enhanced charitable deduction. The deduction is equal to the cost of the property plus one-half of …read more

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