Charitable contribution deductions - an alternative to capitalization of demolition costs.: An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on July 1, 1994. The length of the article is 1003 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Owners wishing to tear down a building but not wanting demolition costs to be added to their basis in the land under IRC section 280B should consider making a charitable donation of the building. Fire departments can use the building for training exercises and will demolish the building in the process. The taxpayer will receive a current deduction for the fair market value of the building at the time of the donation. The Tax Court has supported this arrangement, stating that the community benefit of such donations outweighs the incidental benefit to the taxpayer.

Citation Details
Title: Charitable contribution deductions - an alternative to capitalization of demolition costs.
Author: Gregory A. Thompson
Publication:The Tax Adviser (Magazine/Journal)
Date: July 1, 1994
Publisher: American Institute of CPA's
Volume: 25 Issue: n7 Page: 421(2)

Distributed by Thomson Gale