1. Charitable Contributions Pub. 542 - “Income, Deductions, and Special Provisions” section then Charitable Contributions
Zazzle Inc. is considering making the following contributions: inventory of medical home-care items for the care of the ill, property and building of all research and development lab for use of research training of biological sciences, and a vehicle to the local pregnancy help center. As the tax advisor for Zazzle what advice do you have for them regarding documentation and these contributions in general?
As a tax advisor i recomend Zazzle Inc to get registered as charitable insitution under income tax act,so to get exemption on its 15%gross income and get deductions for the all the expenses incured,contributions made, donations given.
Here Zazzle Inc had contributed inventory of medical care, property and building for research purposes and vehicle to help centre. In this case Zazzle will get whole 100%dudction of capital expenditure made i.e property, building and vehicle as well as revenue expenditure of inventory.
For documentation purposes zazzle inc has to document all the vouchers, receipts ,bills ,other expenses list etc and has to maintain books of accounts .
1. Charitable Contributions Pub. 542 - “Income, Deductions, and Special Provisions” section then Charitable Contributions Zazzle...
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