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charitable contribution |
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charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. Such contributions are deductible from gross income, and thus lower the taxes paid. (See: charitable remainder trust, charity) |
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According to Daniel Golden of the Wall Street Journal, the money the wealthy pay to finance skyboxes for themselves at college stadiums is deductible as a charitable contribution. By making a direct IRA contribution to charity, some taxpayers may be able to use charitable contribution carryforwards from prior years. In the end, the donor receives a charitable contribution for income tax purposes in the year of the asset transfer, the charitable contribution is exempt from gift tax and the value of the charitable component now has been transferred out of the donor's estate for estate tax purposes. |
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charitable contribution
