Saturday, December 22, 2007

Technical Corrections Act of 2007 Has Exempt Org. Provisions

The Technical Corrections Act of 2007 (HR 4839) passed by Senate on December 20, 2007 (and previously passed by the House), has about 8 provisions related to charitable contributions or the taxation of exempt organizations, including:

  • Contribution of Appreciated Property by S Corporations
  • Recapture of Tax Benefit for Charitable Contributions of Exempt Use Property Not Used for Exempt Purposes
  • Contributions of fractional Interests in Tangible Personal Property
  • Clarification of the Time for assessment of penalties relating to substantial and gross valuation misstatements attributable to incorrect appraisals
  • Expansion of the Base of Tax on Private Foundation net Investment Income
  • Public Disclosure of information relating to unrelated business income tax returns
  • Donor Advised Funds
  • Excess Benefit Transactions Involving Supporting Organizations

For the Joint Committee on Taxation Explanation, see here.


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