• Substantiation and Acknowledgement Rules
• Contemporaneous – Example
• Written Acknowledgement
• Substantiation – Amount and type of Property
• Good Faith Estimates
• Need (1) contemporaneous (2) written acknowledgement
This video covers the basic overview of the charitable contribution on cash donations over and under $250, property donations over $5000, property over $500 and intangible personal property like securities. This video talks about good faith estimates, examples of failures to state consideration and what the consequences of failure to stating the considering might mean to you.
Louis E. Michelson, Esq. is the founder of the Law Offices of Louis E. Michelson. Mr. Michelson’s practice includes formation, board governance and tax issues for tax-exempt organizations and income tax planning to businesses in corporate, partnership and LLC structures. Michelson represents clients in connection in tax disputes before tax authorities and also is an instructor for UCLA Extension on taxation of nonprofit organizations.
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