Summary
Rev. Rul. 2008-16 provides guidance for S corporations that made charitable contributions of appreciated property during a taxable year beginning after December 31, 2005, and before January 1, 2008. The ruling provides that the amount of the charitable deduction the shareholder may claim may not exceed the sum of the shareholder's pro rata share of the fair market value of the contributed property over the shareholder's pro rata share of the contributed property's adjusted tax basis, and the amount of the Section 1366(d) loss limitation amount that is allocable to the contributed property's basis under Reg. 1.1366-2(a)(4).
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Extract
Rev. Rul. 2008-16
Section 1366.-Pass-Thru of Items to Shareholders
26 CFR 1.1366-2: Limitations on deduction of passthrough items of an S corporation to its shareholders. (Also § 1367; 1.1367-1.)S corporations; charitable contributions. This ruling provides guidance for S corporations that made charitable contributions of appreciated property during a taxable year beginning after December 31, 2005 and before January 1, 2008. The ruling provides that the amount of the charitable deduction the shareholder may claim may not exceed the sum of (i) the shareholder's pro rata share of the fair market value of the contributed property over the shareholder's pro rata share of the contributed property's adj...See the full content of this document
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