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previous page Previous Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Extended Tax Deadlines
next page Next Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Casualty and Theft Losses
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication
taxmap/pubs/p4492-002.htm#TXMP10d9375e

Charitable Giving Incentives


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taxmap/pubs/p4492-002.htm#TXMP72247b70

Temporary Suspension of Limits on Charitable Contributions


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taxmap/pubs/p4492-002.htm#TXMP659da79d

Individuals.


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Qualified contributions are not subject to the overall limit on itemized deductions or the 50% adjusted gross income (AGI) limit. A qualified contribution is a charitable contribution paid in cash or by check after August 27, 2005, and before January 1, 2006, to a 50% limit organization (other than certain private foundations described in section 509(a)(3)) if you make an election to have the 50% limit not apply to these contributions.
Your deduction for qualified contributions is limited to your AGI minus your deduction for all other charitable contributions. You can carry over any contributions you are not able to deduct for 2005 because of this limit. In 2006, treat the carryover of your unused qualified contributions as a carryover of contributions subject to the 50% limit.
taxmap/pubs/p4492-002.htm#TXMP7e4a228e

Exception.
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Qualified contributions do not include a contribution to a segregated fund or account for which you (or any person you appoint or designate) have or expect to have advisory privileges with respect to distributions or investments based on your contribution.
taxmap/pubs/p4492-002.htm#TXMP7d9b698f

Corporations.


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A corporation may elect to deduct qualified cash contributions without regard to the 10% taxable income limit if the contributions were made after August 27, 2005, and before January 1, 2006, to a qualified charitable organization (other than certain private foundations described in section 509(a)(3)), for Hurricane Katrina, Rita, or Wilma relief efforts. The corporation's deduction for these qualified contributions is limited to 100% of taxable income (as modified for the 10% limit) minus the corporation's deduction for all other charitable contributions. Any qualified contributions over this limit can be carried over to the next 5 years, subject to the 10% limit.
taxmap/pubs/p4492-002.htm#TXMP3390ed23

Partners and shareholders.


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Each partner in a partnership and each shareholder in an S corporation makes a separate election to have the appropriate limit not apply.
taxmap/pubs/p4492-002.htm#TXMP24e4257b

More information.


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For more information, see Publication 526 or Publication 542, Corporations. Publication 526 includes a worksheet you can use to figure your deduction if any limits apply to your charitable contributions.
taxmap/pubs/p4492-002.htm#TXMP4ae8a304

Standard Mileage Rate for Charitable Use of Vehicles


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The following are special standard mileage rates in effect in 2005 and 2006 for the cost of operating your automobile for providing charitable services solely related to Hurricane Katrina.
taxmap/pubs/p4492-002.htm#TXMP6dd104c4

Mileage Reimbursements to Charitable Volunteers


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You can exclude from income amounts you receive as mileage reimbursements for the use of a private passenger automobile for the benefit of a qualified charitable organization in providing relief related to Hurricane Katrina during the period beginning on August 25, 2005, and ending on December 31, 2006. You cannot claim a deduction or credit for amounts you receive as a mileage reimbursement. You must keep records of miles driven, time, place (or use), and purpose of the mileage. The amount you can exclude from income cannot exceed the standard business mileage rate (shown below) for expenses incurred during the following periods.
taxmap/pubs/p4492-002.htm#TXMP094c9c40

Charitable Deduction for Contributions of Food Inventory


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Charitable Deduction for Contributions of Food Inventory

Any taxpayer engaged in a trade or business is eligible to claim a deduction for a contribution of "apparently wholesome food" inventory to a qualified charitable organization described in section 501(c)(3) (except for private nonoperating foundations) after August 27, 2005, and before January 1, 2006. "Apparently wholesome food" is food that meets all quality and labeling standards imposed by federal, state, and local laws and regulations even though the food may not be readily marketable due to appearance, age, freshness, grade, size, surplus, or other conditions.
The deduction is equal to the lesser of: The taxpayer must receive written certification from the donee stating:
For a taxpayer other than a C corporation, the deduction is limited to 10% of the taxpayer's total net income from all trades or businesses from which the food contributions were made (figured without regard to the deduction for charitable contributions). For example, if a taxpayer is a sole proprietor, a shareholder in an S corporation, and a partner in a partnership, and each made a contribution of apparently wholesome food inventory, the taxpayer's deduction is limited to 10% of the taxpayer's total net income from the sole proprietorship, S corporation, and partnership (figured without regard to the deduction for charitable contributions).
taxmap/pubs/p4492-002.htm#TXMP3948306a

Charitable Deduction for Contributions of Book Inventories  
to Public Schools


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Charitable Deduction for Contributions of Book Inventories to Public Schools

A corporation (other than an S corporation) may be allowed a charitable deduction for a qualified book contribution made after August 27, 2005, and before January 1, 2006, to a public school that: .
The deduction is equal to the lesser of: The corporation must receive written certification from the school stating that the donated books are suitable for the organization's educational programs and will be used for such programs.
previous pagePrevious Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Extended Tax Deadlines
next pageNext Page: Publication 4492 - Information for Taxpayers Affected by Hurricanes Katrina, Rita, and Wilma - Casualty and Theft Losses
 Use previous pagenext page to find additional occurrences of topic items.Index for this Publication