Which Form 1120 C Charitable 2023-2024

Hello, in this video we'll talk about one of the most sacred deductions in the entire internal revenue code: the charitable contribution deduction. This is something that you might have heard about even before learning about taxes. We've all heard about giving to charities and the potential tax benefits that come with it. When we think of the word "sacred," we might think of a sacred cow. Similarly, there are provisions in the Internal Revenue Code that are considered sacred, meaning that Congress has decided they should stay throughout history for various reasons, usually related to social policy. The charitable contribution deduction is one of these provisions. Whenever the president or Congress talk about changing the tax law, this deduction is always left untouched. Even proponents of a simple flat tax can't argue against keeping this deduction because if you eliminate the deduction, you would have to eliminate many others as well. We will discuss the social policy implications of the deduction later, but first, let's talk about its specific application. The first thing to consider is that the contribution must go to a qualified recipient. The Internal Revenue Code defines what qualifies as a recipient, such as churches, hospitals, educational institutions, and other organizations that engage in charitable endeavors. This includes nonprofit private foundations that benefit society through charitable efforts. There is ongoing debate about whether these organizations should receive a tax deduction for their contributions, especially when they primarily benefit the wealthy individuals who set them up. However, for the purpose of this discussion, we will assume that these organizations are qualified recipients. Another requirement is that there cannot be a quid pro quo, meaning there cannot be any strings attached to the contribution. If the contributor receives any benefit in return, the amount of that benefit cannot...