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Tax Law Roundup current law developments in U.S. taxation

Tag Archives: Section 170

IRS Clarifies Contributions to Charity’s Single-Member LLC Are Deductible

Posted in General, Partnership/LLC, Passthrough Entity, Tax Exempt

After much anticipation, the IRS clarified that donors can receive the same charitable deduction for gifts made either directly to a parent charity or to a domestic tax-disregarded entity held by the charity.  Specifically, Notice 2012-52 addressed gifts made to a domestic single-member limited liability company (SMLLC) solely-owned by a U.S. charity.  The Notice concludes… Continue Reading