ceo magazine
Gary C. Smith, President, NAEIR

Excess, nonmoving inventory is a common business problem that, fortunately, also contains its own solution.

By donating that new, idle merchandise to charity, your business can earn a federal income tax deduction under Section 170 ( e )(3) of the U.S. Internal Revenue Code.

The IRS Code says that regular C corporations may deduct the cost of the inventory donated, plus half the difference between cost and fair market value.  Deductions may be up to twice-cost.

Gary C. Smith

Every business has problem inventory; items sitting in a storeroom or warehouse with little or no chance of ever being sold. But a growing number of businesses are taking advantage of an IRS regulation that lets them turn that merchandise into a federal income tax deduction by donating it to charity.

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