Читать книгу The Tax Law of Charitable Giving - Bruce Hopkins R., Bruce R. Hopkins, David Middlebrook - Страница 89

The making of a note promising to pay money and/or transfer property to a charitable organization, and delivery of the note to the charity, does not create a charitable contribution deduction. This is because a mere promise to pay does not effect transfer of title to the property.⁴² Of course, when the money and/or property is actually transferred to the charitable donee in satisfaction of the requirements of the note, an income tax charitable contribution deduction results.⁴³ (A promissory note is an item of intangible personal property.)

These distinctions are based on the rule that a charitable deduction is available only for the year the contribution is actually paid.⁴⁴ Delivery of a note is not payment of the amount it represents.

A note in these circumstances may bear interest, or purport to bear interest. The tax consequences of payment of the interest depend on the enforceability of the note. If the note is enforceable, the payment of interest on the note is not likely to be deductible as an interest expense; if the note is not enforceable, the additional amounts paid are not interest for tax purposes, but are deductible as charitable contributions.⁴⁵