Читать книгу The Tax Law of Charitable Giving - Bruce Hopkins R., Bruce R. Hopkins, David Middlebrook - Страница 98

Deductions pursuant to the rules pertaining to C corporations⁷⁵ are not available to S corporations,⁷⁶ which are treated the same as partnerships for tax purposes.⁷⁷ (Each shareholder of an S corporation takes into account the shareholder's pro rata share of the corporation's items of income, loss, deduction, or credit.⁷⁸) Rather, an S corporation must report the charitable contribution on its tax return for the year in which the contribution was actually made.⁷⁹ This is because an S corporation generally computes its taxable income in the same manner as an individual.⁸⁰ Certain deductions are not allowable to an S corporation, including the charitable contribution deduction.⁸¹

Under the law prior to its amendment in 2006, if an S corporation contributed money or other property to a charitable organization, each shareholder took into account the shareholder's pro rata share of the contribution in determining the shareholder's income tax liability.⁸² A shareholder of an S corporation reduced the basis in the stock of the S corporation by the amount of the charitable contribution that flowed through to the shareholder.⁸³

Pursuant to the amended law, the amount of a shareholder's basis reduction in the stock of an S corporation, by reason of a charitable contribution made by the corporation, was equal to the shareholder's pro rata share of the adjusted basis of the contributed property.⁸⁴ This rule was applicable to contributions made in tax years beginning after December 31, 2005, and tax years beginning before January 1, 2015.⁸⁵ It has not been further extended.