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Charitable Contribution Deductions In The United States
Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170(c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises. Exclusions of certain amounts from deduction Certain portions of the market value of non-cash donations, such as short-term capital gains, are made non-deductible by I.R.C. 170(e)(1)(A). Organization eligibility An organization must meet certain requirements set forth in the code. Some organizations must also file a request with the Internal Revenue Service to gain status as a tax-exempt non-profit charitable organization under section 501(c)(3) of the tax code. A non-exhaustive list of organizations that may meet the Federal requirements are as follows: *Synagogues, churches and other religious organizations; *A fraternal order or lodge *An organization of war veterans *Any level of government if the contribution is made for exclusively public purposes *An organization de ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service (economics)
A service is an "(intangible) act or use for which a consumer, firm, or government is willing to pay." Examples include work done by barbers, doctors, lawyers, mechanics, banks, insurance companies, and so on. Public services are those that society (nation state, fiscal union or region) as a whole pays for. Using resources, skill, ingenuity, and experience, service providers benefit service consumers. Services may be defined as intangible acts or performances whereby the service provider provides value to the customer. Key characteristics Services have three key characteristics: Intangibility Services are by definition intangible. They are not manufactured, transported or stocked. One cannot store services for future use. They are produced and consumed simultaneously. Perishability Services are perishable in two regards: * Service-relevant resources, processes, and systems are assigned for service delivery during a specific period in time. If the service consumer does not ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In The United States
The United States, United States of America has separate Federal government of the United States, federal, U.S. state, state, and Local government in the United States, local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, Capital gains tax in the United States, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP. The United States had the seventh-lowest tax revenue-to-GDP ratio among OECD countries in 2020, with a higher ratio than Mexico, Colombia, Chile, Ireland, Costa Rica, and Turkey. Taxes fall much more heavily on labor income than on capital income. Divergent taxes and subsidies for different forms of income and spending can also constitute a form of indirect taxation of some activities over others. For example, individual spending on higher education can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charity In The United States
Charity may refer to: Giving * Charitable organization or charity, a non-profit organization whose primary objectives are philanthropy and social well-being of persons * Charity (practice), the practice of being benevolent, giving and sharing * Charity (Christian virtue), the Christian religious concept of unlimited love and kindness * Principle of charity, in philosophy and rhetoric Places * Charity, Missouri, a community in the United States * Charity, Guyana, a small township * Mount Charity, Antarctica * Charity Glacier, Livingston Island, Antarctica * Charity Lake, British Columbia, Canada * Charity Island (Michigan), United States * Charity Island (Tasmania), Australia * Little Charity Island, Lake Huron, Michigan * Charity Creek, Sydney, Australia Entertainment * ''Charity'' (play), an 1874 play by W. S. Gilbert * ''Charity'' (novel), third in the ''Faith, Hope, Charity'' espionage trilogy of novels by Len Deighton * "Charity" (''Dilbert'' episode) * "Charity" (''Malco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Davis V
Davis may refer to: Places Antarctica * Mount Davis (Antarctica) * Davis Island (Palmer Archipelago) * Davis Valley, Queen Elizabeth Land Canada * Davis, Saskatchewan, an unincorporated community * Davis Strait, between Nunavut and Greenland * Mount Davis (British Columbia) United States * Davis, California, the largest city with the name * Davis, Illinois, a village * Davis, Massachusetts, an abandoned mining village * Davis, Maryland, a ghost town * Davis, Missouri, an unincorporated community * Davis, North Carolina, an unincorporated community and census-designated place * Davis, Oklahoma, a city * Davis, South Dakota, a town * Davis, West Virginia, a town * Davis, Logan County, West Virginia, an unincorporated community * Davis Island (Connecticut) * Davis Island (Mississippi) * Davis Island (Pennsylvania) * Davis Peak (Washington) * Fort Davis, Oklahoma * Mount Davis (California) * Mount Davis (New Hampshire) * Mount Davis (Pennsylvania) Other * ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjusted Basis
In tax accounting, adjusted basis is the net cost of an asset after adjusting for various tax-related items. Adjusted Basis or Adjusted Tax Basis refers to the original cost or other basis of property, reduced by depreciation deductions and increased by capital expenditures. Example: Brad buys a lot for $100,000. He then erects a retail facility for $600,000, then depreciates the improvements for tax purposes at the rate of $15,000 per year. After three years his adjusted tax basis is $655,000 100,000 + $600,000 - (3 x $15,000) Adjusted basis is one of two variables in the formula used to compute gains and losses when determining gross income for tax purposes. The Amount Realized – Adjusted Basis tells the amount of Realized Gain (if positive) or Realized Loss (if negative). Statutory definition Section 1012 of the Internal Revenue Code defines “basis” as a taxpayer’s cost in acquiring property, except as provided in Sections 1001-1092. Section 1016 then lists 27 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ordinary Income
Under the United States Internal Revenue Code, the ''type'' of income is defined by its character. Ordinary income is usually characterized as income other than long-term capital gains. Ordinary income can consist of income from wages, salaries, tips, commissions, bonuses, and other types of compensation from employment, interest, dividends, or net income from a sole proprietorship, partnership or LLC. Rents and royalties, after certain deductions, depreciation or depletion allowances, and gambling winnings are also treated as ordinary income. A "short term capital gain", or gain on the sale of an asset held for less than one year of the capital gains holding period, is taxed as ordinary income. Ordinary income stands in contrast to capital gain, which is defined as gain from the sale or exchange of a capital asset. A personal residence is a capital asset to the homeowner. By contrast, a land developer who had many houses for sale on many lots would treat each of those l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Appreciation
Capital appreciation is an increase in the price or value of assets. It may refer to appreciation of company stocks or bonds held by an investor, an increase in land valuation, or other upward revaluation of fixed assets. Capital appreciation may occur passively and gradually, without the investor taking any action. It is distinguished from a capital gain which is the profit achieved by selling an asset. Capital appreciation may or may not be shown in financial statements; if it is shown, by revaluation of the asset, the increase is said to be "recognized". Once the asset is sold, the appreciation since the date of initially buying the asset becomes a "realized" gain. When the term is used in reference to stock valuation, capital appreciation is the goal of an investor seeking long term growth. It is growth in the principal amount invested, but not necessarily an increase in the current income from the asset. In the context of investment in a mutual fund, capital appreciation ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adjusted Gross Income
In the United States income tax system, adjusted gross income (AGI) is an individual's total gross income minus specific deductions. It is used to calculate taxable income, which is AGI minus allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income. Gross income is sales price of goods or property, minus cost of the property sold, plus other income. It includes wages, interest, dividends, business income, rental income, and all other types of income. Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (''e.g.'' medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI. Many states base state income tax on AGI with certain deductions. Adjusted gross income is calculated b ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Los Angeles, California
Los Angeles ( ; es, Los Ángeles, link=no , ), often referred to by its initials L.A., is the largest city in the state of California and the second most populous city in the United States after New York City, as well as one of the world's most populous megacities. Los Angeles is the commercial, financial, and cultural center of Southern California. With a population of roughly 3.9 million residents within the city limits , Los Angeles is known for its Mediterranean climate, ethnic and cultural diversity, being the home of the Hollywood film industry, and its sprawling metropolitan area. The city of Los Angeles lies in a basin in Southern California adjacent to the Pacific Ocean in the west and extending through the Santa Monica Mountains and north into the San Fernando Valley, with the city bordering the San Gabriel Valley to it's east. It covers about , and is the county seat of Los Angeles County, which is the most populous county in the United States with an estim ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
