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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
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Experience:  10 years experience
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Pearl, I am trying to find out more information about the

Customer Question

Hi Pearl, I am trying to find out more information about the 170 e tax code
JA: The Accountant will know how to help. Please tell me more, so we can help you best.
Customer: Well, i am a 501c and I would like to go after large companies and propose to them to donate their old stock to me under the 170e provision. I am seeing here that a S corp cannot donate?
JA: Is there anything else the Accountant should be aware of?
Customer: I need clarification of that law and would like to be able to understand it fully enough to make my sales pitches to these companies
JA: OK. Got it. I'm sending you to a secure page on JustAnswer so you can place the $5 fully-refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and then connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Lev replied 6 months ago.
There is no limit for S-corportaion to donate.However because S-corporation generally pays NO income tax - it may not deduct such donation.Also S-corportaion may donate it sown shares,however 501c organization may NOT own shares of S-corporation - in this case S-corporation is converted to C-corporation.