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Ely
Ely, Counselor at Law
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Has section 170 (e) (3) of the IRS code been repealled and

Resolved Question:

Has section 170 (e) (3) of the IRS code been repealled and if not would you be able to provide me with a link or source that says so. The way I'm reading it, it looks as tho it may have been repealled 12/31/09.
Submitted: 6 years ago.
Category: Legal
Expert:  Ely replied 6 years ago.
Hello,



My name is XXXXX XXXXX I am a licensed attorney. I'll be helping you resolve your matter today.



Please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



Can you link me to what you are reading, please?





Customer: replied 6 years ago.
you'll have to give me a few minutes...its on my other email address
Expert:  Ely replied 6 years ago.
Sure.
Customer: replied 6 years ago.

 

http://www.law.cornell.edu/uscode/uscode26/usc_sec_26_00000170----000-.html

Customer: replied 6 years ago.
did you get the info i sent?
Expert:  Ely replied 6 years ago.
No, it is still active. It is not repealed. You can verify it on the IRS site, here:http://www.irs.gov/businesses/small/industries/article/0,,id=98688,00.htmlIt is still active.

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



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Customer: replied 6 years ago.
i need to be walked throgh the link to find my answer
Expert:  Ely replied 6 years ago.
You pressed ACCEPT so you must have seen it, but let me re-paste it:

No, it is still active. It is not repealed. You can verify it on the IRS site, here:

http://www.irs.gov/businesses/small/industries/article/0,,id=98688,00.html

It is still active.

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If you feel that I went an extra step to help, a bonus would be appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”














Customer: replied 6 years ago.
I got the link, I just dont know where to look for the answer. Under agriculture tax center, construction tax center, lots of links on that page and I cant find it spelled out. Sorry for any inconvenience.
Expert:  Ely replied 6 years ago.
You mean in terms of finding the actual words of the sub-paragraph?
Customer: replied 6 years ago.
exactly
Expert:  Ely replied 6 years ago.
The sub-paragraph reads:



(3) Special rule for certain contributions of inventory and other property
(A) Qualified contributions
For purposes of this paragraph, a qualified contribution shall mean a charitable contribution of property described in paragraph (1) or (2) of section 1221 (a), by a corporation (other than a corporation which is an S corporation) to an organization which is described in section 501 (c)(3) and is exempt under section 501 (a) (other than a private foundation, as defined in section 509 (a), which is not an operating foundation, as defined in section 4942 (j)(3)), but only if—
(i) the use of the property by the donee is related to the purpose or function constituting the basis for its exemption under section 501 and the property is to be used by the donee solely for the care of the ill, the needy, or infants;
(ii) the property is not transferred by the donee in exchange for money, other property, or services;
(iii) the taxpayer receives from the donee a written statement representing that its use and disposition of the property will be in accordance with the provisions of clauses (i) and (ii); and
(iv) in the case where the property is subject to regulation under the Federal Food, Drug, and Cosmetic Act, as amended, such property must fully satisfy the applicable requirements of such Act and regulations promulgated thereunder on the date of transfer and for one hundred and eighty days prior thereto.

Best of luck in your matter. I'm here if you need any more clarification or follow up information.



I hope you found my answer helpful, and if so please click on the ACCEPT button. This is the only way for me to get credit for my work - when you put in your payment information, I receive no credit for my time with you unless you press ACCEPT.



There is no fee for follow up questions should you wish to continue in this thread.



Remember, sometimes the law under which your situation falls does not give you the outcome or the choices you wanted - please understand that this is not the attorney's fault, but the way of circumstance.



There might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.



If you feel that I went an extra step to help, a bonus would be appreciated!



You can always request me for a future legal consultation through my profile at http://www.justanswer.com/profile.aspx?PF=7286322&FID=7 If you do this, make sure to begin the question with “This Question is for Eli…”














Ely and 12 other Legal Specialists are ready to help you