Nan Eklund wrote:

- quote -

Don't lose sleep - the corporations don't get to deduct
political contributions, either.

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Brian wrote:

- quote -

While I always knew that political contributions were non
deductible for a corporation ( or any other for that
matter), I'm wondering about your comment above relating to
federal election laws making contributions a crime to major
corporations. What , or where, is the dividing line to
determining whether a corporation is a major corporation?
Does that then mean that any small , or minor corporations
are excepted?

ChEAr$,
harlan Lunsford, EA n LA

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naneklund[at]aol.com (Nan Eklund) wrote:

- quote -

"'Satiable curtiosity" got the Elephant's Child spanked
often and hard...

Small children and the Just So Stories go too well together,
though reading non-PC ones like "How the Leopard Got His
Spots" takes some ad-lib emendation.

--
Chris Green

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Thanks for the answers. I sometimes get a bit irked reading
about contributions to political persons, parties, causes,
etc. I can't deduct them and its a case of "insatiable
curtiosity".

Nan, EA in LA (anyone still read Kipling?)

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"Stuart Bronstein" <spamtrap[at]lexregia.com> wrote:
- quote -

Ahh, but even on an 1120 there is an income limitation on
the current allowable deduction.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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"Nan Eklund" <naneklund[at]aol.com> wrote:

- quote -

Political contributions are nondeductible expenditures,
whether by corporations or anyone else. Actually the
major corporations cannot make gifts to candidates. The
Federal election laws make that sort of contribution a
crime. They can give to PACs though and the way most
PAC's work now they have a pretty good idea of what
specific candidates it will benefit. The PAC gifts are not
deductible, nor would any other expenses related to
supporting and organizing PAC's. Sec 162(e)(1)(B)

Brian Bivona

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"Nan
Eklund" <naneklund[at]aol.com> wrote:

- quote -

Section 170? applies to corporation as well as individuals. If its
political, it's a non-deductible expense which is reflected as such on the
return.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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Nan Eklund wrote:

- quote -

I don't know about that, but it may be similar to charitable
contributions, which can't be taken on a Schedule C (at
least the last time I checked) but can be taken on an 1120.

Stu

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Gary Goodman wrote:

- quote -

A PI lawyer teaching a business law class? Albert Einstein
once said, if you can't explain something simply so that
people can understand it, you don't understand it yourself.
Sounds like that may have been his problem.

Stu

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I've always wondered what major corporations do with "gifts"
including political donations.

My 1040 clients can't deduct political contributions and we
carefully think about and discuss the "causes" to which they
contribute.

Can the 1120 clients deduct political contributions? What
do major corporations (of which I have - happily - no
clients) do in accounting for the money they donate to
parties, candidates, causes?

I've wondered, and haven't taken the time to research.....

Nan, EA in LA

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kamlet[at]panix.com says...
- quote -

I didn't realize that you (Art) were a lawyer!

I had a business law instructor that was a personal injury
lawyer. Any question from the class would be answered with a
long-winded discourse ending with "I really don't know."
There were a few people tempted to take this approach on the
final exam.

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

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"D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
- quote -

No, I think it is just wishful thinking.

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D. Stussy wrote:

- quote -

I think people simply confuse the gift tax EXCLUSION with a
DEDUCTION. Add a little "hope springs eternal" and you see
the result. <g
MTW

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Wayne Brasch <waynebrasch[at]stowetel.com> wrote:
- quote -

But if I try, I'll bet I can turn it into a very complicated
"No."

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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tracy wrote:

- quote -

What troubles me is that this [kind of] question keeps
coming up. Why don't people know that gifts for
non-business reasons are not deductible at all nor are they
recognized as income by the recipient(s)?

[Business gifts have that $25/person-year deductible limit,
and the recipients also ignore them as income.]

Is there someone out there that is teaching people that
non-business gifts are deductible for income tax purposes?

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"tracy" <tracyschneider[at]cox.net> wrote:

- quote -

Gifts to non-charities are not tax deductions.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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tracy wrote:

- quote -

No.

- quote -

No.

Phoebe

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You don't get a deduction and the kids don't get taxable
income.

Nan, EA in LA

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tracy wrote:

- quote -

No and no. The $10,000 (now $11,000, I believe) limit is
the amount you can pay without filing a gift tax return. If
you were to give more than that, you have to file a gift tax
return, which may or may not eventually create a gift or
estate tax liability.

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tracyschneider[at]cox.net (tracy) wrote:

- quote -

First question. Only if your children are a recognized
charity, by the IRS. In other words, No.

Second question. No.

Missy Doyle

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