Charitable Contribution Denied – Medical Equipment

The Tax Court has recently ruled that taxpayers were not entitled to charitable deductions on contributions of diagnostic and laboratory equipment since the documents submitted with their tax returns provided only general descriptions and lacked essential information. Taxpayers failed to substantially comply with Reg. 1.170A-13 by not including adequate property descriptions, valuation methods used, manner of acquisition, and cost basis of equipment. In addition, taxpayers did not obtain written acknowledgements for the contributions under Section 170(f)(8) . Newton Friedman , TC Memo 2010-45 (Tax Ct.).

Have questions? I’m here to help.

Categories
Accounting and Tax Services Litigation Support Managed Care Consulting Managed Care Contract Negotiations Medical Practice and Healthcare Entity Valuation Medical Practice Assessment Medical Practice Brokerage Medical Practice Embezzlement Consulting Medical Practice Management Medical Practice Merger Advice Medical Strategic Planning Newsletter Personal Financial Planning Oversight Physician Compensation Models Physician Compliance Physician Financial Management Services Retirement Uncategorized
About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read More >

Reed Tinsley, CPA for Physicians