Charitable Contribution Tax Act of 1992

Summary

Charitable Contribution Tax Act of 1992 - Amends the Internal Revenue Code to repeal the tax preference for the appreciated property charitable deduction. Requires a charitable contribution allowable as a deduction in computing taxable income to be allocated and apportioned solely to gross income from sources within the United States. Disallows a deduction for contributions of $100 or more unless the taxpayer substantiates the contribution by a contemporaneous written acknowledgement of the contribution by the donee organization. Specifies the contents of such acknowledgment. Sets forth disclosure requirements for an organization that receives a quid pro quo contribution (payment made partly as a contribution and partly in consideration for goods or services provided to the payor by the donee organization). Imposes a penalty for failure to make such disclosure. Provides for the tax treatment of bonds of certain nonprofit tax-exempt organizations in a manner similar to governmental bonds.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 2 July 1992

  Open at official source

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