CaptCook wrote:Is there a tax question here or are you just sharing a social issue you have an issue with?
Both. Commentary (without a question) is fully acceptable within the guidelines of this forum.
The trend for pharmaceutical and other health-care companies to fund self-serving charities is a relatively new one, and I thought it worth pointing it out.
Nilodop wrote:Technically, makbo did ask a tax question, albeit an elementary one for an experienced tax professional. What is the provision in the tax code that allows companies to "deduct up to twice the cost of donated goods"?
. Section 170(e)(3) is the answer, but he knew that.
What an amazing false presumption. No, I did not know that, why would I? I've only prepared maybe 3 or 4 corporate (non-subchapter-S) returns in my solo tax career so far, and none of them have donated any inventory (or even had inventory). And the one returning client I had this year with a C-corp to file, I told him I was in over my head (for reasons not related to inventory) and he'd have to find someone else.