The IRS has issued Field Attorney Advice for a business attempting to deduct contributions of food inventory under I.R.C. Section 170. The memo concludes that the business is not entitled to a deduction because of its failure to properly attach Form 8283; and for the business's failure to demonstrate that the omission of the document was made in good faith.
See UILC: 170.02-01 (Sept. 23, 2011).
Hat Tip: Marc Hoffman, "Deductions for Donations of Food Inventory Denied," pgdc.com (Oct. 3, 2011).
Posted by Andrew Hodes, Associate Editor, Wealth Strategies Journal.
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