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Form 8283 West Valley City Utah: What You Should Know
As far as I know, no law makes this procedure mandatory. Form 8283 is available to individuals or to a charitable organization if the individual is eligible to file Schedule C as a donor. As a form, Form 8283 is used exclusively by the IRS on its own. It is not available to any other entity. Form 8283: Valuation of Capital Real Property Exempt from Estate Tax CITING ARTICLES: Federal Income Tax Deduction for Nonbusiness Gifts Made in Support of Charitable, Educational, Scientific, Literary, and Religious Purposes by J Hahn & A Smith, P.C. & S.J. Hahn & A. Smith, P.C., J.D. · 1994 · Cited in 32 — Richard W. Leopold, Tax Law Specialist. Noncash charitable gifts in support of charitable, educational and scientific organizations is available through the non-disclosure of income method. It is a common and accepted practice in the law to rely on Forms 1099-INT and W-2s to identify the source of non-cash transfers between donors and recipients of non-cash goods, services, income or income-producing property, etc. We believe that this practice is reasonable. But there can still be some confusion whether the donor is required to disclose the source of his gift or not. Section 792, R.S.C., 1985, c. 1 (4.01) states, “[I]f for any reason, a donor refuses to furnish a return of income or other information necessary to determine whether there is a tax liability for the taxable year in which the donation is made, the Department requires that the donor furnish a certified copy of the return or information by the prescribed deadline.” It can seem like an inconvenience to get a certified copy of a form to verify tax liability. But the tax liability may not have been disclosed. If, for a wide range of reasons or as part of a settlement, donors fail to give a Form W-2 at the required time, the donors may be subject to penalties, late filing, and interest on tax due under Section 6166 of the Internal Revenue Code for the tax year in which the donation is made. The maximum penalty is the greatest of 1,000 (2,500 if the donor fails to file by the prescribed deadline) or 20% of the aggregate dollar value of gifts to non-eligible organizations for the year.
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