Internal Revenue Service (“IRS”) Regulations Sample Clauses

Internal Revenue Service (“IRS”) Regulations. For auditing purposes, the Foundation may require an independent appraisal (see accompanying memo) for In-Kind contributions valued at $5,000 or more. Depending upon the type of item donated (real estate, art, equipment, books, etc.), its estimated FMV, and the annual total of all In-Kind donations, the Donor may be required to file IRS Form 8283 along with an appraisal of the item(s) conducted by an authorized appraiser with the Donor’s tax return. The Donor should refer to i8283 and seek advice from their tax consultant on establishing FMV and be certain how the tax laws regarding In-Kind contributions apply to them. If the Donor intends to file Form 8283 with their tax return, the LSCF is required to complete Part IV of the Form. The Parties acknowledge that the valuation of any Gift In-Kind is the responsibility of the Donor and/or authorized appraiser. Neither the Foundation nor the College are authorized to give a value on any property to a donor for tax purposes. For a Gift In- Kind of any value, Donor is encouraged to seek the advice of the Donor’s tax consultant.
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Internal Revenue Service (“IRS”) Regulations. Depending upon the type of item donated (real estate, art, equipment, books, etc.), and its estimated FMV, the Donor may be required to file IRS Form 8283 with their tax return along with an appraisal of the item(s) conducted by an authorized appraiser. The Donor should refer to i8283 and seek advice from their tax consultant on establishing FMV and be certain how the tax laws regarding In-Kind contributions apply to them. If the Donor intends to file Form 8283 with their tax return, the LSCF is required to complete Part IV of the Form. Donor and Foundation acknowledge that the valuation of any Gift In-Kind is the responsibility of the donor and/or authorized appraiser. Neither the Foundation nor LSCS are authorized to give a value on any property to a donor for tax purposes. For a Gift In-Kind of any value, Donor is encouraged to seek the advice of his/her tax consultant.
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Related to Internal Revenue Service (“IRS”) Regulations

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