Need help with research

[DTS]

Can someone send me links to:

Code sec. 162
Reg. section 1.162-15(b) and
Rev. ruling 55-514

I know they are out there, but DTS can't find them!

Thank you,

D

[JohnH]

Dennis:

How's this?

http://www.fourmilab.ch/ustax/www/t26-A-1-B-VI-162.html

http://ecfr.gpoaccess.gov/cgi/t/text/text-idx?c=ecfr&sid=feb9c0e824725fd43aeecdf636d0ad4a&rgn=div8&view=text&node=26:2.0.1.1.1.0.8.265&idno=26

[New York Enrolled Agent]

In addition to what JohnH posted, you should be able to find the code and the regulations on the IRS website.

For Revenue Rulings, taxlinks.com used to be great. But, apparently, it has been taken down????

Here is the Rev Ruling you requested

Rev. Rul. 55-514, 1955-2 CB 55, IRC Sec(s). 170

--------------------------------------------------------------------------------

Headnote:
Rev. Rul. 55-514, 1955-2 CB 55 -- IRC Sec. 170

Reference(s): Code Sec. 170;

Full Text:
An individual is the sole stockholder of a corporation engaged in the distribution of a product, packaged and sold under a trade name. In order to stimulate business a plan was adopted by the individual to make payments to charitable organizations incidental to the sale of the product. The plan was to attach to each parcel offered for sale a tag, coupon, or certificate, stipulating, in effect, that the customer could have a part in the contributions made by the sole stockholder to organizations, contributions to which are deductible for Federal income tax purposes, by sending the tag to any such organization. Instructions on the tag provide that, upon presentation of the tag by the charitable organization to the sole stockholder, a contribution will be made to the charitable organization in exchange for each tag in <Page 56> the amount specified thereon. Held, the payments in question are not charitable contributions or gifts within the meaning of section 170 of the Internal Revenue Code of 1954 inasmuch as they are made by the stockholder in discharge of a legal obligation undertaken for his own economic benefit as sole stockholder of a corporation whose sales are expected to be increased in this manner. The consideration is the purchase of the product. Payments made for consideration are not generally considered contributions or gifts. See Leroy J. Robertson v. United States, 343 U. S. 711, Ct. D. 1746, C. B. 1952-2, 66.

[DTS]

John and NYEA

Thank you both very much! Yes, just what I was looking for.

All this pertains to an earlier thread I posted regarding charitable contributions as expense or equity accts.

D

[S T]

interesting

Dennis,

I am thinking this is on your client that is an LLC, is it a partnership or Limited Partnership, I can never remember. Do these rules also apply to Partnerships? And then will the rules also apply to the California side?


Sandy

[DTS]

I am thinking this is on your client that is an LLC, is it a partnership or Limited Partnership, I can never remember. Do these rules also apply to Partnerships? And then will the rules also apply to the California side?

Sandy,

Yes, this is the client that is an LLC filing as a partnership, not limited. From the way I'm reading this, I understand the limitation is for an individual and corp. States nothing about a limitation for a partnership, if donations to "partner charities" are expensed.

Very good question on CA. I will have to call and check (looking forward to that).

D