TAXES, TAXATION, TAX and Canadian stocks Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : TAXES, TAXATION, TAX and Canadian stocks

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Michael Dean who wrote (23)	2/23/2000 7:04:00 AM
From: Ed Mitukiewicz	of 548

Hi Mike, thought I'd add to the discussion on charitable art donations. I have a client (I'm a tax advisor) who has done this. You actually do get donation receipts with valid charitable numbers on them. Anyway in 1998 my client had donation receipts of $24,000 (three different receipts were issued from different charities). Of course due to size a desk audit was triggered. The receipts indicated that the donation was "in kind" ie. article being donated. The client had perhaps 2500 in other donations. In the end everything was approved. For 1999 he has another 21,000 in art donation receipts - the problem is that he paid $9,000 for the art. Tax savings amount to just over $10,000, so its not a great deal of savings anymore. Rev Can issued a warning in December about these schemes and that it all had to be legitimate - especially the appraisals. This was in response to a recent tax case in which taxpayers who had done this were successful. All for now, regards, Ed

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next