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Question

How are charitable contributions treated on the Shareholder's Basis Worksheet?

Answer

IRC Section 1366(d)(4) states that in applying the basis limitation to charitable contributions the limitation shall not apply to the extent of the excess, if any, of the shareholder's share of the contribution over the shareholder's adjusted basis of the property. Enter the shareholder's adjusted basis of property in the statements attached to the Noncash contributions (60%), Noncash contributions (30%), Capital gain property to 50% organization (30%), andCapital gain property (20%) fields in Screen K1-3.

Related topic: Partner’s and Shareholder’s Basis Worksheets FAQs (1040)

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