sjrcpa
Level 15
09-03-2020
09:24 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
If the local housing authority is a government agency, giving it the lots would be a noncash charitable contribution by the S Corp which is allowed.
If value is >$5,000 S Corp needs to have them appraised. 8283 needs to be filed with 1120S.
Basis rules apply to S Corp shareholders. If they can't use the deduction this year it will carryover until they have basis.
Ex-AllStar