Level 15

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