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You are here: Home / Policy Action / Advocates Newsletter / adv-010710 / Description of the S-Corporation Fix

Description of the S-Corporation Fix

Excerpt from the January 7, 2010 ADVOCATES Alert

As of January 1, 2010:

  • The "S-corp fix" has expired. S-corporation shareholders will no longer be able to deduct full fair market value for charitable donations of appreciated property, but will rather be limited to their basis in that property.  Given the long holding periods of many farm properties, this change could severely limit the ability for S-corporation shareholders to deduct the full value of donated land or easements.  A one-year extension of the "S-corp fix" was included in the House "extenders" package and we're hopeful it will be extended, along with the easement incentive, in early 2010.

 

Click here for the full January 7th alert explaining what else expired at the end of 2009.

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Advocates Alerts

November 6: With only eight weeks remaining before Congress adjourns (of which Congress will be in Washington for only four), there is limited time to act. Ask your senators to urge their party’s leadership to include the charitable package in any year-end tax legislation. We’ve been meeting with Senate offices and have been encouraged by their willingness to consider making some tax extenders permanent. This puts us in a good position, but we need you to reinforce that special places are being lost because the incentive has expired. Learn more »

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