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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

July 17: The House just voted 277-130 to pass the charities package! 56 Democrats joined their Republican colleagues to support charitable giving incentives, including the enhanced easement incentive - the second-highest number of defections after the research and development tax credit. Several others spoke on the floor in support of the conservation easement incentive, and other favorable charitable incentives. Thank you to organizations like Ducks Unlimited, CSF and others that reached out to Congressional offices over the last few days or alerted their membership of this important vote. Now, we pivot to the Senate.
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