Page 40 - Tax Reforms - Businesses

TCJA Changes to Charitable Contributions (4/4)

TCJA changes to charitable

contributions and foreign

taxes taken into account in

determining limitations on

allowance of Partners share
IRC SEC. 743
of loss

FAQ’S
IRC SEC. 708 These FAQs provide information on the

loss limitation rule of § 704(d) that was
amended to take into account
FAQ’S deductions for charitable
contributions and foreign taxes. A
special rule is provided for charitable
contributions where the fair market

value of the property contributed
exceeds its tax basis..

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