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Corporate Contributions of Book Inventory
Enhanced deduction extended for two more years

Generally, deductions for charitable contributions of property or inventory used in a business are limited to the lower of the basis or fair market value of the property. However, a C corporation that makes a “qualified book contribution” to a public school that provides elementary or secondary education is entitled to an enhanced, “above-basis” deduction.

For purposes of this rule, a qualified book contribution means a charitable contribution of books, but only if:

This extended provision was due to expire for donations made after December 31, 2005. Recently passed legislation extended this enhanced deduction to contributions made by C corporations before January 1, 2008.
 
 

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