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donations of food

Ask the taxgirl: Charitable Deductions for LLCs

10 September 2008

Taxpayer asks: Hi, I run an ice cream (IC) shop and give away lots of IC to local charities (churches, schools, scout’s, 4H, …). The business is an LLC and I have 2 partners (we all get K-1′s). Can I deduct the retail value of these donations? Obviously, the my cost of the food supplies [...]

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