Rules & Regulations of the State of Tennessee
Title 1320 - Revenue
Subtitle 1320-06 - Franchise and Excise Tax Division
Chapter 1320-06-01 - Franchise and Excise Tax Rules and Regulations
Section 1320-06-01-.20 - ACTUAL CHARITABLE CONTRIBUTIONS

Universal Citation: TN Comp Rules and Regs 1320-06-01-.20
Current through September 24, 2024

In determining net earnings for the purpose of computing the excise tax, T.C.A. § 67-4-2006 requires the charitable contributions deduction claimed under Section 170 of the Internal Revenue Code to be added to federal taxable income; whereas, § 67-4-2006 permits a deduction for actual charitable contributions made by the taxpayer during the fiscal year. The term "actual charitable contributions" means all bona fide contributions expensed and paid in a given year without regard to any percentage as required under federal law. The same criteria used for federal purposes in determining whether or not a contribution is a bona fide contribution is used by this state; however, only the book basis of property donated to charity is allowed as a deduction in determining net earnings for the purpose of computing the excise tax.

Authority: T.C.A. §§67-1-102(a), 67-1-102, 67-4-805, 67-4-2006, and 67-4-2108.

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