On the Record: The Rules of Appraisals

An Information Return is not required for the sale of an item valued at $500 or less or if the donated property is used or distributed by the charity in connection with its exempt purpose, e.g., cans of food donated to the local hunger-relief charity.

Kathleen Stephenson is of counsel with the Philadelphia office of Pepper Hamilton LLP. Lisa Petkun is a partner in the tax department of Pepper Hamilton. On the Record keeps readers up to date on the latest tax and planning issues pertaining to fundraising endeavors and charitable organizations.