IRS Publication 78

Definition of 'IRS Publication 78'


A document published by the Internal Revenue Service (IRS) that lists organizations that qualify to receive tax-deductible contributions, as described in Section 170(c) of the Internal Revenue Code of 1986. Individuals can claim deductions of both cash and noncash items made to qualified organizations, with typical deductions not exceeding 50% of the taxpayer's adjusted gross income (AGI).

Investopedia explains 'IRS Publication 78'


The IRS offers an online version of IRS Publication 78 on its website, which allows taxpayers to quickly check to see if a charitable organization qualifies for tax-deductible contributions. The list is not all-inclusive and might not show every qualifying organization, so an individual tax filer should check to see if an organization has a ruling or determination letter indicating that contributions to it are considered deductible.

IRS Publication 78 should be viewed in conjunction with IRS Publication 561 and IRS Publication 526.



comments powered by Disqus
Hot Definitions
  1. Oil Reserves

    An estimate of the amount of crude oil located in a particular economic region. Oil reserves must have the potential of being extracted under current technological constraints. For example, if oil pools are located at unattainable depths, they would not be considered part of the nation's reserves.
  2. Joint Venture - JV

    A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task. This task can be a new project or any other business activity. In a joint venture (JV), each of the participants is responsible for profits, losses and costs associated with it.
  3. Aggregate Risk

    The exposure of a bank, financial institution, or any type of major investor to foreign exchange contracts - both spot and forward - from a single counterparty or client. Aggregate risk in forex may also be defined as the total exposure of an entity to changes or fluctuations in currency rates.
  4. Organic Growth

    The growth rate that a company can achieve by increasing output and enhancing sales. This excludes any profits or growth acquired from takeovers, acquisitions or mergers. Takeovers, acquisitions and mergers do not bring about profits generated within the company, and are therefore not considered organic.
  5. Family Limited Partnership - FLP

    A type of partnership designed to centralize family business or investment accounts. FLPs pool together a family's assets into one single family-owned business partnership that family members own shares of. FLPs are frequently used as an estate tax minimization strategy, as shares in the FLP can be transferred between generations, at lower taxation rates than would be applied to the partnership's holdings.
  6. Yield Burning

    The illegal practice of underwriters marking up the prices on bonds for the purpose of reducing the yield on the bond. This practice, referred to as "burning the yield," is done after the bond is placed in escrow for an investor who is awaiting repayment.
Trading Center