Rev. Rul. 65-126

Section 170(b)(1)(C) of the Internal Revenue Code of 1954, as originally enacted, contained provisions authorizing individuals who meet certain conditions to deduct charitable contributions in excess of the generally applicable 20 and 30 percent limitations. However, subsection (g) of section 170 of the Code, as added by the Revenue Act of 1964, P.L. 88-272, C.B. 1964-1 (Part 2), 6, makes these provisions inapplicable unless the taxpayer makes an election to have the provisions apply for the taxable year. The election must be made at such time and in such manner as is prescribed by regulations.

For any taxable year beginning after December 31, 1963, and ending prior to the date of the promulgation of regulations, an election to claim the unlimited charitable contribution deduction for a taxable year must be made at the time the return for the taxable year is filed. The election is made by claiming on the return for the taxable year a deduction computed in accordance with applicable provisions of law (section 170(b)(1)(C) and (g) of the Code).

The taxpayer claiming an unlimited charitable contribution deduction shall attach to his return a signed statement disclosing:

(1) In the case of each charitable contribution made by him during the taxable year, the name and address of the organization to which the contribution was made, the amount of the contribution and the date of the actual payment to the organization;

(2) The name and address of each organization to which a contribution was made which the taxpayer believes to be an organization referred to in section 170(g)(2)(B) of the Code, or believes to be an organization referred to in section 170(g)(2)(C) of the Code; and

(3) In which of the 10 taxable years immediately preceding the taxable year, the taxpayer has met the 90-percent requirements described in section 170(b)(1)(C) of the Code.

The information to be submitted by a taxpayer who does not qualify for the unlimited charitable contribution deduction for a taxable year, but who believes he has met the 90-percent requirement described in section 170(b)(1)(C) of the Code for such year, will be considered in connection with the regulations.

¹ Based on Technical Information Release 713, dated Mar. 29, 1965.