100,000 SOLAR FLASHLIGHTS DISASTER RELIEF SUPPLIES Start Price USD 500,000.00 Current Price USD 500,000.00 Time Left - Bid Count 0 Buy It Now Price - Reserve Price - Start Time Thursday, May 08, 2008 End Time Sunday, May 18, 2008 Location Santa Clara, Utah See more about '100,000 SOLAR FLASHLIGHTS DISASTER RELIEF SUPPLIES' Description 100,000 SOLAR POWERED FLASHLIGHTSPLEASE DON'T BE SCARED OFF BY THE PRICE. MAKE AN OFFER. NO REASONABLE OFFER WILL BE REFUSED. THESE FLASHLIGHTS ARE ALL PACKAGED AND READY TO BE SHIPPED TO THE LOCATION OF YOUR CHOOSING. THERE ARE SO MANY PLACES IN THE WORLD THAT COULD USE THESE LIGHTS. MYANMAR IMMEDIATELY COMES TO MIND. TAX WRITE OFFThe $500,000 purchase price would represent a nearly $750,000 dollar tax deduction and a donation to the charity of your choice. The gift of light to a community or charity would be a blessing for everyone involved. Please read the information to follow to understand the device itself and the tax incentive portion of this offer. Description Introducing the Solar Lite™! Environmentally-friendly, patented, and using innovative solar-powered technology! Product Features Environmentally friendly. No need for replacement batteries. Works in any environment -- hot or cold It floats and even operates under water!!! Is easy to store and always ready for use. One full charge produces 30 hours of continuous use Superbright white LIFETIME LED light rated at over 100,000 hours High-tech solar panels generate power from sunlight or roomlight. Durable polyethylene construction resists crushing and scratching Rubber guarded stands on either end Safety lanyard attached Available in Clear, Black, Blue, Camouflage, Red, Orange, and Green Every Solar Lite includes a Limited Lifetime Warranty (Please see navigation link for details regarding replacement procedures Non-Profit Questions Answered by Stuart Sobel* -------------------------------------------------------------------------------- *Stuart Sobel retired after serving 30 years with the IRS in Cleveland and Indianapolis. He is CEO of Stuart Sobel Consulting, Inc., an Indiana business helping non-profit organizations on issues related to board development and obtaining 501c3 status. In addition, he is a member of the adjunct faculty of Indiana University/Purdue University Indianapolis. He has witnessed the struggles of non-profits to understand and follow federal and state tax laws. -------------------------------------------------------------------------------- This column aims to provide you with answers to perplexing questions that arise in the operation of a non-profit organization. The responses are to be perceived as guidance and suggestions, and not as legal advice. You should always seek legal and tax counsel where you feel it is appropriate. QUESTION #1 What is the tax incentive for businesses donating inventory to our non-profit organization for distribution to our clients? ANSWER #1 Congress creates the tax law and incorporates provisions into the Internal Revenue Code. Section 170e3 of this code creates an enhanced deduction for businesses that donate appreciated property. Before the enhanced deduction was put in place, companies could only deduct an amount equal to their cost for an item donated to an IRS 501c3 public charity (if the charity did not resell the item). However, the inventory or other property may have a fair market value higher than its cost. Under 170e3, an enhanced deduction allows the donor to take a deduction up to twice the cost/basis of the item if the value is higher than the cost. -------------------------------------------------------------------------------- QUESTION #2 If items are donated under 170e3, how must the materials be distributed? ANSWER #2 Donated property under 170e3 must be used for the ill, needy or infant (using IRS definitions). Equipment used by a facility providing service to the needy also qualifies. The same acknowledgement requirements that apply for any donations still applies under 170e3 donations. Though materials that are donated under 170e3 cannot be resold, organizations may charge a "user fee, handling fee, or donation fee" to recoup their expenses. The occasional or rare sale to the general public to reduce excess inventory would also not disqualify the enhanced deduction for the donor. -------------------------------------------------------------------------------- QUESTION #3 Are there incentives to encourage a company to make donation of inventory before marking down the items? ANSWER #3 Yes. Contact the company and tell them that they might save money by donating slow-moving items prior to marking down the price. In addition, the donor can save the cost of other expenses related to maintaining the inventory, including the cost of warehousing, handling, and/or disposing of the items. Create a computation sheet (such as the one below) to show the donor how the enhanced deduction under 170e3 can benefit them. Your tax advisor can help with this solicitation. Sample Computation Fair Market Value (Selling Price) = $1,000 Basis (Cost to Company) = $ 200 Gain = (Difference between FMV and Basis, or "mark up") = $ 800 Step 1: Determine the Gain FMV $1000 - Basis $200 = $ 800 Step 2: Reduce the deduction to not more than 1/2 the gain Gain $800 x 1/2 = $ 400 FMV $1000 - 1/2 Gain $400 = $ 600 Step 3: The deduction cannot exceed twice the basis or cost $600 - 2 x Basis (2 x $200 = $400) = $ 200 Step 4: Add the limitation in Step 1 to the limit in Step 2 and subtract from the fair market value to determine the deduction $1000 - Gain ($400 + $200) = $ 400 Deduction = Twice the Cost The IRS allows a company to take up to half the gain (mark-up) on an item, but not more than twice what the company paid for it. This will obviously be a slightly complicated negotiation, so please simply email me your interest and we will fill you in on the details. Thanks! Powered by eBay Turbo Lister Place a Bid!