Political donations disallowance: corporate contributions treated as voluntary payments and subjected to gift tax rather than business deduction. The Board concluded that company donations to political parties are not business expenditures, are voluntary payments without consideration, and should be subjected to gift-tax; prior Board instructions exempting such gifts are withdrawn and assessing officers must initiate proceedings and decide pending cases in light of this revised instruction.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Political donations disallowance: corporate contributions treated as voluntary payments and subjected to gift tax rather than business deduction.
The Board concluded that company donations to political parties are not business expenditures, are voluntary payments without consideration, and should be subjected to gift-tax; prior Board instructions exempting such gifts are withdrawn and assessing officers must initiate proceedings and decide pending cases in light of this revised instruction.
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