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Internal Revenue Code of 1986

The main body of federal tax law in the United States, which the IRS uses to collect taxes.

Charitable contribution

A donation of money or property to a tax-exempt organization, for which the donor can often claim a tax deduction.

Tax treatment

How the donation is handled for tax purposes, specifically regarding what can be deducted from taxable income.

Food inventory

Food products held by a business for sale or distribution, which can be donated to charities.

Fair market value

The price an asset would sell for on the open market when both buyer and seller have reasonable knowledge of the asset and are not under pressure to buy or sell.

Taxable year

The annual accounting period used for keeping records and reporting income and expenses for tax purposes, usually a calendar year for individuals or a fiscal year for businesses.

Reduction under paragraph (1)(A)

A specific provision within the tax code that reduces the amount of a charitable deduction, often related to the appreciation (increase in value) of donated property.