Section 60. Determining date of donation

A. The date of donation for cash, including stocks, real estate, and merchandise to be used by the approved organization, is the date used for federal tax purposes according to IRS regulations.

B. The date of the donation for merchandise donated to be sold, auctioned, or raffled is the date the proceeds were received by the approved organization.

C. The date of donation for professional services is the date the service is completed.

D. The date of donation for donated rent/lease is the effective date of the lease.

Historical Notes

Derived from Volume 15, Issue 09, eff. February 17, 1999; amended, Virginia Register Volume 23, Issue 22, eff. September 1, 2007; Volume 25, Issue 23, eff. September 1, 2009.

Statutory Authority

§§ 58.1-439.20 and 63.2-217 of the Code of Virginia.