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Member
 
Group: Forum Members
Last Login: 3/9/2006 9:13:21 AM
Posts: 35,
Visits: 10
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I am aware that a gift of a donor's personal unsecured promissory note to a charity is not deductible as a chartible contibution until the donor makes payment(s) on said not to the charity..
However, a donor's gift of a third party well secured promissory note payable on terms that will uphold it's unpaid balance as the fair market value of the note be entirely deductible in the year of the gift even though payments of principal/interest are made monthly/yearly over several years & in which the terms of the note do not prohibit the holder(charity) from selling/transferring the note to another party for cash?
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