Mo. Code Regs. tit. 12 § 10-2.125

Current through Register Vol. 49, No.12, June 17, 2024

Section 12 CSR 10-2.125 - Cultural Contributions

PURPOSES: This rule establishes the requirements and procedures for claiming the deduction provided in section 143.141, RSMo for contributions of literary, musical, scholarly and artistic compositions.

PUBLISHER'S NOTE: The secretary of state has determined that the publication of the entire text of the material which is incorporated by reference as a portion of this rule would be unduly cumbersome or expensive. Therefore, the material which is so incorporated is on file with the agency who filed this rule, and with the Office of the Secretary of State. Any interested person may view this material at either agency's headquarters or the same will be made available at the Office of the Secretary of State at a cost not to exceed actual cost of copy reproduction. The entire text of the rule is printed here. This note refers only to the incorporated by reference material.

(1) The itemized deduction authorized by section 143.141(3), RSMo for cultural contributions will be allowed if the following requirements are met:

(A) The taxpayer must itemize deductions on both the federal and Missouri returns for the tax year in which the cultural contribution is made;

(B) The not-for-profit agency or institution to which the contribution is made must be exempt from taxation as specified in section 501 of the Internal Revenue Code (IRC);

(C) The taxpayer must be the original creator of the literary, musical, scholarly or artistic composition which constitutes the cultural contribution;

(D) The cultural contribution must be appraised within one (1) year of donation by a qualified appraiser who is not a relative of the donor or donee as defined in Title 26, IRC section 168(e)(4)(D). The appraisal must contain a detailed description of the composition, the appraiser's name, address, phone number and be signed and dated by the appraiser under penalties of perjury;

(E) The appraisal must be attached to the income tax return and be accompanied by a sworn statement from the donor and donee which indicates acceptance, by both, of the fair market value fixed by the appraiser. The statement shall also show the actual date of the donation of the cultural contribution, the donor's address and telephone number and the address where the composition may be viewed, if applicable; and

(F) The cultural contribution and the appraisal are subject to review and approval by the Department of Revenue. The amount of the deduction for the cultural contribution shall not exceed the appraised value established in subsection (1)(E) reduced by any amount deducted from federal adjusted gross income attributable to the contribution. Those parts of the federal income tax return pertaining to that deduction shall be attached to the Missouri return.

12 CSR 10-2.125

AUTHORITY: section 143.591, RSMo 1994.* Original rule filed Jan. 15, 1985, effective June 13, 1985.

*Original authority: 143.591, RSMo 1972.