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Is there a Tax man in the House! Question regarding charitble leases to Non-Profits.
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[quote]QUOTE: <i>Originally posted by Dunkirkeriestation</i> <br /><br />So would happen if they donated the engines to us and then we sold it back to them for a doller at the end of the year. <br />[/quote] <br /> <br />First off, CSX is very power short at the moment so the possibility of them donating you a locomotive is remote indeed. <br /> <br />Second, if they were to donate a locomotive that they owned to a IRC 501c (3) qualified non-profit group CSX could take a charitable deduction. If they bought the locomotive back for less than its full value, both CSX and the charitable organization would be in a great deal of hot water, having violated several different laws. <br /> <br />LC
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