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42.4.2708    DETERMINING PRESENT VALUE FOR THE ENDOWMENT CREDIT

(1) For purposes of determining the endowment credit, the present value of a contribution is the amount reported to the Internal Revenue Service for that contribution. The present value of a gift contributed to a qualified endowment is based on its fair market value on the date of the gift.

History: 15-30-2620, 15-31-501, MCA; IMP, 15-30-2328, MCA; NEW, 2000 MAR p. 2109, Eff. 8/11/00; TRANS, from ARM 42.15.519, 2004 MAR p. 1965, Eff. 8/20/04; AMD, 2010 MAR p. 1209, Eff. 5/14/10.
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