A for-profit business that forgave a loan to a 501(c)(3) charitable affiliate has lost a $2.9 million charitable contribution deduction because the contemporaneous written acknowledgment letter received from the affiliate did not state whether the donor had received goods or services in return. IQ Holdings, Inc. is a manufacturer of aerosol and consumer products with a principal place of business in Texas. In 2012, its individual owner formed IQ Life Sciences Corp, a nonprofit organization intended to design and donate pharmaceutical and health care products, focusing particularly on respiratory ailments. In 2012, IQ Holdings gave Life Sciences equipment valued at $162,000, a residential...