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Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152

Proskauer Rose LLP
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USA
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September 10 2012

Obtaining a qualified appraisal is an essential requirement for claiming an income tax deduction for charitable donations of property worth more than $5,000

The Tax Court disallows charitable deductions and imposes accuracy-related penalties for failure to substantiate equipment donations

Proskauer Rose LLP
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USA
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May 7 2010

The Tax Court disallowed a couple's charitable deductions and imposed accuracy-related penalties after finding they did not properly substantiate the contributions or provide contemporaneous written acknowledgements of their medical equipment donations

Last call for lifetime gifts to charities from individual retirement accounts?

Proskauer Rose LLP
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USA
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December 15 2011

As we reported in earlier issues of Personal Planning Strategies, the Pension Protection Act of 2006 included a provision that permits a person aged 70 or older to direct distributions of up to $100,000 per year directly from an Individual Retirement Plan ("IRA") to charity

Private Letter Ruling 201236022 (09112012)

Proskauer Rose LLP
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USA
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November 15 2012

In this PLR, the Internal Revenue Service ("IRS") ruled that amounts paid to charities from the residue of the decedent's estate pursuant to a settlement agreement qualified for the charitable deduction for federal estate tax purposes because the charities had an enforceable right under state law to receive a portion of the residuary estate due to the undue influence by the drafting attorney (who was also a beneficiary

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Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152

The Tax Court disallows charitable deductions and imposes accuracy-related penalties for failure to substantiate equipment donations

Last call for lifetime gifts to charities from individual retirement accounts?

Private Letter Ruling 201236022 (09112012)

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