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Attorney General issues guide on the New York Prudent Management of Institutional Funds Act

Proskauer Rose LLP
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USA
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March 25 2011

On March 17, 2011, the New York State Attorney General's Charities Bureau published "A Practical Guide to the New York Prudent Management of Institutional Funds Act" (the "Guide"

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

Some not-for-profitexempt organizations may have FBAR filing obligations

Proskauer Rose LLP
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USA
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March 29 2010

U.S. taxpayers, including not-for-profitexempt organizations, with a financial interest in or signatory authority over a foreign financial account are generally required to file the Report of Foreign Bank and Financial Accounts, Form TD F 90-22.1 (FBAR) with the Department of the Treasury each June 30 if the aggregate value of all of the U.S. person’s foreign financial accounts exceeds $10,000 at any time during the year

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

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

Eighth Circuit upholds formula disclaimer over public policy objections - Estate of Christiansen v. Commissioner

Proskauer Rose LLP
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USA
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January 21 2010

In a unanimous decision, the Eighth Circuit upheld over the IRS’ public policy objections a formula disclaimer which passed property to charity

Search results

Attorney General issues guide on the New York Prudent Management of Institutional Funds Act

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

Some not-for-profitexempt organizations may have FBAR filing obligations

Private Letter Ruling 201236022 (09112012)

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

Eighth Circuit upholds formula disclaimer over public policy objections - Estate of Christiansen v. Commissioner

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