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Section 107 parsonage allowance exclusion limited to one home

  • Bryan Cave LLP
  • -
  • USA
  • -
  • April 2 2012

The United States Court of appeals for the Eleventh Circuit Court recently ruled that the parsonage allowance exclusion from gross income contained in section 107 of the Code is limited to the rental value of providing a single home

Gifting in 2012: now or never?

  • Hunton & Williams LLP
  • -
  • USA
  • -
  • August 22 2012

Currently Americans can give $5,120,000 to anyone without paying gift taxes, less earlier taxable gifts

U.S. Court of Appeals upholds charitable deduction for preservation easements

  • Holland & Knight LLP
  • -
  • USA
  • -
  • June 27 2011

The U.S. Court of Appeals for the D.C. Circuit has ruled that a charitable deduction for two preservation (“façade”) easements in Logan Circle were valid, bringing to an end in the D.C. Circuit one of the longstanding challenges lodged by the Internal Revenue Service (IRS) against easement donations

DC Superior Court approves Corcoran's proposed agreement with National Gallery and GW University

  • Steptoe & Johnson LLP
  • -
  • USA
  • -
  • August 25 2014

On August 18, 2014, the DC Superior Court granted the Trustees of the Corcoran Gallery of Art’s (The Trustees’) petition for cy près relief with

Proper documentation is required for charitable contributions

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 6 2011

Recent IRS audit activity serves as a reminder that when you make a charitable gift, you must obtain the proper documentation in order to be able to take an income tax deduction

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Review of income tax deduction rules for charitable gifts

  • Bryan Cave LLP
  • -
  • USA
  • -
  • January 8 2014

The Chronicle of Philanthropy recently released its list of the Top 10 biggest charitable gifts of 2013 (which is really the Top 15, since 5 gifts

Year-end tax planning: potential benefits of land contributions for recreation or education

  • Baker Donelson Bearman Caldwell & Berkowitz PC
  • -
  • USA
  • -
  • December 6 2011

Charitable conservation contributions can be an excellent means of not only making meaningful donations for the public good, but also establishing the basis for potential tax benefits to the donor

The IRS will not apply the gift tax to Section 501(c)(4) donations . . . for now

  • Wiley Rein LLP
  • -
  • USA
  • -
  • September 15 2011

Ending months of speculation and uncertainty, the Internal Revenue Service (IRS) announced in July that it would no longer devote its resources to considering whether to levy a gift tax on donations by individuals to Section 501(c)(4) social welfare organizations