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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

T&E litigation update: Pritchard v. Attorney General, Monteith v. Michaels and Dumas v. Snow

Day Pitney LLP
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USA
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September 1 2010

In Pritchard v. Attorney General, Case No. 09-P-1221, 2010 Mass. App. LEXIS 1144 (Aug. 27, 2010), the Appeals Court addressed the validity of a charitable bequest

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

CBO study examines options for charitable giving and tax consequences

McGuireWoods LLP
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USA
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May 27 2011

Congress and the Obama administration are looking closely at options to revise or replace the current charitable deduction

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

Holland & Knight LLP
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USA
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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

The gift tax and contributions to section 501(c)(4) organizations: less than meets the eye?

Caplin & Drysdale
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USA
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June 14 2011

News reports suggesting that the IRS has opened federal gift tax examinations of five donors to section 501(c)(4) nonprofit organizations have generated considerable concern over the past few weeks

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

Baker Donelson Bearman Caldwell & Berkowitz PC
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USA
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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

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

T&E litigation update: Pritchard v. Attorney General, Monteith v. Michaels and Dumas v. Snow

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

CBO study examines options for charitable giving and tax consequences

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

The gift tax and contributions to section 501(c)(4) organizations: less than meets the eye?

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

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