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Article

Fox Rothschild LLP | USA | 26 Apr 2016

Corporation’s Charitable Contributions on Behalf of Employees are Not Deductible Business Expenses

In Private Letter Ruling 201616002, the IRS ruled that a corporation’s contributions to charities on behalf of the corporation’s employees are not

Article

Fox Rothschild LLP | USA | 13 Sep 2012

After Madoff and other Ponzi schemes, have charities become more wary about donors bearing large gifts? Installment 83

There is evidence that some charities may be exercising greater caution in their gift acceptance policies as a result of the dramatic and sometimes devastating consequences that highly respected charities have suffered from involvement in the Ponzi schemes of Bernard L. Madoff (“Bernard”) and others.

Article

Fox Rothschild LLP | USA | 4 Jun 2012

Tax Court Memorandum decision denies charitable deduction for highly valued real estate in Joseph Mohamed, Sr., TC Memo 2012-152

In a recently issued Tax Court Memorandum decision written by Judge Holmes the taxpayers were denied charitable deductions for millions of dollars in value of real property which they contributed by donation in 2003 and 2004 for the benefit of three charities as remaindermen of a charitable remainder unitrust.

Article

Fox Rothschild LLP | USA | 11 May 2012

What constitutes a purely public charity for purposes of real property tax exemption?

The Appellant in this matter appealed a Commonwealth Court ruling, asking the Supreme Court of Pennsylvania to find that it was an “institution of a purely public charity” under Article VIII, Section 2(a)(v) of the Pennsylvania Constitution, entitling it to exemption from real estate taxes.

Article

Fox Rothschild LLP | USA | 1 Nov 2011

Will JASA become more forthcoming in disclosing its substantial losses and risks from investing with Madoff? - Installment 62

Installment 61 of this blog series on Madoff discussed the $5.2 million clawback lawsuit (the “JASA Lawsuit”) recently filed by Trustee Irving Picard against Jewish Association for Services for the Aged (“JASA”), reaffirming the perplexing and inconsistent manner, virtually to the point of arbitrariness and unfairness, with which Picard has handled charities that invested with Madoff.

Article

Fox Rothschild LLP | USA | 14 Oct 2011

Picard cries foul that Judge Rakoff has ruled "arbitrarily" in the Wilpon Case - has the trustee been playing the same game himself? Installment 60

This Installment addresses one aspect of the firestorm that is raging in the aftermath of the highly controversial and complicated September 28 opinion and order in the Wilpon Case of Judge Jed S. Rakoff in the U.S. District Court for the Southern District of New York (the “Rakoff Opinion”).

Article

Fox Rothschild LLP | USA | 1 Aug 2011

Picard, the Federal District Court and GAO: how will the Madoff trustee handle a doubleheader away from his home field?

This is the fifty-fifth in a series of Installments on this blog that are discussing issues arising from the Bernard L. Madoff scandal (“Madoff”).

Article

Fox Rothschild LLP | USA | 11 Jul 2011

Madoff, Picard, the Wilpons and the Federal District Court: will Judge Rakoff provide a more level playing field for the Mets owners? - installment 54

This is the fifty-fourth in a series of Installments on this blog that are discussing issues arising in the aftermath of the global Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”).

Article

Fox Rothschild LLP | USA | 6 Jul 2011

SEC adopts new rule defining “family offices”

On June 22, 2011, the Securities and Exchange Commission adopted final rules and amendments to implement the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Article

Fox Rothschild LLP | USA | 14 Jun 2011

Madoff, Picard and charities: a comparison of treatment of the Lautenberg Foundation and the WilponKatz foundations - Part 2 - Installment 52

This is the fifty-second in a series of installments on this blog that are discussing issues arising in the aftermath of the global Ponzi scheme perpetrated by Bernard L. Madoff (“Madoff”).

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