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