Gift Planning Tips
Reducing Tax for a Charitable Cause
A taxpayer whose employer provides group-term life insurance coverage of more than $50,000 is subject to income tax on the value of the excess coverage, computed using the Uniform Premium Table, not the employer’s actual cost [Reg. §1.79-3(d)(2)] . . . more
Even Volunteers Need to Keep Records
Charitable volunteers are not allowed deductions for their time, but can deduct the cost of certain out-of-pocket expenses . . . more
Charity Benefits Early, But Nothing Extra for Donor
Clients creating charitable remainder trusts can include qualified contingencies that will cause the trusts to terminate early upon the happening of a specified event [Code §664(f)] . . . more
Watch Timing in Gifts of Stock
A client who owns closely held stock that is the subject of a tender offer can use the shares to make a charitable gift or to fund a life-income arrangement such as a charitable remainder trust, but timing is crucial . . . more
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CHARITABLE FUNDS NOT “PERMANENTLY SET ASIDE”
Court finds prolonged litigation, other expenses were foreseeable.
TRUST LANGUAGE, NOT STATE STATUTE, PREVAILS
Obligation to pay did not begin at testator’s date of death.
SUBSTANTIATION SMACKDOWNS BY IRS
Tax Court denies deductions for lack of proof.
CONSERVATION EASEMENT MUST STAY IN ONE PLACE
Deduction denied where donor could swap restricted land.
July 2015 Archive
• Illegal but Deductible?
• Watch Your Language
• Election Decisions
• Where Two Are Better than One
June 2015 Archive
• Income with a Lower Tax Price Tag
• Exercise Caution with Trustee Powers
• Divide and Conquer Doesn’t Always Work
• When a Deduction Has to Wait
May 2015 Archive
• Stock Gifts: When Are They Complete?
• A Way Around Capital Gains Rules
• Lose by Adding
• Paying Mom and Dad Back the Charitable Way
April 2015 Archive
• Appraisal Dos and Don’ts
• Controlling from the Grave
• So Foreign, Yet So Near
• Choosing Charitable Trustees
March 2015 Archive
• ESOPS and Charitable Gift Arrangements
• Philanthropy and Special Needs Trusts
• Funding Considerations with Testamentary Charitable Remainder Trusts
• Retirement Remainder Trust
February 2015 Archive
• Stock Gifts by S Corporation Shareholders
• “Replacing” Assets Earmarked for Charity
• Homes and Farms Only
• Don’t Make the IRS Guess
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