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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The following articles are now available from the latest edition of the Charitable Giving Tax Service Analysis & Comment. To see the complete text, just click on the above link. Archived articles, and the full 1200-page gift planning library are available at no charge if you register and sign in to CGTS-Online, using the link on this page.

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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The information contained on this website is written to provide accurate and authoritative information in regard to the subject matters covered. It is published by R&R Newkirk Company with the understanding that in this publication the authors are not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. (From a Declaration of Principles jointly adopted by a committee of the American Bar Association and a committee of publishers and associations. Circular 230 Notice: Any U.S. federal tax advice contained in this publication is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.

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