Gift Planning Tips (Updated Monthly)
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The Tax Code’s “Don’t Have Fun” Rule
IRC §170(j) prohibits deductions for unreimbursed travel expenses if there is a “significant element of personal pleasure, recreation or vacation” included ... more>>
Charitable Remainder Trusts Offer ESOP Opportunities
The majority owner of a corporation can sell shares owned at least three years to an Employee Stock Ownership Plan (“ESOP”) and elect to defer tax ... more>>
Planning Charitable Remainder Trusts That Anticipate Marital Breakups
Richard is happily married to Elizabeth (his fourth wife) and he wants to set up a charitable remainder unitrust for the two of them with his separate property ... more>>
Contingency Clauses That Can End Charitable Remainder Trusts Early
IRC §664(f) permits “qualified contingencies” to terminate charitable remainder trusts early, so long as the trust can only end sooner than the specified trust term ... more>>
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• Bequest Goes to the Dogs, Literally Original charity receives money, despite diminished nature of program.
• Court Won’t Impose Trust on Capital Campaign Funds Contributions used for stated purpose prior to proposed sale.
• Court Throws Cold Water on Deduction Taxpayers lacked qualified appraisal and contemporaneous acknowledgment.
• Broadcasting, Publishing Not a “Church” Courts apply associational test to determine whether followers could worship communally.
• Trust Gets Margin (Wake Up) Call Profits from debt-financed shares subject to tax on unrelated business income.
• Legal Status of Organization No Impediment to Bequest Court may need to appoint trustee to oversee use of property.
• Non-Qualified = Non-Deductible Organization wasn’t on IRS list of §501(c)(3) charities.
• Missing Details Doom AppraisalCourt refuses to apply substantial compliance doctrine.
• No Acknowledgment from the Collection Plate Donor had no substantiation for weekly cash gifts, gets no deduction.
• Gallery Sales Generate Private Benefit Organization was not operated exclusively for exempt purposes.