Charitable giving

Recreating a DB Plan, Charitable Contribution Rules, FICA Taxes + NQDC Plans, and More

Topics: 199A, Charitable giving, Defined benefit plans, IRS, NQDC, Qualified Plans, Retirement security

February 14, 2019 Assets Under Management How to Recreate A Defined Benefit Plan in a Retirement Income Portfolio Defined benefit plans are a thing of the past, but Steve Parrish explains how an individual can build a defined benefit element into his or her retirement income portfolio, and establish a floor income during retirement that…

Shifting Gears? Rising Rates and Legacy Planning.

Topics: Charitable giving, Charitable remainder trust, Estate planning

The WRMarketplace is created exclusively for AALU members by experts at Baker Hostetler LLP and the AALU staff, led by Jonathan M. Forster, Partner, Rebecca S. Manicone, Partner, and Carmela T. Montesano, Partner. WR Marketplace #19-03 was written by Edward J. Beckwith, Partner, and Jennifer M. Smith, Counsel, Baker Hostetler LLP. The AALU WR Newswire…

Protecting Your Charitable Deduction – The IRS Issues Final Guidance.

Topics: Charitable giving, Estate planning, Trusts

To support and encourage charitable giving, the Internal Revenue Code (“Code”) provides an income tax deduction for contributions to qualified charities. After the Tax Cuts and Jobs Act of 2017 (“Tax Act”), this is one of the only substantial deductions left to wealthier taxpayers. However, the substantiation rules for claiming this income tax deduction are…

WRN#18.03.01

Topics: Charitable giving, Estate planning

The Tax Court held that a business was entitled to a charitable contribution deduction for land sold to a church equal to the difference between the sale price and fair market value of land. The court reasoned that, since the business held the land as a long-term capital asset for investment purposes and not in…

WRN#18.01.09

Topics: Charitable giving, Estate planning

The Tax Court upheld the IRS’s denial of a $2.13 million charitable deduction for a timber partnership’s contribution of a nature conservation easement (NC Easement) to a conservation trust. The conservation trust was a “qualified organization” eligible to receive “qualified conservation contributions” for purposes of taking a charitable income tax deduction; however, the NC Easement…

Feeling Charitable The IRS May Not Be When It Comes to Your Deductions – 5 Things to Know.

Topics: Charitable giving, Estate planning, IRS, Regulation

To support and incentivize charitable giving, the Internal Revenue Code (“Code”) provides an income tax deduction for contributions to qualified charities. The substantiation requirements for claiming the income tax deduction for charitable donations, however, are numerous and complex, especially for non-cash gifts.

Failure to Disclose Cost Basis in Property Results in Denial of 33 Million Charitable Deduction

Topics: Charitable giving, Estate planning

The Tax Court denied a taxpayer’s $33 million charitable contribution deduction for failure to substantially comply with the substantiation requirements for claiming the charitable deduction because the appraisal of the contributed property attached to the taxpayer’s income tax return failed to include statements of the property’s cost or other basis, which would have alerted the…

Private Foundations or Donor Advised Funds

Topics: Charitable giving, Estate planning

Lifetime philanthropic gifts have substantial appeal for charitably-inclined clients who are incentivized by the desire to see the impact of their charitable plan during life while also receiving a charitable income tax deduction. The method for making these gifts, however, must be tailored to the client’s overall charitable goals. For clients that want to make…