The Service has ruled privately that a sale of real property by an estate from which a private foundation has an expectancy to a disqualified person in exchange for a promissory note is not a direct or indirect act of self-dealing because it qualifies as a...
The IRS has ruled privately that scholarship awards made by a private foundation are excludable from the gross income of the recipients under section 117 of the Code.
The IRS has ruled privately that a private foundation's scholarship grants to artists are not taxable expenditures under section 4945.
The IRS has released Pub. 892, which describes how a tax-exempt organization can appeal the loss of its exempt status.
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2012-7 indicates the applicable federal rate under section 7520 for February 2012 is 1.4%; unchanged from...
The IRS has revised Pub. 523, Selling Your Home . Although not specific to charitable gift planning, this publication can be helpful to donors and their advisors in determining the basis and capital gain exclusion qualification rules applicable to personal...
The IRS has ruled privately that a charitable trust that intended but failed to make an election to treat a contribution as having been paid in the prior year is granted an extension to make the election
In Email Chief Counsel Advice, the IRS has stated that so long as property qualifies for a charitable deduction, there is no reasonable cause/good faith exception with respect to the 40% gross valuation penalty.
The IRS has issued guidance with respect to issuing rulings and determination letters on private foundation status under § 509(a), operating foundation status under § 4942(j)(3), and exempt operating foundation status under § 4940(d)(2), of...
The IRS has issued guidance that sets forth procedures for issuing determination letters and rulings on the exempt status of organizations under §§ 501 and 521 of the Internal Revenue Code. These procedures also apply to revocation or modification of...
The Service has ruled privately that a private foundation's use of the proceeds of loans from a local financial institution to satisfy all or a portion of either the Initial set-aside amount and/or the additional set-aside amount for the purpose of constructing...
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2012-2 indicates the applicable federal rate under section 7520 for January 2012 is 1.4%; down 0.2% from...
In keeping with its holiday season custom, the IRS has released its annual tips on year-end giving for taxpayers, which reviews several important tax law provisions that have taken effect in recent years..
The IRS has issued guidance for standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes for 2012. The rate for rendering gratuitous services to a...
For purposes of determining the present value of an annuity, an interest for life or a term of years, or a...
The IRS has ruled privately that proposed sales of limited partnership interests by an executor back to the limited partnerships followed by the transfer of the cash sales proceeds to a testamentary charitable lead unitrust qualifies for the estate administration...
Members of the American Bar Association's Estate and Gift Tax Committee of the Income and Transfer Tax Planning Group of the Trust and Estate Division of the Section of Real Property, Trust and Estate Law have submitted comments, recommendations and...
In a letter to Emily McMahon, Acting Assistant Secretary of Tax Policy, and writing on behalf of the Lettie Pate Whitehead Foundation, P. Russell Hardin has taken exception of Sen. Charles Grassley's recent characterization of supporting...
In a new legal memorandum, the IRS has re-examined two prior memoranda and determined that "taxable income" for purposes of applying the 10% corporate limitation on charitable deductions is NOT adjusted for excess investment income from a real estate...
The IRS has ruled privately that the debt of a third party oil and gas working interest owner will not constitute acquisition indebtedness to a private foundation under section 514 with respect to the foundation's net profits interest royalty that is...
Recent activity
Donated Funds and Tax Liens
March 7520 Rate Increases to 3.0%
IRS Releases Revised Pub. 526 - Charitable Contributions
IRS Updates Dirty Dozen List of Tax Scams
Webinar: Aligning Charitable Planning & Life Insurance
Treasury Releases Obama Administration Budget Proposals Greenbook
Issuance of Units by University to CRTs Does Not Produce Unrelated Business Income
ACGA Asks IRS to Take Corrective Action on Notice
The IRS Reminds Tax-Exempt Organizations of All Sizes to File the Form 990 on Time to Preserve Their Tax Exempt Status
Grants to Foreign Charities are Qualifying Distributions