Failing to Complete Taxes Properly Cost Entrepreneur $18.5 Million in Tax Deductions
By Joseph M. Donegan on June 25th, 2012
A judge with the U.S. Tax Court recently sided with the Internal Revenue Service and rejected an $18.5-million tax deduction claimed by a prominent businessman for charitable contributions.
Joseph Mohamed, who is a successful real estate developer, appraiser and entrepreneur in California, donated several pieces of real estate to a charitable remainder trust in 2003 and 2004, claiming $18.5 million in charitable deductions. These trusts allow owners to claim immediate deductions on the contributions, despite collecting income on the assets. After the owners’ death, the remainder of the trust is given to charity.
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