News & Analysis as of

Charitable Deductions Income Taxes

Hodgson Russ LLP’s Report on the 2017-18 New York State Budget

by Hodgson Russ LLP on

On April 10th, the New York State budget for 2017-18 was signed into law. The highlights of the revenue provisions are summarized below....more

"Income, Wealth Transfer Tax Changes Likely Under New Administration"

Comprehensive federal tax reform likely will be a top priority for the Trump administration and Republicans in Congress in the first half of 2017. Although there are differences between their proposals, President Donald Trump...more

IRS Rules That Syndicated Conservation Easements With Inflated Appraisals Are Listed Transactions

by McNair Law Firm, P.A. on

In Notice 2017-10, the IRS has determined that certain conservation easements are now “listed transactions” for purposes of federal tax reporting. “Syndicated” conservation easements are conservation easements donated by a...more

For high net worth individuals - What can you do before the end of the year to protect against potential changes in the tax laws? ...

by Dickinson Wright on

President-elect Trump has posted his tax proposals on his website. Although we are unable to say with certainty whether any of these proposals will be enacted, we address three of his proposals and our suggestions. Any of...more

Wealth Management Update - March 2016

by Proskauer Rose LLP on

March Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and...more

Is the Charitable Deduction for Trusts Limited to Adjusted Basis?

by Charles (Chuck) Rubin on

No, says a U.S District Court. An irrevocable trust received distributions from a partnership in one year and purchased property. In a later year it contributed the property to a qualified charity, after the property...more

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

by M. Robinson & Company, P.C. on

This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not...more

Wealth Management Update - October 2015

by Proskauer Rose LLP on

October Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The October § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs...more

Charitable deductions: Substantiate them or lose them

Qualifying for a charitable deduction is, in some respects, a matter of form over substance. The IRS could disallow a deduction, even if it’s otherwise legitimate, if the donor fails to follow the substantiation requirements...more

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