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Charitable Donations Capital Gains

ASKramer Law

Valuing Noncash Charitable Donations, Including Digital Assets

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As we’re approaching year end, this is a good time to revisit the tax rules that apply to donating noncash property—including donations of digital assets....more

Farella Braun + Martel LLP

Navigating Charitable Bequests: Risks and Rewards for Early Planning

Charitable bequests are an essential aspect of philanthropic planning for high net worth individuals. When engaging in conversations with philanthropic clients, it is crucial to help them determine suitable assets for...more

Rivkin Radler LLP

Selling Your Business? Careful of Pre-Sale Contributions of Stock to Charity

Rivkin Radler LLP on

Charitable Giving Update- According to a recent report on charitable giving, the number of donors at every level of giving dropped during the first three quarters of 2022. The number of new donors was down by over 19...more

Lathrop GPM

Valuable Lessons in Charitable Deductions

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A recent Tax Court case provides important guidance for donors and charities making and negotiating gifts of appreciated property. While generally donors who donate appreciated property to a public charity do not recognize...more

Freeman Law

Tax Court in Brief | Estate of Hoenshied v. Commissioner | Anticipatory Assignment of Income, Charitable Contribution Deduction,...

Freeman Law on

Summary: In this 49-page opinion the Tax Court addresses a deficiency arising from the charitable contribution of appreciated shares of stock in a closely held corporation to a charitable organization that administers...more

McGuireWoods LLP

Timing Is Critical for Gift of Appreciated Stock to Avoid Capital Gain From Sale of Company

McGuireWoods LLP on

Business owners contemplating selling their companies often look to their tax advisers for options to reduce the potential tax impact upon sale. One option routinely considered is having the owner contribute a portion of the...more

Warner Norcross + Judd

Year-End Tax Planning Opportunities

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2022 has been a busy year for most people. As this year is rushing toward the end, it is important ensure that you have taken advantage of the planning options available to you. Income Tax Planning Opportunities- The first...more

Bowditch & Dewey

Charitable Contributions of Crypto Currency

Bowditch & Dewey on

Although the recent crypto currency market correction has taken some luster off digital coins, the tax implications of owning and transferring these assets are still important to understand. Because crypto currency is not...more

Bowditch & Dewey

Impact of House Ways and Means Tax Proposals for Trusts, Estates, and Retirement Accounts

Bowditch & Dewey on

In this second blog post on the House Ways and Means Tax proposals, we address the proposed changes that will affect the taxation of trusts, estates, and retirement plans. As we discussed, on September 13, 2021, the...more

Gibney Anthony & Flaherty, LLP

Year-End Tax Planning: Steps to Take Now for 2021

During this election year, with the determination of the Senate seats not taking place until January 2021, taxpayers will be faced with uncertainty in their approach to planning. The outcome of the Senate will play a key role...more

Foley & Lardner LLP

Charitable Planning in the Midst of Uncertainty

Foley & Lardner LLP on

For charitably inclined individuals, there is a significant amount of uncertainty brought on by possible policy shifts that may occur if former Vice President Joe Biden is elected and Democrats take a majority in the Senate....more

Farrell Fritz, P.C.

The “Art” Of Operating Foundations: A Public-Private Venture

Farrell Fritz, P.C. on

In the Beginning- From the dawn of recorded history, those who have the means have purchased or otherwise financed the work of those whom we call artists – talented individuals capable of producing what we call works of...more

Skadden, Arps, Slate, Meagher & Flom LLP

IRS Issues Guidance Regarding Virtual Currency Transactions

On October 9, 2019, the Internal Revenue Service (IRS) issued long-awaited guidance relating to transactions involving virtual currencies, such as cryptocurrencies. Aligned with the agency’s continuing efforts to enforce tax...more

Tucker Arensberg, P.C.

Key 2019 Estate Trust and Medicaid Long Term Care Planning Figures

Tucker Arensberg, P.C. on

2019 Key Pennsylvania Figures - Pennsylvania Inheritance Tax Rates: Transfers between spouses - 0% (jointly held property between spouses is not subject to tax). Transfers from child 21 or under to parent - 0%. ...more

Schwabe, Williamson & Wyatt PC

Tax Reform: What Does the Tax Cuts and Jobs Act Mean for the Agriculture Industry?

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Schwabe, Williamson & Wyatt PC

Summary of Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act of 2017 (the “Act”) was signed into law by President Donald Trump on December 22, 2017. The Act changes many provisions of the Internal Revenue Code, from individual and business provisions, to...more

Bowditch & Dewey

Charitable Giving Strategies

Bowditch & Dewey on

If you have been looking for ways to give back this summer, you might want to try something different. The majority of people donate to charitable organizations through gifts of cash, but this may not be the most...more

Lewitt Hackman

Estate Planning NOW: Preparing for a New Government

Lewitt Hackman on

It’s impossible to predict what any future president will do, or what Congress will approve. But in light of comments president-elect Donald J. Trump made on the campaign trail, and given that Grand Old Party members will...more

BCLP

Review of Income Tax Deduction Rules for Charitable Gifts

BCLP on

People.com is reporting that Amber Heard, who received a $7 million settlement in her divorce from Johnny Depp this week, is donating the entire $7 million settlement to charities with “a particular focus to stop violence...more

Butler Snow LLP

The Fiscal Cliff Deal - What does it mean for you and your business?

Butler Snow LLP on

In the early morning hours of January 1, 2013, the Senate approved the American Taxpayer Relief Act of 2012 (the “Act”) by a vote of 89-8. Less than 24 hours later, the House of Representatives also approved the Act by a vote...more

Katten Muchin Rosenman LLP

Estate Planning After the Fiscal Cliff Deal

Now that a deal averting the fiscal cliff has finally been reached, many of the tax and planning issues that have been mired in uncertainty for the past two years (and even longer in some cases) may be resolved. Numerous tax...more

Poyner Spruill LLP

How Will the American Taxpayer Relief Act of 2012 Affect You - Details of Legislation passed by Congress to Avoid Fiscal Cliff

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On January 2, President Barack Obama signed into law the American Taxpayer Relief Act of 2012, H.R. 8 (ATRA), preserving many of the key tax provisions passed during the George W. Bush presidency, which were scheduled to...more

Dechert LLP

American Taxpayer Relief Act of 2012 Approved by Congress and Signed by the President

Dechert LLP on

Summary - President Obama on January 2, 2013 signed into law the American Taxpayer Relief Act of 2012 (the “Act”). The Act extends certain tax rates, tax credits, and other provisions previously enacted by other tax...more

McDermott Will & Emery

Congress Avoids the Fiscal ‘Cliff’—Now What?

McDermott Will & Emery on

The new federal tax bill establishes permanent income, estate, gift and generation-skipping transfer tax provisions that present additional planning opportunities for 2013 and beyond. ...more

Troutman Pepper

Fiscal Cliff Tax Changes

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On New Year’s Day 2013, the “American Taxpayer Relief Act of 2012” (the Act) was enacted to avoid the impact of automatic “fiscal cliff” tax increases. The Act, effective January 1, 2013, retains and makes permanent the...more

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