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2015 Annual Conference on Philanthropy in Chicago Click here to listen to the audio version of this interview. Right click and "Save as" to download this audio to listen to it on your smartphone.   Randy Fox:    This is...
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Author Bruce DeBoskey highlights the surge in corporate giving. By: Bruce DeBoskey, Philanthropic Strategist When it comes to corporate giving, the news is encouraging. More U.S. companies are engaging in smart and strategic community investment...
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Dennis Walsh brings us up to date on the status of proposed reporting and accounting requirements for non profits. A must read for all and a call to action to help shape the future of the sector. By Dennis Walsh, CPA In April 2015 the Financial...
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Finally the IRS has provided definitive guidance on the early termination of CRTs that removes the valuation guesswork. By: Richard L. Fox , Esquire After years of having no statutory or regulatory authority on the issue and IRS anti-taxpayer...
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24 Mar 1998 | National Publication | News story
Notice 98-20 provides new guidelines regarding the taxation of capital gains distributions from CRTs based on the new TRA '97 rate structure. The new rules, which favor taxpayers, can be applied to 1997 distributions. PGDC Summary: In a move...
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The IRS announced that it will not issue advance rulings concerning whether creating or using income exception charitable remainder unitrusts to control the timing of the trust's receipt of income for the benefit of its income recipients results in the trust's failure...
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8 Apr 1998 | Legislative | National Publication | News story
Flat Tax or X-Tax? PGDC Chief Legal Editor Emil Kallina comments on the progress of tax reform proposals and how the charitable deduction is faring. As the debate continues to rage in Washington regarding tax reform and bills to amend the Internal Revenue Code...
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The Service has ruled privately that the transfer of a portion of a charitable remainder unitrust's assets into a new unitrust, followed by the assignment of the trustor's income interest in the new trust to the charitable remainderman, and the distribution of the new...
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The IRS has ruled privately that a charitable remainder trust, that through a drafting error permitted naming only public charities as remaindermen, could be reformed to enable the trustor to designate the remainder interest to one or more private nonoperating...
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The IRS has ruled privately that an estate tax charitable deduction will be available to the estate of a taxpayer that names a private foundation as beneficiary of IRA and qualified retirement plan proceeds. The foundation will have income in a respect of a decedent;...
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The estate plan of a married couple provides that on their deaths a substantial portion of their estates, which include units in a family limited partnership, will be transferred to the family's private foundation. In order to avoid the potential problems associated...
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11 May 1998 | Letter Rulings | National Publication | News story
The Internal Revenue Service has ruled privately in PLR 9819031 that a corporate recapitalization did not constitute a taxable dividend distribution and the "new" stock could be used to fund a qualified charitable lead annuity trust. Ltr. Rul. 9819031...
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26 May 1998 | Letter Rulings | National Publication | News story
The Service has ruled privately that a beneficiary of a living trust who holds a limited power to appoint trust principal to individuals or charity may appoint the principal to a charitable remainder unitrust. The unitrust amount will be paid to the living trust for a...
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26 May 1998 | Letter Rulings | National Publication | News story
The IRS has ruled privately that a trustor's gift to a charitable lead unitrust trust will be complete for gift tax purposes and not includible in the trustor's estate. In addition, the CLT will be entitled to deductions for amounts paid to charity. PLR 9821030...
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26 May 1998 | Letter Rulings | National Publication | News story
The IRS has ruled privately that a testamentary trust can be reformed into a NIMCRUT with a 7.5 percent unitrust amount payable to the named beneficiary for her lifetime or until she remarries. Ltr. Rul. 9821009 PGDC Summary: A decedent left...
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The IRS has ruled privately that a court modification to cure a drafting error in which the donor's legal counsel inadvertently included an "income only" provision in a charitable remainder unitrust will not disqualify the trust. PLR 9822041 PGDC SUMMARY...
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In a ruling similar to Ltr. Rul. 9821030 (reported by the PGDC on May 26, 1998), the Service has ruled in Ltr. Rul. 9822018 that a donor's gift to a charitable lead unitrust will be completed for gift tax purposes and not includible in the donor's estate. In addition...
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The IRS has ruled privately that a charitable lead annuity trust will be entitled to an income tax deduction for amounts paid to charity and will not be a grantor trust for income tax purposes. Ltr. Rul. 9822025 PGDC Summary: The charitable...
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The Service has ruled privately that a donor created a valid non-grantor CLAT. The assets of the CLAT would not be includable in the gross estate of the donor notwithstanding the fact that a separate committee of the donor's private foundation selected the charities...
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The Service has ruled privately that a decedent will obtain a charitable deduction for the present value of the remainder interest in a Charitable Remainder Trust that will be created pursuant to a reformation of a family trust. The beneficiary of the family trust...
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Recent activity

A Tribute to Marc D. Hoffman

IRS and Other News from Around the Web

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