Taxing Lessons From Court Decisions

Substantiation of Charitable Contributions

Image source: Public domain via Wikimedia Commons TC Memo 2010-45 (Friedman) demonstrates the importance of complying with recordkeeping requirements for charitable contributions (as found in Code Section 170(f)(8)(A) and Income Tax Regulation 1.170A-13). In this case, the taxpayer claimed noncash charitable deductions for equipment donations. The IRS disallowed the deductions because the taxpayer did not provide contemporaneous written acknowledgements from…

Continue Reading

 ... Read This Post

Taxing Lessons From Court Decisions

Asset Titles and Estate Planning

Image Source: KeepWatch, via Wikimedia Commons T.C. Memo. 2010-26 (Goldberg) highlights the importance of understanding how asset titling can affect estate tax. In this case, Mr. Goldberg’s executor reported ownership of two parcels of New York real estate as if they were held by the decedent as tenants in common with his wife, who died three years earlier. The IRS said…

Continue Reading

 ... Read This Post