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The Tax Law of Charitable Giving, 2017 Supplement, 5th Edition

The Tax Law of Charitable Giving, 2017 Supplement, 5th Edition

Bruce R. Hopkins

ISBN: 978-1-119-34545-9

Feb 2017

176 pages

$120.99

Description

The classic reference for charitable gift regulations, updated for 2017

The Tax Law of Charitable Giving is the leading guide to the law, rules, and regulations governing charitable giving. Author Bruce R. Hopkins is the most respected authority in the field; in this book, he provides a comprehensive update on the latest changes to the law, new Treasury Department regulations, and much more to help lawyers, managers, and development directors in tax-exempt organizations stay up-to-date on all regulations pertaining to charitable gifts. This 2017 update includes coverage of updated estate tax law, new substantiation requirements, appraisal requirements, recordkeeping, donor-advised funds, and the new healthcare tax on investment income of trusts, with detailed documentation, citations, and references to regulations, rulings, cases, and tax literature included. The companion website provides additional tables, appendices, IRS guidelines, and other useful documents to help nonprofits make fully informed decisions about their fund-development programs.

As quickly as tax law evolves, it remains the nonprofit's responsibility to stay up-to-date and compliant with all relevant regulations. This book provides a definitive reference for the latest changes, new laws, and upcoming legislation to provide an accessible one-stop reference.

  • Examine the latest changes to the laws surrounding charitable giving
  • Learn how the new healthcare tax affects pooled income funds
  • Understand the Treasury Department's new regulations for reporting, appraisal, and more
  • Access reference tables, IRS guidelines, and other useful documents

Charitable gifts are the cornerstone of the nonprofit organization's support, and American taxpayers give more than any other group worldwide. The rules surrounding these gifts are complex, but compliance is critical to the health of the organization. The Tax Law of Charitable Giving provides an authoritative reference for all aspects of the law, with the most up-to-date information available anywhere.

Preface ix

About the Author xi

Book Citations xiii

PART ONE INTRODUCTION TO THE TAX LAW OF CHARITABLE GIVING 1

Chapter One Charitable Giving Law: Basic Concepts 3

*§ 1.3 Principles of Charitable Organizations Law Philosophy 3

*§ 1.4 Statistical Profile of Charitable Sector 3

Chapter Two The United States Tax System: An Overview 5

§ 2.5 Deductions 5

§ 2.6 Standard Deduction 6

§ 2.7 Concept of Taxable Income 6

§ 2.15 Taxation of Income 6

PART TWO BASICS OF CHARITABLE GIVING LAW 9

Chapter Three Fundamental Concepts 11

*§ 3.1 Meaning of Gift 11

§ 3.2 Meaning of Donor 12

§ 3.4 Public Charities and Private Foundations 12

§ 3.6 Factors Affecting Income Tax Deductibility of Charitable Gifts 13

*Chapter Four Gifts of Money and Property 15

§ 4.3 Gifts of Long-Term Capital Gain Property in General 15

PART THREE CHARITABLE GIVING IN GENERAL 17

Chapter Six Timing of Charitable Deductions 19

§ 6.13A Gifts of Easements (New) 19

§ 6.15 Gifts by S Corporations 19

Chapter Seven Percentage Limitations 21

§ 7.12A Qualified Conservation Contributions 21

*§ 7.12B Conservation Gifts by Farmers and Ranchers 22

Chapter Eight Estate and Gift Tax Considerations 25

§ 8.2 Federal Gift Tax 25

Chapter Nine Special Gift Situations 27

§ 9.3 Inventory 27

§ 9.7 Conservation Property 28

*Easements and Other Conservation Property 28

§ 9.10 Retirement Plan Accounts 35

*§ 9.19 Bargain Sales 35

*§ 9.22 Contributions by Trusts 35

*§ 9.22A Contributions by Estates 36

Chapter Ten Other Aspects of Deductible Giving 41

*§ 10.1 Valuation of Property 41

*§ 10.4 Conditional Gifts 42

*§ 10.7 Interrelationship with Business Expense Deduction 42

*§ 10.14 Penalties 44

§ 10.15 Transactions of Interest 45

PART FOUR PLANNED GIVING 47

Chapter Twelve Charitable Remainder Trusts 49

*§ 12.2 Charitable Remainder Annuity Trust Rules 49

*§ 12.4 Issues 51

*§ 12.12 Calculation of Charitable Deduction 52

Chapter Thirteen Pooled Income Funds 55

§ 13.7 Pass-Through of Depreciation 55

Chapter Sixteen Charitable Lead Trusts 57

§ 16.7 Private Foundation Rules 57

PART FIVE INTERNATIONAL CHARITABLE GIVING 59

Chapter Eighteen International Giving by Individuals during Lifetime 61

PART SIX ADMINISTRATION OF CHARITABLE GIVING PROGRAMS 63

Chapter Twenty-One Substantiation and Appraisal Requirements 65

*§ 21.3 Substantiation Requirements for Gifts of $250 or More 65

*§ 21.4 Substantiation Requirements for Noncash Gifts 68

*§ 21.5 Appraisal Requirements 68

§ 21.7 Appraisals of Clothing and Household Items 69

*§ 21.8 Burden of Proof Rules 69

Chapter Twenty-Three Special Events, Corporate Sponsorships, and Donor-Advised Funds 71

§ 23.4 Donor-Advised Funds 71

PART SEVEN APPENDICES 73

*Appendix H Monthly Federal Interest Rates Used in Valuing Partial Interests (IRC § 7520) 75

Appendix I Deemed Rates of Return for Transfers to New Pooled Income Funds 85

TABLES 87

Cumulative Table of Cases 89

Cumulative Table of IRS Revenue Rulings and Revenue Procedures 101

Cumulative Table of IRS Private Determinations Cited in Text 105

Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda 109

Table of Cases Discussed in Bruce R. Hopkins’ Nonprofit Counsel 121

Cumulative Table of IRS Revenue Rulings Discussed in Bruce R. Hopkins’ Nonprofit Counsel 127

Cumulative Table of Private Letter Rulings and Technical Advice Memoranda Discussed in Bruce R. Hopkins’ Nonprofit Counsel 129

Table of Charitable Giving Law Tax Reform Proposals 131

Cumulative Index 139