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The Tax Law of Charitable Giving: 2019 Cumulative Supplement, 5th Edition



The Tax Law of Charitable Giving: 2019 Cumulative Supplement, 5th Edition

Bruce R. Hopkins

ISBN: 978-1-119-53933-9 April 2019 224 Pages

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The classic reference for charitable gift regulations, updated for 2019

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. 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 7

Part Two Basics of Charitable Giving Law 9

Chapter Three Fundamental Concepts 11

3.1 Meaning of Gift 11

3.2 Meaning of Donor 15

3.4 Public Charities and Private Foundations 16

3.6 Factors Affecting Income Tax Deductibility of Charitable Gifts 20

3.7 Charitable Organizations Listing Reliance Rules 20

Chapter Four Gifts of Money and Property 25

4.3 Gifts of Long-Term Capital Gain Property in General 25

4.4 Gifts of Ordinary Income Property 25

4.8 Step Transaction Doctrine 25

Part Three Charitable Giving In General 27

Chapter Six Timing of Charitable Deductions 29

6.13A Gifts of Easements (New) 29

6.15 Gifts by S Corporations 30

6.16 Gifts by Partnerships 30

Chapter Seven Percentage Limitations 31

7.2 Individual’s Contribution Base 31

7.4 Percentage Limitations: An Overview 31

7.4A Sixty Percent Limitation 32

7.5 Fifty Percent Limitation 33

7.12A Qualified Conservation Contributions 33

7.12B Conservation Gifts by Farmers and Ranchers 35

Chapter Eight Estate and Gift Tax Considerations 39

8.2 Federal Gift Tax 39

Chapter Nine Special Gift Situations 41

9.3 Inventory 41

9.7 Conservation Property 42

9.10 Retirement Plan Accounts 51

9.19 Bargain Sales 52

9.22 Contributions by Trusts 52

9.22A Contributions by Estates 54

9.25A College Seating Rights 58

Chapter Ten Other Aspects of Deductible Giving 59

10.1 Valuation of Property 59

10.4 Conditional Gifts 61

10.7 Interrelationship with Business Expense Deduction 61

10.14 Penalties 62

10.15 Transactions of Interest 64

Part Four Planned Giving 69

Chapter Eleven Valuation of Partial Interests 71

11.3 General Actuarial Valuations 71

Chapter Twelve Charitable Remainder Trusts 73

12.1 Definitions 73

12.2 Charitable Remainder Annuity Trust Rules 73

12.3 Charitable Remainder Unitrust Rules 76

12.4 Issues 76

12.10 Private Foundation Rules 77

12.12 Calculation of Charitable Deduction 77

12.13 Regular Termination of Charitable Remainder Trusts 80

Chapter Thirteen Pooled Income Funds 83

13.7 Pass-Through of Depreciation 83

Chapter Sixteen Charitable Lead Trusts 85

16.7 Private Foundation Rules 85

Part Five International Charitable Giving 87

Chapter Eighteen International Giving by Individuals during Lifetime 89

Part Six Administration of Charitable Giving Programs 91

Chapter Twenty-One Substantiation and Appraisal Requirements 93

21.1 Introduction 93

21.2 Record-Keeping Requirements for Gifts of Money 94

21.2A Substantiation Requirement for Conservation Contributions 95

21.3 Substantiation Requirements for Gifts of $250 or More 95

21.4 Substantiation Requirements for Noncash Gifts 101

21.5 Appraisal Requirements 104

21.7 Rules as to Clothing and Household Items 107

21.7A Substantiation Requirements for Gifts to Donor-Advised Funds 107

21.8 Burden of Proof Rules 108

Chapter Twenty-Three Special Events, Corporate Sponsorships, and Donor-Advised Funds 109

23.4 Donor-Advised Funds 109

Part Seven Appendices 119

Appendix H Monthly Federal Interest Rates Used in Valuing Partial Interests (IRC § 7520) 121

Appendix I Deemed Rates of Return for Transfers to New Pooled Income Funds 129

Part Eight Tables 131

Cumulative Table of Cases 133

Cumulative Table of IRS Revenue Rulings and Revenue Procedures 147

Cumulative Table of IRS Private Determinations Cited in Text 151

Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda 155

Cumulative Table of Cases Discussed in Bruce R. Hopkins’ Nonprofit Counsel 165

Cumulative Table of IRS Revenue Rulings Discussed in Bruce R. Hopkins’ Nonprofit Counsel 171

Cumulative Table of Private Letter Rulings and Technical Advice Memoranda Discussed in Bruce R. Hopkins’ Nonprofit Counsel 173

About the Online Resources 175

Cumulative Index 177