In Bahman Ahmadian et ux. v. Commissioner, the Tax Court has ruled that a couple is not entitled to an income tax charitable deduction ($24,500) for gifts made to a radio station based on the fact it was not a qualified charitable organization. In order to claim a deduction for a charitable [...]
In Ltr. Rul. 201029032 the IRS has revoked the tax-exempt status of an organization that loaned a substantial portion of its assets back to the donor who contributed them. The donor effectively used the organization as a private source of loan credit into which he could transfer excess personal funds, claim tax [...]
The IRS has replied to an inquiry regarding the tax deductibility of charitable contributions made via credit card. Such contributions are deductible in the year made regardless of when the donor subsequently repays the creditor.
INFO 2010-0153
Full Text:
UIL: 170.00-00
Release Date: 6/25/2010
Date: March 24, 2010Refer Reply To: GENIN-149451-09
Dear * * *:
I am responding to your letter, dated [...]
The Internal Revenue Service on March 9, 2010 issued guidance designating the earthquake that occurred in Chile in February 2010 as a qualified disaster for federal tax purposes. The guidance allows individuals who receive qualified disaster relief payments from any person to exclude those payments from income on their tax returns. Also, the guidance allows [...]
The IRS has ruled privately in Ltr. Rul. 201007063 that a university’s issuance of units from charitable remainder trusts for which it serves as trustee, the making or receipt of payments with respect to the units, and the holding or redemption of the units, will not generate unrelated business taxable income to the university. Read [...]
The House of Representatives today unanimously passed H.R. 4462, legislation that would allow individuals who make charitable contributions to victims of the earthquake in Haiti to claim an itemized charitable deduction on their 2009 tax return instead of having to wait until next year to claim these deductions on their 2010 tax return. The legislation [...]