The Tax Law of Charitable Giving / Edition 4

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Overview

The Tax Law of Charitable Giving, Fourth Edition is completely revised, revamped, and updated. Written in plain English, it can help lawyers, managers, and development directors in tax-exempt organizations make sure they are up to date on all current regulations pertaining to charitable gifts. Detailed documentations and citations are provided. As well, references to regulations, rulings, cases, and tax literature are included. Nonprofit lawyers, accountants, and fundraising professionals can ensure they are well prepared to make decisions about their organization’s fund-development program.
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Editorial Reviews

From the Publisher
"This supplement integrates the applicable parts of the American Jobs Creation Act and the Working Families Tax Relief Act, both of 2004, into The Tax Law of Charitable Giving. A table of contents clearly lays out the supplemental materials and where they fit into the 2005 text. Hopkins provides a preface summarizing recent cases, rulings, tax laws, and trends, including the IRS revision of Form 990 and its impact on charitable organizations." (Book News, May 2009)
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Product Details

  • ISBN-13: 9780470560600
  • Publisher: Wiley
  • Publication date: 3/8/2010
  • Edition number: 4
  • Pages: 840
  • Product dimensions: 7.10 (w) x 10.00 (h) x 1.70 (d)

Meet the Author

BRUCE R. HOPKINS is a senior partner with the firm Polsinelli PC. He is also the author of more than 35 books, including The Law of Tax-Exempt Organizations, Tenth Edition; The Law of Fundraising, Fifth Edition; Nonprofit Law for Colleges and Universities; Nonprofit Governance; and Nonprofit Law Made Easy, as well as the monthly newsletter Bruce R. Hopkins' Nonprofit Counsel, all published by Wiley.

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Table of Contents

Preface.

Book Citations.

PART ONE INTRODUCTION TO THE TAX LAW OF CHARITABLE GIVING.

Chapter One Charitable Giving Law: Basic Concepts.

1.1 Introduction to the Charitable Contribution Deduction.

1.2 Defining Tax-Exempt Organizations.

1.3 Principles of Charitable Organizations Law Philosophy.

1.4 Statistical Profile of Charitable Sector.

1.5 Categories of Tax-Exempt Organizations.

Chapter Two The United States Tax System: An Overview.

2.1 Concept of Income.

2.2 Gross Income.

2.3 Exclusions from Income.

2.4 Concept of Adjusted Gross Income.

2.5 Deductions.

2.6 Standard Deduction.

2.7 Concept of Taxable Income.

2.8 Taxable and Nontaxable Entities.

2.9 Annual Accounting Period.

2.10 Accounting Methods.

2.11 Timing.

2.12 Property.

2.13 Inventory.

2.14 Gain.

2.15 Taxation of Income.

2.16 Capital Assets, Gains, and Losses.

2.17 Carryovers and Carrybacks.

2.18 Alternative Minimum Tax.

2.19 Depreciation.

2.20 Capital Gains and Dividends Rates.

2.21 Taxation of Corporate Distributions.

2.22 Accumulated Earnings and Personal Holding Company Taxes.

2.23 Tax Credits.

2.24 Foreign Tax Credits.

PART TWO BASICS OF CHARITABLE GIVING.

Chapter Three Fundamental Concepts.

3.1 Meaning of Gift.

3.2 Meaning of Donor.

3.3 Meaning of Charitable Organization.

3.4 Public Charities and Private Foundations.

3.5 Unrelated Business Rules.

3.6 Factors Affecting Income Tax Deductibility of Charitable Gifts.

3.7 Grantor Trust Rules.

Chapter Four Gifts of Money and Property.

4.1 Gifts of Money.

4.2 Gifts of Property in General.

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

4.4 Gifts of Ordinary Income Property.

4.5 Certain Gifts of Capital Gain Property.

4.6 Gifts of Property for Unrelated Use.

4.7 Variations in Applying Property Rules.

4.8 Step Transaction Doctrine.

4.9 Charitable Pledges.

Chapter Five Fundamentals of Planned Giving.

5.1 Introduction.

5.2 Appreciated Property Gifts.

5.3 Planned Gifts: Core Concepts.

5.4 Charitable Remainder Trusts.

5.5 Pooled Income Funds.

5.6 Charitable Gift Annuities.

5.7 Charitable Lead Trusts.

5.8 Planned Giving: Other Forms.

5.9 Planned Giving and Securities Laws.

PART THREE CHARITABLE GIVING IN GENERAL.

Chapter Six Timing of Charitable Deductions.

6.1 Gifts of Money in General.

6.2 Gifts of Money by Check.

6.3 Gifts of Money by Credit Card.

6.4 Gifts of Money by Telephone.

6.5 Gifts of Securities.

6.6 Gifts of Copyright Interest.

6.7 Gifts by Means of Notes.

6.8 Gifts by Letters of Credit.

6.9 Gifts of Property Subject to Option.

6.10 Gifts of Stock Options.

6.11 Gifts of Credit Card Rebates.

6.12 Gifts of Tangible Personal Property.

6.13 Gifts of Real Property.

6.14 Gifts by C Corporations.

6.15 Gifts by S Corporations.

6.16 Gifts by Partnerships.

6.17 Gifts by Means of Internet.

Chapter Seven Percentage Limitations.

7.1 Introduction.

7.2 Individual’s Contribution Base.

7.3 Corporation’s Taxable Income.

7.4 Percentage Limitations: An Overview.

7.5 Fifty Percent Limitation.

7.6 Thirty Percent Limitation for Gifts of Certain Property.

7.7 Electable 50 Percent Limitation.

7.8 General 30 Percent Limitation.

7.9 Interplay of 50 Percent/Special 30 Percent Limitations.

7.10 Interplay of 50 Percent/General 30 Percent Limitations.

7.11 Interplay of Special 30 Percent/General 30 Percent Limitations.

7.12 Twenty Percent Limitation.

7.13 Gifts for the Use of Charity.

7.14 Blending Percentage Limitations.

7.15 Individuals’ Net Operating Loss Carryovers and Carrybacks.

7.16 Rules for Spouses.

7.17 Information Requirements.

7.18 Percentage Limitation for Corporations.

7.19 Corporations’ Net Operating Loss Carryovers and Carrybacks.

Chapter Eight Estate and Gift Tax Considerations.

8.1 Introduction.

8.2 Federal Gift Tax.

8.3 Federal Estate Tax.

8.4 Unification of Taxes.

8.5 Generation-Skipping Transfer Tax.

8.6 Estate Planning Principles.

8.7 Remainder Interests.

8.8 Ascertainability.

Chapter Nine Special Gift Situations.

9.1 Works of Art.

9.2 Gems.

9.3 Inventory.

9.4 Scientific Research Property.

9.5 Computer Technology or Equipment.

9.6 License to Use Patent.

9.7 Conservation Property.

9.8 S Corporation Stock.

9.9 Section 306 Stock.

9.10 Retirement Plan Accounts.

9.11 Commodity Futures Contracts.

9.12 Donors’ Creations.

9.13 Charity Auctions.

9.14 Services.

9.15 Unreimbursed Expenses.

9.16 Limitation on Deduction for Expenses Due to Pleasure.

9.17 Automobile Expenses.

9.18 Use of Property.

9.19 Bargain Sales.

9.20 Property Subject to Debt.

9.21 Future Interests in Tangible Personal Property.

9.22 Contributions by Trusts.

9.23 Partial Interests.

9.24 Taxidermy.

9.25 Clothing and Household Items.

9.26 Charitable Family Limited Partnerships.

9.27 Motor and Other Vehicles.

9.28 Intellectual Property.

9.29 Foreign Tax Credit.

9.30 Subsistence Whaling Expenses.

9.31 Public Policy Considerations.

Chapter Ten Other Aspects of Deductible Giving.

10.1 Valuation of Property.

10.2 Contributions by Means of an Agent.

10.3 Gifts for the Use of Charity.

10.4 Conditional Gifts.

10.5 Earmarking of Gifts for Individuals.

10.6 Alternative Minimum Tax Considerations.

10.7 Interrelationship with Business Expense Deduction.

10.8 Denial of Deduction for Lobbying Activities.

10.9 Deductible Gifts to Noncharitable Organizations.

10.10 Reallocation of Deductions.

10.11 Charitable Giving and Funding of Terrorism.

10.12 Statute of Limitations.

10.13 Concept of Trust Income.

10.14 Penalties.

10.15 Transactions of Interest.

PART FOUR PLANNED GIVING.

Chapter Eleven Valuation of Partial Interests.

11.1 Overview of Statutory Law.

11.2 Standard Actuarial Factors.

11.3 General Actuarial Valuations.

11.4 Nonstandard Actuarial Factors.

Chapter Twelve Charitable Remainder Trusts.

12.1 Definitions.

12.2 Charitable Remainder Annuity Trust Rules.

12.3 Charitable Remainder Unitrust Rules.

12.4 Issues.

12.5 Tax Treatment of Distributions.

12.6 Division of Charitable Remainder Trusts.

12.7 Early Terminations of Charitable Remainder Trusts.

12.8 Taxation of Charitable Remainder Trusts.

12.9 Mandatory Provisions.

12.10 Private Foundation Rules.

12.11 Wealth Replacement Trusts.

12.12 Calculation of Charitable Deduction.

Chapter Thirteen Pooled Income Funds.

13.1 Definitions.

13.2 Qualifying Pooled Income Funds.

13.3 Allocation of Income.

13.4 Recognition of Gain or Loss on Transfers.

13.5 Mandatory Provisions.

13.6 Private Foundation Rules.

13.7 Pass-Through of Depreciation.

13.8 Tax Status of Fund and Beneficiaries.

13.9 Multiorganization Pooled Income Funds.

13.10 Comparison with Charitable Remainder Trusts.

13.11 Charitable Contribution Deduction.

Chapter Fourteen Charitable Gift Annuities.

14.1 Contract as Vehicle Form.

14.2 Tax Treatment to Donor.

14.3 Deferred Payment Gift Annuities.

14.4 Estate and Gift Tax Consequences.

14.5 Unrelated Business Income Implications.

14.6 Unrelated Debt-Financed Income Implications.

14.7 Contrast with Other Planned Gift Methods.

14.8 Gift Annuities and Antitrust Laws.

14.9 Gift Annuities and Securities Laws.

14.10 Charitable Contribution Deduction.

Chapter Fifteen Other Gifts of Remainder Interests.

15.1 Overview.

15.2 Contributions of Remainder Interests in Personal Residence or Farm.

15.3 Undivided Portions of Entire Interests in Property.

Chapter Sixteen Charitable Lead Trusts.

16.1 General Rules.

16.2 Income Interest.

16.3 Income Tax Charitable Deduction.

16.4 Tax Treatment of Charitable Lead Trusts.

16.5 Testamentary Use of Charitable Lead Trusts.

16.6 Percentage Limitation Rules.

16.7 Private Foundation Rules.

16.8 Anti-Abuse Rule Concerning Income Interests.

16.9 Charitable Income Trusts.

16.10 Comparison with Charitable Remainder Trusts.

16.11 Valuing Charitable Deduction.

Chapter Seventeen Gifts of and Using Life Insurance.

17.1 Introduction.

17.2 Life Insurance Concepts.

17.3 Charitable Giving and Insurance.

17.4 Insurable Interest.

17.5 Unrelated Debt-Financed Income Considerations.

17.6 Charitable Split-Dollar Insurance Plans.

17.7 Applicable Insurance Contract Reporting Requirements.

PART FIVE INTERNATIONAL CHARITABLE GIVING.

Chapter Eighteen International Giving by Individuals during Lifetime.

18.1 Introduction.

18.2 Background.

18.3 Earmarking and Conduit Restrictions.

18.4 Control over Foreign Donees.

18.5 Summary.

18.6 Income Tax Treaties.

Chapter Nineteen International Giving by Individuals through Estates.

19.1 Introduction.

19.2 Estate Tax Rules.

19.3 Gift Tax Rules.

19.4 Charitable Giving by Noncitizen Nonresidents.

Chapter Twenty International Giving by Corporations.

20.1 Corporate Gifts to U.S. Charity for Overseas Use.

20.2 Gifts of Money from Foreign Affiliate of U.S. Parent to Overseas Charity.

20.3 Gift of Goods or Services to Benefit Foreign Charity.

20.4 Grants of Funds from U.S. Corporation-Related Foundation to Foreign Charity.

PART SIX ADMINISTRATION OF CHARITABLE GIVING PROGRAMS.

Chapter Twenty-one Substantiation and Appraisal Requirements.

21.1 Introduction.

21.2 Substantiation Requirements for Gifts of Money.

21.3 Substantiation Requirements for Gifts of $250 or More.

21.4 Substantiation Requirements for Noncash Gifts.

21.5 Appraisal Requirements.

21.6 Appraisals and Penalties.

21.7 Appraisals of Clothing and Household Items.

21.8 Burden of Proof Rules.

Chapter Twenty-two Disclosure Requirements.

22.1 Disclosure by Charitable Organizations in General.

22.2 Quid Pro Quo Contribution Rules.

22.3 Disclosure by Noncharitable Organizations.

Chapter Twenty-three Special Events, Corporate Sponsorships, and Donor-Advised Funds.

23.1 IRS Audit Guidelines.

23.2 Special Events.

23.3 Corporate Sponsorship Rules.

23.4 Donor-Advised Funds.

Chapter Twenty-four Reporting Requirements.

24.1 Gift Reporting by Individuals.

24.2 Gift Reporting by C Corporations.

24.3 Gift Reporting by S Corporations.

24.4 Gift Reporting by Partnerships.

24.5 Gift Reporting by Donees in General.

24.6 Gift Reporting in Unrelated Business Context.

24.7 Reporting of Noncash Gifts in General.

24.8 Reporting of Gifts of Vehicles.

24.9 Reporting of Gifts of Intellectual Property.

24.10 Reporting on Dispositions of Contributed Property.

24.11 Applicable Insurance Contract Reporting Requirements.

24.12 Personal Benefit Contract Reporting Requirements.

24.13 Split-Interest Trust Filing Requirements.

Chapter Twenty-five State Fundraising Regulation.

25.1 State Regulation in General.

25.2 Historical Perspective.

25.3 States’ Police Power.

25.4 Basic Definitions.

25.5 Registration Requirements.

25.6 Reporting Requirements.

25.7 Exemptions from Regulation.

25.8 Fundraising Cost Limitations.

25.9 Prohibited Acts.

25.10 Contractual Requirements.

25.11 Disclosure Requirements.

PART SEVEN APPENDICES.

Appendix A Sources of the Law.

Appendix B Internal Revenue Code Sections.

Appendix C Form 8283—Noncash Charitable Contributions.

Appendix D Form 8282—Donee Information Return.

Appendix E Inflation-Adjusted Insubstantiality Threshold— $50 Test.

Appendix F Inflation-Adjusted Insubstantiality Threshold— $25 Test.

Appendix G Inflation-Adjusted Low-Cost Article Definition.

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

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

Appendix J Form 1098—C.

Appendix K Selected Bibliography.

Tables.

Table of Cases.

Table of IRS Revenue Rulings and Revenue Procedures.

Table of IRS Private Determinations Cited in Text.

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

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

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

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

Index.

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