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Charitable contributions

Easement clause failed to protect charity in perpetuity, so no charitable deduction

Easement clause failed to protect charity in perpetuity, so no charitable deduction

Carroll, (2016) 146 TC No. 13 The Tax Court has held that a clause in an easement, which provided for the amount the donee would receive if conditions caused an extinguishment of the perpetual conservation restriction, did not meet the requirements of a reg under the charitable deduction Code section that requires that a conservation […]

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Tax Court – Deed of easement didn’t meet written acknowledgment rules, so no charitable deduction

Tax Court – Deed of easement didn’t meet written acknowledgment rules, so no charitable deduction

French, TC Memo 2016-53 The Tax Court has held that a deed of easement didn’t meet the charitable deduction contemporary written acknowledgement requirements of Code Sec. 170(f)(8)(B) and therefore the taxpayer didn’t qualify for a charitable deduction.  Click here for the Opinion of the Court. Background. Code Sec. 170(f)(8)(A) provides that no deduction is allowed […]

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Tax Tip – Good Records Key to Claiming Gifts to Charity

Tax Tip – Good Records Key to Claiming Gifts to Charity

Tax Time Guide: Good Records Key to Claiming Gifts to Charity IRS YouTube Videos: Charitable Contributions: English | Spanish | ASL  Exempt Organizations Select Check: English | Spanish | ASL WASHINGTON ― The Internal Revenue Service today reminded taxpayers planning to claim charitable donations to make sure they have the records they need before filing their 2015 tax returns. This is the fifth in a […]

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District Court – taxpayer that reimbursed contributor to charity could take charitable deduction

District Court – taxpayer that reimbursed contributor to charity could take charitable deduction

Green, (DC OK 2/10/2016) 117 AFTR 2d ¶ 2016-418 A district court has held that, where a partnership intended to make a charitable contribution, but, instead the contribution was made by a related corporation, and then the partnership reimbursed the corporation, the partnership was entitled to the charitable deduction. Background. Under Code Sec. 170(a), a taxpayer […]

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Court of Appeals – Courts need not accept either party’s position when valuing property

Court of Appeals – Courts need not accept either party’s position when valuing property

Palmer Ranch Holdings Ltd., (CA 11 2/5/2016) 117 AFTR 2d ¶ 2016-395 The Court of Appeals for the Eleventh Circuit has affirmed a Tax Court determination as to the highest and best use of property that was subject to an easement, but disagreed with the value that the lower court assigned to that highest and […]

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Tax Court – Examiner’s alternative position is “initial determination” for penalty assessment purposes

Tax Court – Examiner’s alternative position is “initial determination” for penalty assessment purposes

Legg, (2015) 145 TC No. 13 The Tax Court, siding with IRS, has upheld IRS’s imposition of 40% gross valuation misstatement penalties under Code Sec. 6662(h). The Court rejected the taxpayers’ argument that IRS didn’t make an “initial determination” regarding the penalties within the meaning of Code Sec. 6751(b), finding that the examination report issued […]

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IRS tries to placate fears about alternate donee reporting of $250-or-more charitable gifts

IRS tries to placate fears about alternate donee reporting of $250-or-more charitable gifts

Emailed IRS Statement. Using the unusual venue of an e-mail, IRS has sought to assure charitable organizations that proposed regs issued in September wouldn’t make mandatory changes to the way donees currently acknowledge charitable gifts of $250 or more. The proposed regs would merely implement an optional donee reporting procedure, authorized by Code Sec. 170(f)(8)(D), […]

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IRS offers tips for 2015 year-end charitable contributions

IRS offers tips for 2015 year-end charitable contributions

IR 2015-134 In a news release, IRS has reminded individuals and businesses making year-end charitable contributions, of several important tax law provisions and general substantiation requirements that they should keep in mind. Rules for clothing and household items. To be deductible, clothing and household items donated to charity must be in good used condition or better. […]

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Trust can claim charitable deduction for full value of donated appreciated real property

Trust can claim charitable deduction for full value of donated appreciated real property

Green v. U.S. (DC OK, 11/4/2015) 116 AFTR 2d ¶ 2015-5394 A district court has concluded that a trust that donated appreciated real property to charities could claim a charitable contribution deduction under Code Sec. 642(c)(1) based on the fair market value (FMV) of those properties. The trust’s deduction wasn’t limited to its adjusted basis […]

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IRS looks at deductibility of business donations to charitable and other similar organizations

IRS looks at deductibility of business donations to charitable and other similar organizations

Chief Counsel Advice 201543013 Some civic-minded businesses advertise that they will give a certain percentage of their sales proceeds to organizations devoted to a particular cause, such as environmental conservation or eradicating hunger. A new Chief Counsel Advice (CCA) examines the deductibility of such donations made by a business to a variety of such organizations. […]

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Eighth Circuit affirms: CEO can’t deduct charitable contributions paid by his company

Eighth Circuit affirms: CEO can’t deduct charitable contributions paid by his company

Zavadil v IRS, (CA-8 7/16/2015) 116 AFTR 2d ¶2015-5056 Affirming the Tax Court, the Eighth Circuit has ruled that the chief executive officer (CEO) of a company couldn’t claim charitable contributions made by his company. The contributions were made using a ledger account and a circular flow of funds and the CEO couldn’t prove what […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney