The Tax Law of Charitable Giving: 2007 Cumulative Supplement, 3rd Edition

John Wiley and Sons Ltd, November 2007, Pages: 144

The 2007 Cumulative Supplement contains information on the following new developments:
- The Pension Protection Act including the temporary rules pertaining to the exclusion from gross income for certain distributions from individual retirement arrangements, enhancements to the rules concerning contributions of inventory, the new law pertaining to recapture of tax benefits derived from certain gifts of tangible personal property, changes in the law concerning contributions for conservation purposes, the new rules as to gifts of fractional interests, the changes in the law concerning appraisals and appraisers, and yes, the rules governing charitable contributions of taxidermy.
- Pertinent elements of the American Jobs Creation Act of 2004 and the Working Families Tax Relief Act of 2004
- The IRS has addressed the following issues: Timing of the charitable deduction in connection with gifts of stock options, gifts where the donor retains the ability to manage the gift property, final regulations concerning the charitable remainder trust characterization and ordering rules, and a controversial (and withdrawn) proposal concerning the impact of spousal elective share laws on the qualification of charitable remainder trusts. Two court opinions were issued concerning the deductibility of contributions of conservation easements.
- Katrina Emergency Tax Relief Act of 2005 is summarized in Appendix K.

Preface.

PART ONE: INTRODUCTION TO THE TAX LAW OF CHARITABLE GIVING.

Chapter One: Charitable Giving Law: Basic Concepts.

1.4 Statistical Profile of Charitable Sector.

Chapter Two: The United States Tax System: An Overview.

2.5 Deductions.

2.6 Standard Deduction.

2.7 Concept of Taxable Income.

2.15 Tax Treatment of Income.

2.16 Capital Assets, Gains, and Losses.

PART TWO: BASICS OF CHARITABLE GIVING LAW.

Chapter Three: Fundamental Concepts.

-3.1 Meaning of Gift.

-3.4 Public Charities and Private Foundations.

-3.7 Grantor Trust Rules.

Chapter Four: Gifts of Money and Property.

-4.6 Gifts of Property for Unrelated Use.

PART THREE: CHARITABLE GIVING IN GENERAL.

Chapter Six: Timing of Charitable Deductions.

6.9A Gifts of Stock Options (New).

-6.12 Gifts of Real Property.

-6.13 Gifts by C Corporations.

-6.13A Gifts by S Corporations (New).

-6.14 Gifts by Partnerships.

Chapter Seven: Percentage Limitations.

-7.3 Corporation’s Taxable Income.

-7.4 Percentage Limitations: An Overview.

-7.18 Percentage Limitation for Corporations.

Chapter Eight: Estate and Gift Tax Considerations.

-8.2 Federal Gift Tax.

-8.3 Federal Estate Tax.

-8.7 Remainder Interests.

Chapter Nine: Special Gift Situations.

-9.1 Works of Art.

-9.3 Inventory.

9.5 Computer Technology or Equipment.

-9.7 Real Property Used for Conservation Purposes.

-9.10 Retirement Plan Accounts.

-9.21 Future Interests in Tangible Personal Property.

-9.23A Taxidermy (New).

-9.23B Clothing and Household Items (New).

9.25 Motor and Other Vehicles (Revised).

9.26 Intellectual Property.

-9.27A Subsistence Whaling Expenses.

Chapter Ten: Other Aspects of Deductible Giving.

-10.1 Valuation of Property.

-10.14 Penalties.

PART FOUR: PLANNED GIVING.

Chapter Twelve: Charitable Remainder Trusts.

-12.1 Definitions.

-12.2 Charitable Remainder Annuity Trust Rules.

12.3 Charitable Remainder Unitrust Rules.

12.5 Tax Treatment of Distributions.

-12.6 Early Termination of Charitable Remainder Trusts.

-12.7 Taxation of Charitable Remainder Trusts.

12.8 Mandatory Provisions.

Chapter Fifteen: Other Gifts of Remainder Interests.

-15.3 Undivided Portions of Entire Interests in Property.

Chapter Seventeen: Gifts of and Using Life Insurance.

-17.6 Charitable Split-Dollar Insurance Plans.

-17.7 Applicable Insurance Contract Reporting Requirements (New).

PART SIX: ADMINISTRATION OF CHARITABLE GIVING PROGRAMS.

Chapter Twenty-one: Receipt, Recordkeeping, and Reporting Requirements.

-21.1 Substantiation and Other Receipt Requirements.

-21.2 Appraisal Requirements.

-21.2A Appraisers and Penalties (New).

-21.3 Reporting Requirements.

-21.3A Split-Interest Trust Filing Requirements (New).

-21.3B Donor-Advised Funds (New).

Chapter Twenty-two: Disclosure Requirements.

22.1 Disclosure by Charitable Organizations in General.

PART SEVEN: APPENDICES.

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 I-1: (New) Form 1098-C.

Appendix K: (New) Hurricane Relief Legislation, Including Temporary Charitable Incentives, Enacted.

Tables.

Cumulative Table of Cases.

Cumulative Table of IRS Revenue Rulings and Revenue Procedures.

Cumulative Table of IRS Private Determinations Cited in Text.

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

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

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

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

Cumulative Index.

Note to the Reader: Sections not in the main bound volume are indicated by "(New)" after the title. Material from the Third Edition that has been updated for this supplement is indicated by "(Revised)" after the title.

Bruce R. Hopkins is a senior partner in the law firm of Polsinelli Shalton Welte Suelthaus PC, practicing in the firm’s Kansas City, Missouri, and Washington, D.C., officies. He specializes in the field of charitable giving. His practice ranges over the entirety of tax matters involving charitable giving (including planned giving) and tax-exempt organizations, with emphasis on the formation of nonprofit organizations, acquisition of recognition of tax-exempt status for them, the private inurement and private benefit doctrines, the intermediate sanctions rules, legislative and political campaign activities issues, public charity and private foundation rules, unrelated business planning, use of exempt and for-profit subsidiaries, joint venture planning, tax shelter involvement review of annual information returns, Internet communications developments, the law of charitable giving (including planned giving), and fundraising law issues.. Mr. Hopkins served as Chair of the Committee on Exempt Organizations, Tax Section, American Bar Association; Chair, Section of Taxation, National Association of College and University Attorneys; and President, Planned Giving Study Group of Greater Washington, D.C.. Mr. Hopkins is the series editor of Wiley’s Nonprofit Law, Finance, and Management Series. In addition to The Tax Law of Charitable Giving, Third Edition, he is the author of Charitable Giving Law Made Easy; The Law of Tax-Exempt Organizations, Ninth Edition; The Planning Guide for the Law of Tax-Exempt Organizations Strategies and Commentaries; The Law of Fundraising, Third Edition; The Tax Law of Associations; The Tax Law of Unrelated Business for Nonprofit Organizations; The Nonprofits’ Guide to Internet Communications Law; The Law of Intermediate Sanctions: A Guide for Nonprofits; Starting and Managing a Nonprofit Organization: A Legal Guide, Fourth Edition; Nonprofit Law Made Easy; 650 Essential Nonprofit Law Questions Answered; The First Legal Answer Book for Fund-Raisers; The Second Legal Answer Book for Fund-Raisers; The Legal Answer Book for Nonprofit Organizations; The Second Legal Answer Book for Nonprofit Organizations; and The Nonprofit Law Dictionary; and is the co-author, with Jody Blazek, of Private Foundations: Tax Law and Compliance, Second Edition; also with Ms. Blazek, The Legal Answer Book for Private Foundations; and with Thomas K. Hyatt, The Law of Tax-Exempt Healthcare Organizations, Second Edition. He also writes Bruce R. Hopkins’ Nonprofit Counsel, a monthly newsletter published by John Wiley & Sons.. Mr. Hopkins earned his J.D. and L.L.M. degrees at the George Washington University and his B.A. at the University of Michigan. He is a member of the bars of the District of Columbia and the state of Missouri.