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For a trust to qualify for the charitable deduction, a charitable contribution must be made from gross income. [ See IRC § 642(c) .] IRC Section 642 requires tracing since the source of the charitable contribution must be gross income rather than...

The Illinois Court of Appeals, First Division, held that a taxpayer was not subject to a double interest penalty provided under an amnesty program for additional income taxes that could not be determined at the time of the amnesty period. Metro. Life...

The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently...

" Nonpayers " - IRS figures show that in 2009, a record 58.6 million tax filers (42 percent of all tax filers) had no income tax liability after taking their credits and deductions. When Congress's Joint Committee on Taxation added to this...

There's a lot of serious news out there - tragedy, health care, a nuclear Iran. It seems the news of the day roars at us. But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It's the federal tax system,...

It has been the stated policy of the United Kingdom's Conservative-led coalition government "to create the most competitive corporate tax regime in the G20." Chancellor of the Exchequer George Osborne reiterated this policy -- expanded to...

Budget & Taxes STATES KEEPING EYE ON BILLIONAIRES: When the wealthiest Americans sell large quantities of stock or suffer big losses, it can have a significant impact on the finances of the states where they reside, especially if those states are...

The Economic View in Sunday's New York Times by Harvard economics professor N. Gregory Mankiw ( Capital Gains, Ordinary Income and Shades of Gray ) defending special tax rates for carried interest brought to mind the old joke about a tourist asking...

Not all charitable gifts are created equal, and a charity is not required to accept any and all donations of property, especially property that may be difficult to own or liquidate in furtherance of the charity's purpose. For instance, before a charity...

In United States v. DeMuro, ___ F.3d ___, 2012 U.S. App. LEXIS 8094 (3d Cir. 2012) , enhanced opinion available to lexis.com subscribers, (Non-subscribers can download the unenhanced official opinion here ), the Demuros, husband and wife, were convicted...

The Republicans in the South Carolina House are preparing a significant reform plan that will vastly improve the state's tax system. Although details are sketchy, the plan will broaden the sales tax base by eliminating two thirds of the exemptions...

Budget & taxes CONGRESSIONAL REPUBLICANS CALL OUT STRUGGLING US STATES: As economic turmoil returned this month to Greece and Spain, key Republicans in Congress issued a tough message for struggling U.S. states. "Recent experience on Wall Street...

SUPPORT GROWS FOR ABOLISHING INCOME TAXES: On September 24th, 1980 then-Alaska Gov. Jay Hammond (R) signed a bill into law abolishing the state's personal income tax. In the 31 years since, not a single governor has duplicated that action. But that...

c Budget & Taxes FL JUDGE SIDES AGAINST STATE IN PENSION CASE: A Florida circuit court ruled last week that Gov. Rick Scott (R) and Republican legislative leaders' decision last year to cut public employee salaries to offset the state's...

Budget & Taxes TAX TALK ABOUNDS IN STATES: Last month, Louisiana Gov. Bobby Jindal (R) proposed doing something no state has done for over three decades: eliminating income taxes. (The last to do so was Alaska, which abolished its personal income...