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Funding the Family Foundation: Considerations for Donors of Privately Held Securities

By Sonja K. Johnson , Esq., Morrison & Foerster LLP Private family foundations have long been a popular vehicle for high net worth individuals to take advantage of valuable tax planning opportunities while maintaining ongoing involvement with the foundation's charitable giving activities. This...

Charitable Giving is on the Rise, Even During Slow Economic Times

A recent report from the Giving USA Foundation and the Center on Philanthropy at Indiana University shows that charitable giving nationwide rose 3.8% in 2010. This increase comes after two years of steep declines. The study estimates that donations from all sources, including individuals and businesses...

Substantiating Charitable Deductions

Taxpayers who claim income tax deductions for charitable contributions must request and obtain the written acknowledgement from the charity that the contribution was made. It is due by April 17, 2012, the time the income tax return is filed. Failure to have the required substantiation from the charity...

Morrison & Foerster LLP: Charities, S Corporations and UBIT: Why a Charitable Gift of S Corporation Stock May Not Be the Best Option

By Danielle T. Zaragoza , Esq., Morrison & Foerster LLP 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...

McNees Wallace & Nurick LLC: Tax-Advantage Charitable Giving

By David M. Watts, Jr. If you are charitably inclined, there are tax-advantaged ways to make a gift to a favorite charity while enjoying the income from that gift for your lifetime. Many educational and charitable organizations offer plans that combine the benefits of an immediate income tax deduction...

Ballard Spahr LLP: Back to the Future for Real Estate Tax Exemptions and PILOTs/SILOTs? Charities Must Meet HUP Test and Act 55, Pennsylvania High Court Rules

By Philip B. Korb and Wendi L. Kotzen For charitable organizations in Pennsylvania, obtaining and preserving real estate tax exemptions just got a little more difficult. The Pennsylvania Supreme Court has ruled that the statute intended to clarify the requirements for real estate tax exemption cannot...

McNees Wallace & Nurick LLC: Pennsylvania Supreme Court Affirms Constitutional Test Must be Met by Those Seeking Charitable Exemptions

By Randy L. Varner In a 4-3 decision, the Pennsylvania Supreme Court, in Mesivtah Eitz Chaim of Bobov, Inc. v. Pike County Board of Assessment Appeals, No. 16 MAP 2011 (April 25, 2012) (" Mesivtah") [ enhanced version available to lexis.com subscribers ], held that a property owner seeking...