LexisNexis® Legal Newsroom
A Funny Thing about Charities ... Some of Them Play Football

Are College Football Bowls Entitled to IRC 501(c)(3) Tax Exempt Status? There's only a few weeks left in college football's regular season, and after that, the various bowls will invite teams to participate in post-season play. Several of the bowls are famous and esteemed, their mere mention...

Pennsylvania Appellate Court Reverses Decision that Found City Board Immune from Taxation and that Deemed Property Held in Trust Exempt from Taxation (Apr. 4, 2011)

In City of Phila. v. Cumberland County Bd. of Assessment Appeals , 2011 Pa. Commw. LEXIS 155 (Pa. Commw. Ct. Apr. 4, 2011) [ enhanced version available to lexis.com subscribers / unenhanced version available from lexisONE Free Case Law ], appellee city sought judicial review after appellant county denied...

Morrison & Foerster LLP: Allocation of GST Exemption to 2010 Gifts (Or Not!)

By Wendy M. Greenberg, Esq. of Morrison & Foerster LLP Thanks to the eleventh hour passing of the 2010 Tax Relief Act (the "Act") and the temporary opportunities provided by the Act, our firm's Trusts and Estates group, like many others, completed a flurry of wealth transfer during...

Tax Act's Portability Feature Lets Surviving Spouse Use Predeceased Spouse's Estate Tax Exemption

The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act (the "2010 Act") enacted a "portability" feature; it lets a surviving spouse take advantage of any unused estate tax exemption of a predeceased spouse. (2010 Act §303.) That opportunity means that...

Charitable Contributions: Did Your Favorite Non-Profit Just Lose its Tax Exempt Status?

Non-profits are formed all the time to advance a purpose to better the world or support a cause. While the philanthropic goals are wonderful. the record-keeping behind them is often spotty or non-existent. The result of bad record keeping? The IRS has just revoked the tax exempt status of 275,000 charities...

Spousal Portability and the Estate Tax After 2010

The Tax Relief Act of 2010 included a spousal portability provision for the $5 million estate tax exemption. If a married person dies after December 31, 2010 and does not use all of his or her exemption, the unused portion can be transferred to the surviving spouse. For example, if husband dies...

Estate Tax Exclusion Amount for 2012 to Increase to $5,120,000

The IRS announced today that the amount exemption from estate taxes will increase next year. For an estate of any decedent dying during calendar year 2012, the basic exclusion from estate tax amount will be $5,120,000 , up from $5,000,000 in 2011. For Special Use Valuation for qualified real...

Barnes & Thornburg: Indiana Tax Court: No “Per Se” Tax Exemption for Assisted Living Providers

By Mike Grubbs In a case before the Indiana Tax Court published on February 16, 2012, an Indiana county hospital Foundation argued that it was entitled to a per se exemption from property tax solely because the assisted living facility that it leased to a for-profit entity provides for the needs of...