A panel for the Sixth District Court of Appeals has reviewed the decision of the United States Tax Court in Jennings v. Commissioner, and determined that oral argument is not needed in its ruling to uphold the lower court's decision. In the original case, Jennings failed to properly document his cash charitable contributions. The deductions were denied and negligence penalties assessed.  MORE »

The Service has ruled privately that a nongrantor inter vivos charitable lead annuity trust that pays an annuity amount to a private foundation created by the trustor is qualified for gift tax deduction purposes and will not be includible in the trustor's estate.   MORE »

The Service has ruled privately that a trust which failed to properly claim a charitable contribution income tax deduction under section 642(c) for the year in which the contribution was made, and then failed to make the required election to claim the deduction on an amended return, is allowed an extension to make the election because the taxpayer acted reasonably and in good faith and that granting relief would not prejudice the interests of the government.   MORE »

For purposes of determining the present value of an annuity, an interest for life or a term of years, or a remainder or a reversionary interest, Revenue Ruling 2001-49 indicates the charitable mid-term federal rate under Code Section 7520 for the month of October is 5.6%.   MORE »

In response to the events of last week, the IRS has advanced the release of a special publication on the topic of providing disaster relief assistance through charitable organizations. The pamphlet is designed for people interested in using charitable organizations to provide help to victims of disasters.   MORE »

Those who know Vaughn Henry know he is no shrinking violet when it comes to expressing his opinion. In this edition of Gift Planner's Digest, planned giving officers and professional advisors alike are fair game as Vaughn discusses "understanding why the curmudgeon client is a latent philanthropist." This article is tough medicine for the gift planning industry. Mr. Henry and noted planned giving consultant and author Debra Ashton will be debating these issues at the 14th National Conference on Planned Giving, to be held October 2 -- 5, 2001 in Indianapolis, Indiana.  MORE »

The IRS has announced it will provide tax relief for taxpayers affected by the September 11, 2001 terrorist attack. These include extending deadlines for the filing of returns and other required documents, extending deadlines for tax payments, and postponing the performance of certain tax-related acts.   MORE »

In the wake of the terrorist attacks on the United States on September 11th, the House passed H.R. 2884 -- The Victims of Terrorism Relief Act of 2001. The bill would provide estate and income tax relief to those who perished in the attacks, and income tax relief to family members receiving benefit payments. The Senate is expected to take the measure up on September 20th.   MORE »

Most people know that women outlive men by an average of seven years, but did you know that women also make more planned gifts? In this edition of Gift Planner's Digest, Cheryl Altinkemer of Purdue University and the Women's Philanthropy Institute discusses this phenomenon and how planners can tune their communications skills to match the unique values and giving styles of women donors.  MORE »

In Ltr. Rul. 200135047, the Service has ruled that compensation for personal services rendered by individual trustees on behalf of a private nonoperating foundation, based on a percentage of assets under management, will not be a prohibited act of self- dealing if such compensation is "not excessive."   MORE »