The National Committee on Planned Giving has released standards for determining the value of all types of planned gifts to charitable organizations. Unlike present value computations for income, gift and estate tax compliance purposes, the new valuation standards are intended to help charitable organizations and donors understand the value of irrevocable and revocable planned gifts in terms of their present purchasing power.

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The Service has announced that it intends to propose regulations modifying the regulations under section 4940 of the Internal Revenue Code of 1986, as amended, with respect to distributions received by private foundations from trusts and estates.  MORE »

The IRS and Treasury have identified a type of transaction in which S corporation shareholders attempt to transfer the incidence of taxation on S corporation income by purportedly donating S corporation nonvoting stock to an exempt organization, while retaining the economic benefits associated with that stock. This notice alerts taxpayers and their representatives that these transactions are tax avoidance transactions and identifies these transactions, and substantially similar transactions, as listed transactions and alerts parties involved with these transactions to certain responsibilities that may arise from their involvement with them.  MORE »

The IRS has issued guidance to private foundations on the treatment of distributions received from a section 4947(a)(2) split-interest trust in computing a foundation's distributable amount under section 4942. The guidance follows the Ninth Circuit's decision in Ann Jackson Family Foundation v. Commissioner in which the court affirmed the Tax Court's holding that reg. section 53.4942(a)-2(b)(2) was invalid to the extent it requires including in a private foundation's distributable amount for the year the full amount of the income portion of distributions from split-interest trusts.  MORE »

The Service has ruled privately that a private foundation's proposal to transfer approximately 15 percent of its net assets to an organization that has applied for exemption and for private foundation status will not jeopardize the private foundation classification of either entity.  MORE »

When it comes to giving practical advice on integrating creatively structured planned gifts into donors' financial and estate planning, Jim Normandin of Memorial Medical Center Foundation Long Beach is at the top of his game. In this article, he identifies assets that may be prime candidates for charitable remainder trusts and charitable gift annuities.  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 2004-44 indicates the charitable federal midterm rate under section 7520 for May 2004 is 3.8%; unchanged from the April rate of 3.8% and down 0.2% from the March rate of 4.0%.  MORE »

Welcome to the new Planned Giving Design Center! Two years in development, the PGDC is all new: the look, content organization, speed, navigation, searching and exploring have all been improved dramatically. We now invite you to take a brief tour of the new features of the new PGDC.  MORE »

The Maryland Bar Association Committee on Ethics has released an opinion concluding an attorney who chairs a church's legacy committee and prepares wills on a pro bono basis for parishioners who bequeath property to the church would violate State professional conduct rules regarding conflicts of interest.  MORE »

The Service has ruled privately that a private foundation's transfer of assets to a section 509(a)(3) supporting organization for the benefit of a community foundation will not result in private foundation status termination tax under section 507(c) and will not give rise to net investment income subject to tax under section 4940.  MORE »