CGNA: General Regulations and Information

CGNA: General Regulations and Information

Article posted in Assets, General on 15 August 2017| comments
audience: National Publication, Bryan K. Clontz, CFP®, CLU, ChFC, CAP, AEP | last updated: 17 August 2017
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Summary

Gifts of Non-Cash assets (and all other assets, as well) are governed and regulated by various, specific sections of the tax code. Listed below are the pertinent ones.

This article is an excerpt from Charitable Gifts of Noncash Assets, a comprehensive guide to illiquid giving by Bryan Clontz, ed. Ryan Raffin. Published by the American College of Financial Services for the Chartered Advisor in Philanthropy Program (CAP), with generous funding from Leon L. Levy. For a free digital copy, click here, and to order a bound copy from Amazon, click here.

Below is a listing of general charitable laws and regulations. For brief definitions for key terms and concepts used throughout this book, see Key Terms and Concepts.

IRC § 170 (specific donation and income tax deduction rules)

IRC § 2055 (charitable deductions from the estate)

IRC § 2522 (allowing a charitable deduction for gifts) Treas. Reg. § 1.170A-1(c) (general valuation principles)

Treas. Reg. § 1.170A-13(b) (nonprofit noncash gift substantiation requirements)

Treas. Reg. § 1.6050L-1 (regulations on donee’s disposition of gifted assets)

IRS Notice 2012-52, 2012-35 I.R.B. 317, Charitable Contributions to Domestic Disregarded Entities (charity may use a disregarded entity which it controls to receive gifts)

IRS Form 8282, Donee Information Return (donated property substantiation form)

IRS Form 8283, Noncash Charitable Contributions (donor declaration of noncash contributions)

Rev. Proc. 90-32, 1990-1 C.B. 546 (sample charitable remainder annuity trusts)

Rev. Proc. 2005-55, 2005-34 I.R.B. 367 (sample inter vivos charitable remainder unitrust)

Rev. Proc. 2007-46, 2007-29 I.R.B. 102 (sample testamentary charitable lead annuity trust)

Rev. Proc. 2008-46, 2008-30 I.R.B. 238 (sample testamentary charitable lead unitrust)

Joint Committee on Taxation, “Present Law and Background Relating to the Federal Tax Treatment of Charitable Contributions (JCX-4-13),” February 11, 2013, https://www.jct.gov/publications.html?func=start-down&id=4506 (discussing and analyzing history, policy, data, and possible future proposals relating to the charitable deduction)

Congressional Research Service, “Tax Issues Relating to Charitable Contributions and Organizations (7-5700),” January 24, 2013, http://www.pgdc.com/pgdc/crs-reports-tax-issues-relating-charitable-contributions-and-organizations (examining current legislative issues relating to charities and the charitable deduction)

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