U.S. Court of Claims

Jul
02
2009

 

Charitable Trust Liable for Unrelated Business Income Tax on Margined Securities

The Court of Federal Claims has held that a charitable trust established to donate money to Cornell University is not entitled to a refund of unrelated business income tax it paid on the sale of securities. At issue was whether securities purchased on margin for a trust established on behalf of a university are debt-financed property, and whether the income derived from the sale of the securities is subject to UBIT.  MORE »
Apr
26
2006

 

Foundation Wasn't Operated for Charitable Purposes

The U.S. Court of Federal Claims has agreed with the IRS that a California organization that administered donor advised funds that reimbursed donor charitable expenses and compensated them for volunteer services failed to qualify as a charity.  MORE »
Mar
07
2003

 

Court Refuses to Reconsider Valuation of Closely Held Company Stock

In Jeffrey Okerlund, et al. v. United States, the Court of Federal Claims has refused to reconsider the court's earlier opinion valuing stock in a closely held business for gift and income tax purposes.   MORE »