Treasury Suggests No Change in Charitable Tax Policy

Treasury Suggests No Change in Charitable Tax Policy

News story posted in IRS Announcements on 12 June 1998| comments
audience: National Publication | last updated: 18 May 2011
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Summary

Donald C. Lubick, a long-time IRS employee, recently moved to the post of Treasury Assistant Secretary for Tax Policy for the Clinton Administration. On June 9th, Mr. Lubick spoke in Washington, D.C. to a program on nonprofit organizations sponsored by The Urban Institute/Center on Nonprofits and Philanthropy. Apparently speaking on behalf of the Administration, Mr. Lubick commented that he did not anticipate substantive change occurring in 1998 in the laws governing exempt organizations. He did feel that the provisions of Sec. 170(e)(5) of the Code (whereby gifts of appreciated marketable securities held long-term by the donor to private foundations can be deducted at fair market value as opposed to the lesser of fair market value and cost basis) would be extended, but probably not by the time the law sunsets on June 30, 1998.

Donald C. Lubick, a long-time IRS employee, recently moved to the post of Treasury Assistant Secretary for Tax Policy for the Clinton Administration. On June 9th, Mr. Lubick spoke in Washington, D.C. to a program on nonprofit organizations sponsored by The Urban Institute/Center on Nonprofits and Philanthropy. Apparently speaking on behalf of the Administration, Mr. Lubick commented that he did not anticipate substantive change occurring in 1998 in the laws governing exempt organizations. He did feel that the provisions of Sec. 170(e)(5) of the Code (whereby gifts of appreciated marketable securities held long-term by the donor to private foundations can be deducted at fair market value as opposed to the lesser of fair market value and cost basis) would be extended, but probably not by the time the law sunsets on June 30, 1998.

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