Charitable Giving 2015 Supplement

By Bruce R. Hopkins

The definitive, accessible reference on charitable giving tax law

Charitable Giving 5th Edition is the leading guide to the law, rules, and regulations governing charitable giving, completely revised, revamped, and updated to align with the latest developments in the industry. Written by Bruce R. Hopkins, the most respected name in the field, this book provides plain-English explanations and in-depth coverage, complete with detailed documentation, citations, and references. This updated edition contains new information on many aspects of giving law, including the extensive litigation concerning gifts of conservation easements and updates on the several special rules for unique types of giving, as well as updates on federal estate tax law, and case law on substantiation and appraisal requirements. Reader will find a summary of recent developments concerning recordkeeping, donor-advised funds, and much more. The companion website provides tables, appendices, IRS guidelines, and other related documents to help readers get organized and remain compliant amidst the rapid changes.

Charitable giving law is constantly evolving, and remaining compliant can feel like trying to hit a moving target. This book is designed to keep lawyers, managers, and development directors in tax-exempt organizations up to date on the relevant regulations, with a deep understanding of how the regulations are actually applied.

• Understand the federal tax laws surrounding charitable giving
• Learn how recent legislation impacts specific taxes and documentation
• Examine the new regulations proposed by the Department of Treasury
• Gain access to tools that help ensure compliance

More than a simple codification reference, this book provides explanation and interpretation from one of the foremost minds in the field. For those needing a charitable giving guide, Charitable Giving 5th Edition is a comprehensive, authoritative examination, and widely recognized as a classic reference.

• Language: English
• Publisher: Wiley
• Release date: Aug 11, 2015
• ISBN: 9781118873915

Book preview

CONTENTS

Cover

Series Page

Title Page

Copyright

Preface

About the Author

Book Citations

Part One: Introduction to the Tax Law of Charitable Giving

Chapter One: Charitable Giving Law: Basic Concepts

§ 1.4 Statistical Profile of Charitable Sector

Chapter Two: The United States Tax System: An Overview

§ 2.6 Standard Deduction

§ 2.7 Concept of Taxable Income

Part Two: Basics of Charitable Giving Law

Chapter Three: Fundamental Concepts

§ 3.1 Meaning of Gift

§ 3.2 Meaning of Donor

§ 3.6 Factors Affecting Income Tax Deductibility of Charitable Gifts

Part Three: Charitable Giving in General

Chapter Six: Timing of Charitable Deductions

§ 6.15 Gifts by S Corporations

Chapter Seven: Percentage Limitations

§ 7.12A Qualified Conservation Contributions

§ 7.12B Conservation Gifts by Farmers and Ranchers

Chapter Eight: Estate and Gift Tax Considerations

§ 8.2 Federal Gift Tax

Chapter Nine: Special Gift Situations

§ 9.3 Inventory

§ 9.7 Conservation Property

Easements and Other Conservation Property

§ 9.10 Retirement Plan Accounts

§ 9.19 Bargain Sales

§ 9.22A Contributions by Estates

Chapter Ten: Other Aspects of Deductible Giving

§ 10.1 Valuation of Property

§ 10.14 Penalties

Part Four: Planned Giving

Chapter Twelve: Charitable Remainder Trusts

Chapter Thirteen: Pooled Income Funds

§ 13.7 Pass-Through of Depreciation

Chapter Sixteen: Charitable Lead Trusts

§ 16.7 Private Foundation Rules

Part Six: Administration of Charitable Giving Programs

Chapter Twenty - One: Substantiation and Appraisal Requirements

§ 21.3 Substantiation Requirements for Gifts of $250 or More

§ 21.4 Substantiation Requirements for Noncash Gifts

§ 21.5 Appraisal Requirements

§ 21.7 Appraisals of Clothing and Household Items

Chapter Twenty - Three: Special Events, Corporate Sponsorships, and Donor-Advised Funds

§ 23.4 Donor-Advised Funds

Part Seven: Appendices

Appendix H: Monthly Federal Interest Rates Used in Valuing Partial Interests (IRC § 7520)

Appendix I: Deemed Rates of Return for Transfers to New Pooled Income Funds

Tables

Cumulative Table of Cases

Cumulative Table of IRS Revenue Rulings and Revenue Procedures

Cumulative Table of IRS Private Determinations Cited in Text

Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda

Table of Cases Discussed in Bruce R. Hopkins' Nonprofit Counsel

Cumulative Table of IRS Revenue Rulings Discussed in Bruce R. Hopkins' Nonprofit Counsel

Cumulative Table of Private Letter Rulings and Technical Advice Memoranda Discussed in Bruce R. Hopkins' Nonprofit Counsel

Table of Charitable Giving Law Tax Reform Proposals

Cumulative Index

End User License Agreement

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The Tax Law of Charitable Giving

Fifth Edition 2015 Cumulative Supplement

Bruce R. Hopkins

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Copyright © 2015 by Bruce R. Hopkins. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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ISBN 978111876803; ISBN 9781118874004 (Supplement)

ISBN 9781118874165 (ePDF)

ISBN 9781118873915 (ePub)

Preface

This is the first Preface to accompany the fifth edition of this book. It essentially covers developments in the charitable giving period for the multi-month period ending in the spring of 2015.

The supplement reflects the various extensions of law occasioned by enactment of the Tax Increase Prevention Act of 2014. It also encompasses the extraordinary amount of litigation that is taking place in this field, particularly in the realms of gifts (or ostensible gifts) of easements, valuation of property that is the subject of charitable giving, the substantiation and appraisal requirements, and application of accuracy-related penalties in the charitable deduction context.

The potential for tax reform looms. As a consequence, a new table is added, this of proposed and House of Representatives-enacted law revisions in the charitable giving setting.

My sincere thanks go to my development editor, Matthew Davis, and Dawn Kilgore, production editor, for their assistance and support in connection with this supplement.

Bruce R. Hopkins

June 2015

About the Author

Bruce R. Hopkins is the principal lawyer in Bruce R. Hopkins Law Firm, LLC, in Kansas City, Missouri. He concentrates in the representation of charitable and other nonprofit organizations. His practice ranges over the entirety of law matters involving tax-exempt organizations, with emphasis on charitable giving (including planned giving), the formation of nonprofit organizations, acquisition of recognition of tax-exempt status for them, the private inurement and private benefit doctrines, the intermediate sanctions rules, legislative and political campaign activities issues,