Avoiding Private Foundation 507(c) Termination Tax Means Less Pain for the Gain
Becky Farr Seidel of the Leaffer Law Group wrote a great piece recently for Bloomberg BNA’s Estates, Gifts and Trusts Journal addressing issues in terminating private foundations. Here are some salient points, and you can read the entire article here. Unlike other...
Guidance Issued for Private Foundations with Foreign Grantees
New guidance for private foundations from the IRS addresses treatment of foreign grantees. The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring...
No Medical Deduction for IVF Expenses; I.R.C. § 213 Doesn’t Apply for All Surrogacy Situations
Under I.R.C. § 213, a deduction is available for medical services provided to a taxpayer, his/her spouse, and dependents. But this doesn’t mean that all IVF procedures and other pregnancy-related costs are covered simply because the taxpayer’s dependent...
How Trump’s Tax Proposal Affects You
Trump’s new tax proposal makes some changes that could affect your estate planning. Both the estate and generation-skipping taxes get the boot. What about stepped up basis under I.R.C. § 1014? R.C. § 1014 provides that, for most property, a decedent’s...