Sharpe Blog

Sharpe Blog

Posted December 11th, 2017

Let’s Look at Some Key IRS Rulings, Part 3

Read Part 1 here. Read Part 2 here. So far, we’ve seen that a buyer-in-the-wings isn’t per se risky for the donor. More precisely, we’ve seen that as long as the donor hasn’t had dealings with a third party that allow the third party, on the date of gift, to compel the donee organization to… read more

Posted December 8th, 2017

It Ain’t Over ‘Til It’s Over: Tax Law Update 12/08/17

We are well into December, Christmas and New Year’s are just around the corner, and we still don’t know if a major tax overhaul is going to happen by the end of the calendar year. Last week, it seemed more likely than not that Congress would pass a new tax bill. This week … the… read more

Posted December 4th, 2017

Let’s Look at Some Key IRS Rulings, Part 2

Last time, we looked at Rev. Rul. 78-197, which sets the modern stage for all buyer-in-the-wings discussions. The ruling deals with closely held stock given to charity and focuses on the charity: Is the charity free to sell the stock, or can it be compelled to sell the stock? Subsequent private rulings and court decisions… read more

Posted December 4th, 2017

Tax Law Update 12/04/17

After the Senate Finance Committee voted on party lines last week, the Tax Reform Act moved to the full Senate for consideration. Following debate on Thursday and Friday, the Senate voted early Saturday morning on their version of the tax legislation which is similar, but not identical, to the House version, which was passed earlier… read more

Posted November 10th, 2017

Tax Reform Update 11/10/17

  The Senate GOP tax reform bill was unveiled on 11/09/17. Here is what we know today. Click here for the Associated Press’s initial announcement on 11/09. Click here for the summary of the Senate’s bill. Click here for a summary of the House bill. Here are a few articles that offer various perspectives on… read more

Posted November 8th, 2017

Tax Reform Update 11/08/17

The GOP Tax Reform Bill appears to be moving along as scheduled at this time. It is now in the process of being marked up by members of the House of Representatives. You can follow that process by clicking here. The overall goal is for the House to pass a bill this month and then… read more

Posted November 2nd, 2017

Tax Reform Update 11/02/17

The bill has been released. Here are a few helpful links with the bill and some more information, plus a video of a panel discussion about tax reform including Robert Sharpe and Sandra Swirski at The Philanthropy Roundtable Annual Meeting last week. “House Republicans Unveil Sweeping Plan to Slash Tax Rates” via The Hill “READ: The… read more

Posted October 31st, 2017

Let’s Look at Some Key IRS Rulings, Part 1

The first is a bedrock ruling from 1978, Revenue Ruling (Rev. Rul.) 78-197. This ruling deals with the situation in which an individual gives closely held stock to a charity, and the donor’s corporation subsequently redeems (buys back) the stock. In a terse ruling, the IRS said that the buy-back won’t be considered as a… read more

Posted October 26th, 2017

Tax Reform Update 10/26/17

There’s been a little movement in the tax reform bill. The House of Representatives passed the Senate’s 2018 budget, in effect moving tax reform forward. In addition, the House Ways and Means Committee has announced that tax reform debate will begin on November 6. Here are two articles from “The Hill” with more details about… read more

Posted October 16th, 2017

What Makes Up the Tax Law?

This is an important matter, because it goes to what can be relied upon in trying to answer certain gift planning questions. The bedrock tax law is the Internal Revenue Code (IRC), which has passed both congressional houses and been signed into law by the president. (The Constitution speaks even more fundamentally to certain tax… read more

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