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
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
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
This is a gift planning question because it goes to how different individuals make charitable gifts differently. Most modest gifts and some large gifts are made in cash, which tend to be current, outright gifts. Givers of modest amounts aren’t looking to do anything fancy either in terms of what they give or in terms …Read More
As promised (and mentioned in this blog), the framework for the tax reform proposal by the White House, House Ways and Means Committee, and Senate Committee on Finance, was presented on Wednesday, September 27. Since that announcement, many various media outlets and financial experts have weighed in. In particular, we find this preliminary analysis by …Read More