The Tax Law of Charitable Giving. Bruce R. Hopkins. Читать онлайн. Newlib. NEWLIB.NET

Автор: Bruce R. Hopkins
Издательство: John Wiley & Sons Limited
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Жанр произведения: Личностный рост
Год издания: 0
isbn: 9781119756026
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in 50 years, discounted semiannually using a 14 percent annual interest rate). The company was obligated to maintain a sinking fund sufficient to retire the bond at full maturity; it had the option to retire the bond at a discount after July 1986. The president of the company personally arranged for contributions to the school to cover the purchase price of the bond.

      1 1 See ch. 5.

      2 2 See Part Three.

      3 3 E.g., § 7.28 (concerning transactions in virtual currency).

      4 4 See § 19.2.

      5 5 Reg. § 1.170A-1(c)(1).

      6 6 See § 23.1.

      7 7 See § 3.4.

      8 8 Reg. § 1.170A-1(c)(1).

      9 9 As one court stated, “[d]onating appreciated property to a charity allows the taxpayer to avoid paying tax that would arise if the taxpayer instead sold the property and donated the cash proceeds” (Dickinson v. Commissioner, T.C. Memo. 2020-128 (2020)). Likewise, White v. Brodrick, 104 F. Supp. 213 (D. Kan. 1952); Campbell v. Prothro, 209 F.2d 331 (5th Cir. 1954); Rev. Rul. 55-531, 1955-2 C.B. 520; Rev. Rul. 55-275, 1955-1 C.B. 295; Rev. Rul. 55-138, 1955-1 C.B. 223, modified by Rev. Rul. 68-69, 1968-1 C.B. 80.

      10 10 The most common example of this is the rule in connection with bargain sales (see § 7.18). Another instance is gifts of property subject to debt (see § 7.19).

      11 11 See § 2.2.

      12 12 See § 2.5.

      13 13 See § 23.1.

      14 14 See ch. 5.

      15 15 See ch. 19.

      16 16 Reg. § 1.170A-1(c)(1). Long-term capital gain is defined as gain from the disposition of capital assets held for more than one year (IRC § 1223(3)).As one court stated (somewhat more expansively than is actually the law): “Congress, in an effort to encourage contributions to charitable organizations, has seen fit to permit a donor to deduct the full value of any gift of appreciated property without reporting as income from an exchange the appreciation in the value of the property which is thereby transferred” (Sheppard v. United States, 361 F.2d 972, 977-78 (Ct. Cl. 1966)). A federal court of appeals stated that the “fair market value standard is as close to a generalized valuation standard as there is in the tax code” (Schwab v. Commissioner, 715 F.3d 1169, 1179 (9th Cir. 2013)). The U.S. Tax Court declared that the “concept of fair market value has always been part of the warp and woof of our income, estate, and gift tax laws, and . . . [thus] the necessity of determining