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What is is an online tool for planning professionals seeking to manage their research, save time and make educated decisions. In addition to a fully searchable library, useful calculations and personal file management, subscriptions include daily commentary from our team of experts on important events, as well as access to the definitive Handbook on the field of Charitable Planning.

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Seventeen PLRs Approve Transaction with Beneficiary of GST-Exempt Trusts

Monday, March 2, 2015

In seventeen identical letter rulings, PLRs 201509002 through 201509018, the Service determined the proposed sale by two trusts of farmland to a beneficiary would not cause either trust to lose its GST-exempt status, nor trigger any gift tax or estate tax consequences.

Twenty-Three Scholarship Exception Rulings

Monday, March 2, 2015

In each of 23 rulings, PLRs 201509042 through 201509064, the Service determined a private foundation's grants to individuals would fall within the scholarship exception to the general prohibition against taxable expenditures.

2012 Tax Filings Reflect Minor Collection of Excise Taxes

Friday, February 27, 2015

Rates, Tables & Statistics

Data posted by the Statistics of Income Division at IRS on Form 4720 filings for calendar 2012 show a continuing downward trend in the number of returns filed, and the insignificant amount of taxes collected.

Legaspi: Noncash Contribution Not Substantiated

Thursday, February 26, 2015

In Legaspi v. Commissioner, a summary opinion, the Tax Court ruled a taxpayer had not sufficiently substantiated his claimed deduction for a noncash contribution.

Freedom Path: Court Dismisses Lawsuit in Part

Thursday, February 26, 2015

A federal district court in Texas dismissed portions of a complaint filed by an applicant for 501(c)(4) status, which alleged IRS had targeted its application for heightened scrutiny.

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