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CharitablePlanning.com 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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Consolidated Estate and Tax Planning Update

Monday, September 22, 2014

At times, IRS issues rulings that are important to some charitable planners who also work in the estate planning and related tax planning fields. For those individuals, we include in this current event a listing that consolidates several rulings of potential interest. More information about these consolidated rulings, including the text, summary, extended summary, and commentary (as the case may be), is available for review through the links.

5th Circuit Reverses Tax Court in Elkins

Thursday, September 18, 2014

In Estate of Elkins v. Commissioner, the 5th Circuit federal appeals court reversed a decision of the Tax Court allowing only a ten percent discount on fractional interests in artworks in a decedent's estate.

Cavallaro: Intra-Family Merger Triggers Gift Tax

Thursday, September 18, 2014

Highlights

In Cavallaro v. Commissioner, a husband and wife received shares in a merger of a corporation they owned into a corporation owned by their three sons. The Tax Court determined the shares received by the parents were undervalued, resulting in an unreported gift of $29.6 million. The merger occurred almost 20 years ago!

Case Study: Increasing Lifetime Cash Flow For a Life Partner

Thursday, September 18, 2014

By transferring highly appreciated stock to a SCRUT, with the remainder passing to a DAF upon the death of the last surviving partner, a taxpayer is able to increase the lifetime cash flow for himself and his life partner, defer capital gains tax, and make gifts to charities.

October 7520 Rate Flat at 2.2% for Fifth Month

Thursday, September 18, 2014

Rates, Tables & Statistics

In Rev. Rul. 2014-26, the Service announced the Section 7520 rate for October will remain at 2.2% for a fifth consecutive month. The rate has touched 2.4% three times in the past thirteen months. Through the first ten months of this year, the rate is averaging 72 basis points higher than the first ten months of 2013.

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