The Charitable Contributions Deduction for Estates and Trusts and Estate of Belmont v. Commissioner and Estate of DiMarco v. Commissioner (PDF)
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Under IRC Section 642(c), estates and certain trusts may take a charitable deduction for amounts permanently set aside for charitable organizations or used exclusively for charitable purposes. In two 2015 cases, the Tax Court considered whether the estates had permanently set aside the charitable contributions at issue. The opinions provide a good look at the Tax Court's approach and analysis. This EIA explores both of these cases.
Diane L. Mutolo, J.D., LL.M. is a member of the New York Bar, and her LL.M. is in Taxation. She is the update author for the LexisNexis Matthew Bender treatise, How to Save Time & Taxes Preparing Fiduciary Income Tax Returns.
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