Charitable Giving Answer Book (2007)

Almost as long as the U.S. Constitution has permitted the taxation of income, Congress has provided some form of relief for taxpayers who make charitable contributions. An often-stated reason for such tax relief is to encourage the provision of social services by private charities. While the concept of providing a tax deduction for charitable contributions is simple, the rules are complex; applying these rules on a day-to-day basis thus presents a number of challenges. The Charitable Giving Answer Book meets these challenges by tackling a host of both common and hot and emerging issues. It provides quick answers to tough planning and compliance questions that frequently challenge practitioners whether they are estate planners, consultants to philanthropists, or those who manage and consult charitable organizations. The practitioner-preferred format in the "Answer Book" saves time for the busy professional. To help facilitate fast and effective research on complicated questions that need extra attention, citations are included to federal statutes, regulations, rulings, and cases that control whether a particular charitable contribution is deductible, nondeductible, or only partially deductible. The 2007 edition of the Charitable Giving Answer Book is a key resource for estate planners and others who advise philanthropists, for those who advise organizations that receive charitable contributions, and for managers of charitable organizations. It tackles a number of common issues, as follows: -- Updated information regarding legislation contained in KETRA (Katrina Emergency Tax Relief Act -- How the IRS is treating political activity within charitable organizations -- A discussion regarding participation in prohibited tax shelter transactions -- Temporarily suspended charitable deduction limitations (§ 14005) -- Updated guidance regarding vehicle donation rules -- Updated model trust forms for Charitable Remainder Unitrusts and Charitable Remainder Annuity Trus