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S. 3098, the Alternative Minimum Tax and Extenders Tax Relief Act of 2008, introduced by Senate Minority Leader Mitch McConnell, R-Ky., would extend alternative minimum tax relief and a number of expiring provisions. Of interest to charitable planners are tax-free distributions from individual retirement plans for charitable purposes, enhanced charitable deduction for contributions of food inventory, extension of enhanced charitable deduction for contributions of book inventory, and basis adjustment to stock of S corporations making charitable contributions of property. More
Division of CRUT Following Divorce Approved
The Service has approved the division of a charitable remainder unitrust into two separate trusts following the divorce of the trustors. The division of the trust will not cause either party to realize gain and the assets of the newly formed trusts will bear the proportionate cost basis and same holding period as in the original trust. More
IRS Revises Publication 1771: Charitable Contributions — Substantiation and Disclosure Requirements
The IRS has revised Publication 1771: "Charitable Contributions — Substantiation and Disclosure Requirements," which explains the federal tax law for organizations such as charities and churches that receive tax-deductible charitable contributions and for taxpayers who make contributions. More