Charitable Giving 2015 Supplement

BRUCE R. HOPKINS (Kansas City, MO) is a senior partner with the firm Polsinelli Shughart PC. He is also the author of more than 35 books, including The Law of Tax-Exempt Organizations, 10e, The Law of Fundraising, 4e, Nonprofit Law for Colleges and Universities, Nonprofit Governance, and Nonprofit Law Made Easy, as well as the monthly newsletter Bruce R. Hopkins' Nonprofit Counsel, all published by Wiley. Hopkins earned his Juris Doctorate and Master of Laws degrees at the George Washington University. He has practiced law for 40 years and is a member of the District of Columbia and Missouri bars. Hopkins received the 2007 Outstanding Nonprofit Lawyer Award (Vanguard Lifetime Achievement Award) from the American Bar Association, Section of Business Law, and Committee on Nonprofit Corporations. He is listed in The Best Lawyers in America, Nonprofit Organizations/Charities Law, 2007-2008.

Preface vii About the Author ix Book Citation xi PART ONE INTRODUCTION TO THE TAX LAW OF CHARITABLE GIVING 1 Chapter One Charitable Giving Law: Basic Concepts 3 1.4 Statistical Profile of Charitable Sector 3 Chapter Two The United States Tax System: An Overview 5 2.6 Standard Deduction 6 2.7 Concept of Taxable Income 6 PART TWO BASICS OF CHARITABLE GIVING LAW 7 Chapter Three Fundamental Concepts 9 3.1 Meaning of Gift 9 3.2 Meaning of Donor 10 3.6 Factors Affecting Income Tax Deductibility of Charitable Gifts 10 PART THREE CHARITABLE GIVING IN GENERAL 11 Chapter Six Timing of Charitable Deductions 13 6.15 Gifts by S Corporations 13 Chapter Seven Percentage Limitations 15 7.12A Qualified Conservation Contributions 15 7.12B Conservation Gifts by Farmers and Ranchers 16 Chapter Eight Estate and Gift Tax Considerations 19 8.2 Federal Gift Tax 19 Chapter Nine Special Gift Situations 21 9.3 Inventory 21 9.7 Conservation Property 22 Easements and Other Conservation Property 22 9.10 Retirement Plan Accounts 28 9.19 Bargain Sales 29 9.22A Contributions by Estates 29 Chapter Ten Other Aspects of Deductible Giving 31 10.1 Valuation of Property 31 10.14 Penalties 32 PART FOUR PLANNED GIVING 35 Chapter Twelve Charitable Remainder Trusts 37 Chapter Thirteen Pooled Income Funds 39 13.7 Pass-Through of Depreciation 39 Chapter Sixteen Charitable Lead Trusts 41 16.7 Private Foundation Rules 41 PART SIX ADMINISTRATION OF CHARITABLE GIVING PROGRAMS 43 Chapter Twenty-One Substantiation and Appraisal Requirements 45 21.3 Substantiation Requirements for Gifts of $250 or More 45 21.4 Substantiation Requirements for Noncash Gifts 45 21.5 Appraisal Requirements 45 21.7 Appraisals of Clothing and Household Items 46 Chapter Twenty-Three Special Events, Corporate Sponsorships, and Donor-Advised Funds 47 23.4 Donor-Advised Funds 47 PART SEVEN APPENDICES 49 Appendix H Monthly Federal Interest Rates Used in Valuing Partial Interests (IRC 7520) 51 Appendix I Deemed Rates of Return for Transfers to New Pooled Income Funds 61 TABLES 63 Cumulative Table of Cases 65 Cumulative Table of IRS Revenue Rulings and Revenue Procedures 77 Cumulative Table of IRS Private Determinations Cited in Text 81 Cumulative Table of IRS Private Letter Rulings, Technical Advice Memoranda, and General Counsel Memoranda 85 Table of Cases Discussed in Bruce R. Hopkins Nonprofit Counsel 97 Cumulative Table of IRS Revenue Rulings Discussed in Bruce R. Hopkins Nonprofit Counsel 101 Cumulative Table of Private Letter Rulings and Technical Advice Memoranda Discussed in Bruce R. Hopkins Nonprofit Counsel 103 Table of Charitable Giving Law Tax Reform Proposals 105 Cumulative Index 111