Failure to reform trust in time precludes a charitable deduction

Article Abstract:

There is no estate tax charitable deduction for property passed for charitable and non-charitable use unless the remainder interest is a charitable remainder annuity trust, unit trust, or pooled income fund and the other interest is a guaranteed annuity of a fixed percentage of property that is distributed yearly. An instrument not meeting these requirements must be reformed within 90 days of filing the estate tax return. An estate receiving permission from probate court to make partial distributions to individual beneficiaries and to a trust for the purposes of charity will lose estate tax charitable deductions if they fail to reform the charitable bequest into a qualified interest within 90 days of the filing of estate tax returns.

Trusts and trustees, Trustees, Trusts (Law)

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Purchase of home as joint venture shifts income and provides other benefits

Article Abstract:

Various tax planning opportunities can be seized from a home-ownership joint venture; the tax deductions will reduce the tax costs stemming from home ownership. Properly planned, the home-ownership joint venture will enable the low-income taxpayer to buy a home and reap the related tax and economic deductions. The high-income taxpayer will purchase a secure, very beneficial tax shelter for other unrelated income.

Taxation, Housing, Dwellings, Tax shelters

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Bad debts: how to establish the three factors needed for a full deduction

Article Abstract:

A business debt that results from the owner attempting to improve the business can be deducted on the tax statement. The Federal Circuit in Adelson case sets three main criteria for the acceptance of bad business debts. The debt must be sanctioned, it must must be produced during the time the taxpayer had operation and ownership of the business, and debt formation has to stem from improvement of the business.

Bad debts

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