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Joint Ventures Involving Tax-Exempt Organizations, 4th Edition
book

Joint Ventures Involving Tax-Exempt Organizations, 4th Edition

by Michael I. Sanders
December 2021
Intermediate to advanced content levelIntermediate to advanced
352 pages
11h 15m
English
Wiley
Content preview from Joint Ventures Involving Tax-Exempt Organizations, 4th Edition

CHAPTER 2Taxation of Charitable Organizations

  1. § 2.1 Introduction
  2. § 2.2 Categories of Exempt Organizations (Revised)
  3. § 2.3 § 501(c)(3) Organizations: Statutory Requirements (Revised)
  4. § 2.4 Charitable Organizations: General Requirements
  5. § 2.6 Application for Exemption (Revised)
  6. § 2.7 Governance
  7. § 2.8 Form 990: Reporting and Disclosure Requirements (Revised)
  8. § 2.10 The IRS Audit (Revised)
  9. § 2.11 Charitable Contributions (Revised)

§ 2.1 INTRODUCTION

p. 50. Insert quotation marks around IRC on line 8 and add a comma after contributions and churches in footnote 2.

p. 52. Insert the following after the last paragraph of this section:

In the 2017 Tax Act (Pub. L. No. 115-97) (the “Tax Act”), the following changes affect tax-exempt organizations:

  1. New 2017 Legislation
    1. Charitable contributions are likely to decline as a result of the lowering of the individual income tax brackets (a maximum rate of 37 percent) while doubling the standard deduction. These rates and the standard deduction sunset after December 31, 2025. It is projected that only 5 percent of taxpayers will have sufficient itemized deductions that exceed the standard deduction that will enable them to continue to claim a charitable contribution deduction, which may curtail charitable giving. Moreover, the estate tax exemption was doubled so that individuals now have $11 million of exemption and married couples are able to exclude $22.4 million from their estate tax. This provision also sunsets after December 31, 2025. ...
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Joint Ventures Involving Tax-Exempt Organizations, 4th Edition

Joint Ventures Involving Tax-Exempt Organizations, 4th Edition

Michael I. Sanders

Publisher Resources

ISBN: 9781119845607Purchase Link