Don’t Underestimate the Importance of Contemporaneous Written Acknowledgments
Author: Katherine E. David.
Source: Volume 16, Number 06, September/October 2017 , pp.1-4(4)
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Abstract:
Two recent Tax Court cases illustrate the importance of—and strategies for—complying with the strict substantiation and record-keeping requirements for charitable contribution deductions. This article reviews the decisions in 15 West 17th Street LLC, et al. v. Comm’r, in which failure to comply with the requirements resulted in the extremely unfortunate loss of a charitable contribution deduction, and Big River Development, L.P. et al. v. Comm’r, which illustrates how a little creativity in showing that the requirements have been met can save the deduction.Keywords: CWA; IRC §170(f)(8)(A); 310 Retail, LLC; doctrine of substantial compliance
Affiliations:
1: Strasburger & Price, LLP.