From the Courts IRS Challenges Deduction Because Donor Controls Donee Foundation
Author: Staff Editors.
Source: Volume 09, Number 02, January/February 2010 , pp.1-5(5)
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Abstract:
In a recent Tax Court case the IRS challenged a donor’s tax deduction for a contribution to a family foundation on a novel and potentially very serious basis—the donors gave the contributions in question to a foundation over which (of course!) they exercised control. The court rejected this contention in summary fashion, but the implications of the IRS position are broad and potentially threatening for family foundations and their supporters. Foxworthy, Inc., et al. v. Comm’rKeywords:
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