Abstract
The US Court of Appeals for the District of Columbia Circuit, by decision dated May 24, upheld the findings of the US Tax Court that a donor of property is not entitled to a $33 million charitable contribution deduction because of failure to comply with the gift substantiation rules requiring disclosure of the gift property's basis and is subject to the 40 percent tax underpayment penalty (Blau v. Commissioner). The Tax Court's opinion (in RERI Holdings I, LLC v. Commissioner) is summarized in the September 2017 issue.
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