Best Tax News Of The Year – Aegis For Dreams Wins Tax Exempt Status
A historically accurate Revolutionary War film hasn’t been made in fifty years (and arguably, ever). In my view, this was a key element of IRS’ granting the Foundation tax-exempt status: the film cannot compete against something that doesn’t exist. The Foundation’s Tax Court case magnifies this longstanding void in our country’s filmography. Aegis for Dreams fills that void. Charitable status puts the story itself at the forefront, not financial profit considerations.
Charitable Acknowledgements For Tax Purposes Go Badly Wrong
While the risk is primarily for DAF gifts of partnership interests, business interests or minority interests in real estate, it is important for all organizations that sponsor DAFs to use the expanded language in future contemporaneous written acknowledgments. This language is designed to comply with Section 170(f)(8) and Section 170(f)(18) requirements.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.