January 10, 2002

Write-Offs: Rulings on a Tax Deduction and on Oversight of Donor-Advised Funds

By Debra E. Blum

  • A donor who swapped a charitable remainder trust for a charitable gift annuity is entitled to a charitable income-tax deduction as long as the present value of the money the donor would have earned from the trust is greater than the present value of the payments the donor will receive from the annuity, the revenue service has ruled. The IRS also ruled that the donor does not have to include in his taxable income the trust's untaxed accumulated capital gains. While the ruling applies

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