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Tag Volume: 6    Issue: 8    Winter 2008
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Latest Rulings from the Courts and the IRS | see all articles Arrow

Substantial Compliance Argument Fails as Tax Court Denies Deductions for Family Limited Partnership Gifts, Rhett Rance Smith et us. et al. v. Commissioner, T.C. Memo 2007-368; Nos. 11902-05, 13225-05, 13226-05, 13227-05, 13228-05 (December 17, 2007)

In this series of rulings the Tax Court denied deductions for family limited partnership gifts due to the taxpayer's failure to adequately comply with gift substantiation requirements. read more »

Charitable Planning in Practice | see all articles Arrow

Up for Bid! The Tax Rules for Charitable Auctions

Charitable auctions are a staple of charity fund-raising programs raising millions of dollars each year. read more »

Illinois Masonic Medical Center Awarded Magnet Designation in Nursing

Advocate Illinois Masonic Medical Center was recently honored with the prestigious Magnet designation for Nursing awarded by the American Nurse Credentialing Center (ANCC). Illinois Masonic joins two other Advocate hospitals--Advocate Lutheran General Hospital and Advocate Christ Medical Center--in receiving this celebrated recognition for nursing Excellence.

Magnet status is the highest level of recognition ANCC awards to nursing services in national and international health care and is often referred to as the "gold standard" by which nursing and patient care is measured. Only 281 hospitals--15 in Illinois--have achieved this recognition.

"Our Magnet designation serves as a tribute to Advocate's dedication to its continuing journey toward clinical excellence," says Donna King, vice president, clinical operations and chief nursing executive.

According to King, the hospital's distinctive nursing residency program is partially behind the outstanding care the nurses provide. The program, which is supported by philanthropy, turns out top-notch medical professionals by providing hands-on clinical experiences and access to a vast array of resources.

Advocate pilots new charitable giving initiative at Good Samaritan Hospital

To educate high-net-worth individuals about how planned giving can help them achieve both their financial and philanthropic goals, Good Samaritan Hospital is partnering with Thompson & Associates Brentwood, a charitable giving consulting firm based in Brentwood, Tennessee. One day a month, a consultant from Thompson is working one on one with selected donors to educate them about ways they can include charitable giving in their total estate plan. The process, which is completely confidential, includes the creation of a potential plan that a donor can share with his or her professional advisor for review and possible implementation. "Thompson will be augmenting the planned-giving efforts already in place," says Marilyn Schaffer, Advocate's director of gift planning. "They don't sell any products and won't be competing with our donors' own financial advisors. Instead, they help people determine whether planned giving is right for them."

Legislative Developments | see all articles Arrow

Tax Increase Prevention Act of 2007, H. R. 3996, Extends AMT Patch for 2007

On December 26, 2007, President Bush signed the Tax Increase Prevention Act of 2007 which extends/increases the 2007 AMT exemption amount to $66,250 for married couples filing jointly and $44,350 for single persons (AMT exemption amounts are reduced or eliminated at higher income amounts) and extends the provision allowing non-refundable personal credits against the AMT. read more »

Other Items of Interest to Planners | see all articles Arrow

IRS Publishes 2007 Inflation Adjusted Figures for Taxes, Giving Limits, Mileage and Pooled Income Fund Rate for New Funds (Less Than Three Years), Rev. Proc. 2007-66,, 2007-45 IRB 970, (inflation adjustments); Rev. Proc. 2007-70, 2007-50 IRB, IR 2007-192

The IRS has published the 2008 inflation-adjusted exclusions and exemptions for gifts and estate transfers, and the miscellaneous deduction limits applicable to individual taxpayers. read more »