Questioning Timing of Shares Donation, IRS Nixes $12.7 Million Charity Deduction for Stein Mart CEO

Overview


Neil Kawashima explained that if publicly traded shares are donated to a private foundation in year one and in year three the shares decline in value, it shouldn’t have any impact on the related deduction because the value is determined at the time of the gift. “If there was an actual transfer of the certificates from the donor to the foundation’s agent, the gift should be considered complete at the time of acceptance,” Mr. Kawashima said. Read the full article.