The Internal Revenue Service has proposed amendments to regulations under section 170 of the Internal Revenue Code concerning rules governing availability of charitable contribution deductions when the taxpayer receives or expects to receive a corresponding state or local tax credit. Accordingly, the IRS also has proposed similar amendments to he regulations under section 642(c) to apply similar rules to payments made by a trust or decedent’s estate.
The proposal, REG-112176-18, was published on August 27, 2018, and will be discussed at a public hearing on November 5, 2018.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.) for bringing this article to my attention.
