June 20, 2022

Innocent Mistakes Can Lead to Heavy Tax Losses

Trusts & Estates Magazine
Cara Howe Santoro

Private Wealth Services attorney Cara Santoro co-authored an article for Trusts & Estates Magazine about a recent decision by the U.S. District Court for the North District of Texas that concerned tax benefits for contributing a closely held business interest to charity. The court found that the Internal Revenue Service properly prevented a couple from receiving a large charitable income tax deduction for failure to transfer a complete equity interest in the business and failure to strictly adhere to the substantiation rules. Ms. Santoro also provides helpful insights for potential donors and the importance of reviewing all documents before submitting them to the Internal Revenue Service.

READ: Innocent Mistakes Can Lead to Heavy Tax Losses

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