July 26, 2023

Taxpayers Denied $5.2M Charitable Deduction

Trusts & Estates Magazine
Cara Howe Santoro

Private Wealth Services attorney Cara Santoro co-authored an article for Trusts & Estates Magazine about a recent Tax Court decision that found the Internal Revenue Service properly disallowed a $5.22 million charitable income tax deduction claimed by members of the Braen family. According to the decision, the family didn’t meet documentation requirements and their appraisals contained valuation misstatements. This article outlines the facts of the case, explains the court's decision and emphasizes the importance of strictly adhering to the substantiation rules for charitable contribution deductions. 

READ: Taxpayers Denied $5.2M Charitable Deduction

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