The Internal Revenue Service issued a letter ruling that a trust is granted extension to take charitable deduction. According to the ruling, a trust is granted an extension to elect a section 642(c) charitable deduction for a particular tax year even though the gift was made during another tax year.
See Internal Revenue Service, "Trust Granted Extension to Take Charitable Deduction," 2009 Tax Notes 19-31 (Feb. 2, 2009).
Posted by Min Young Choi, Associate Editor, Wealth Strategies Journal.
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