Fakiris v. Commissioner: Charitable Deduction Denied Where Control Retained

In Fakiris v. Commissioner, T.C. Memo. 2017-126 (June 28, 2017),The Tax Court held that a taxpayer and real estate owner/developer was not entitled to a charitable contribution deduction for a gift of real estate because he retained dominion and control over the real property he had contributed by retaining a right to direct the transfer of ownership of such property.

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Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.