A group of Princeton University's neighbors think it should lose its tax exempt status under New Jersey law. In the law suit, Plaintiffs argue that Princeton University violates the provisions of its tax-exempt status because it is earning hundreds of millions of dollars in patent royalty income and is distributing some of that money to its faculty. They claim that Princeton should be put back on the property tax rolls since it is acting like a business.
The IRS has hit the estate of former Detroit Pistons owner, William Davidson, with a $2 Billion tax bill. Yes, that's a "B", not an "M" --- $2 Billion.
The American Taxpayer Relief Act of 2012 ("ATRA") extended the qualified charitable distribution (QCD) provisions through December 31, 2013.
Pennsylvania's 2013-14 budget passed the legislature and was signed into law by the Governor on July 9, 2013. Tucked away in Section 34 on page 143 of the 165 page Act 52 is a new inheritance tax exemption for qualified family-owned businesses.